Postal strike to cause financial chaos

Thousands of Brits across the country are set to face financial misery because of the continuing postal strikes. Families and businesses are particularly at risk as credit card and bank statements as well as cheques fail to reach their destination, leaving many liable to penalty charges and potential black marks on their credit-ratings.

More than 20 million letters are trapped in the backlog as the chaos escalates and the potential effects of the dispute are mounting by the day. Small businesses are at risk of being stung with heavy overdraft-charges as cheques fail to arrive. Utility bills and payments are being delayed - meaning families can be hit with extra charges and threats of disconnection.

Banks say late payment charges on credit card accounts are generated automatically and it is not possible to alter these because of the Royal Mail strike.

The Communication Workers Union and Royal Mail management are at loggerheads over a modernisation programme that involves thousands of job cuts and changes to working patterns. Further industrial action is planned across the country today, while the union is holding a ballot on an all-out national strike.

The total effect of lost orders, bank charges and administration costs is predicted to top the £300 million loss caused by the last national postal strike in 2007.

If you know that your statements are due, or are sending off cheques, contact the company to find out what balance should be paid and by when. Some energy companies will be sympathetic and uphold any discounts they offer for those who pay their bills early but get in touch with your supplier for confirmation.

We have produced a handy checklist for consumers to ensure you don't lose out financially because of this strike: Tips for keeping out of debt during the postal strike

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