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According to new research released by the Department for Business, Innovation and Skills, UK consumers each lose an average sum of £4,950 during their lifetime as a result of faulty goods that they have not returned.

It has been revealed that 48 percent of shoppers surveyed possess at least one faulty item that they wish they had taken back to be exchanged or refunded.  Furthermore, 32 percent were found to own up to five faulty items.  In relation to the gender divide, findings show that men are losing more money than women at £89 and £71 per year respectively. 

A major reason behind a failure to return faulty items is thought to be fear, with 36 percent reportedly feeling nervous when it comes to taking an unwanted item back.  It was also discovered that 40 percent feel embarrassed or intimidated.

Kevin Brennan, Consumer Minister, commented: “We want to do all we can to encourage people not to lose out financially because they don’t know their rights.

“Now is the time to brush up on your consumer rights so you can return any faulty or unwanted goods with added confidence.”

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Homeowners who are looking to re-organise their finances could consider tying up any existing debts, such as credit cards and store cards, into one manageable monthly repayment.  In addition to eliminating the juggling act, the single monthly repayment could even be lower than the sum of current outgoings.  One of many finance options available, a secured loan for consolidation could therefore leave borrowers with more money each month, which could potentially be set aside for future use.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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