TIPS AND ADVICE

What’s Worse than Forgetting a Renewal?

26.07.2023

Forgetting to renew a critical service plan can be frustrating and inconvenient, but there are certain scenarios that could be even worse.

Losing valuable data or access

If the service plan is related to cloud storage, online backup, or data synchronisation, the risk is the loss of important information, files, or access to critical services. This loss can be detrimental for personal or business purposes, especially if your data is not accessible in another location.

Financial penalties or late fees

Some service providers may charge late fees or impose penalties for not renewing on time. These additional costs can add up over time, leading to unnecessary expenses that could have been easily avoided.

Disruption of essential services

For services that are essential for daily life or business operations, not renewing on time could lead to a temporary disruption in those services. For example, forgetting to renew your internet service could leave you without internet access until the renewal is processed.

Missed opportunities

Some service plans may offer discounted rates, special promotions, or loyalty rewards for timely renewals. By forgetting to renew, you miss out on these potential benefits and savings.

Loss of subscriptions or memberships

In cases where you have valuable subscriptions (e.g., streaming services, software licenses, gym memberships), forgetting to renew could lead to losing access to those services or having to pay a higher price to re-subscribe later.

Negative impact on your credit score

If the service plan involves a credit-related agreement, such as a loan or credit card, not renewing on time or missing payments can negatively impact your credit score and affect your ability to obtain future loans or financial products.

Security and safety

Some service plans may include security features like antivirus protection or monitoring services. If you forget to renew these plans, your devices or personal safety could be at risk from potential threats or vulnerabilities.

So, while forgetting to renew a service plan can be inconvenient, there are some situations where the consequences can be more severe. It’s essential to prioritise staying on top of your service renewals and setting up reminders to ensure you don’t encounter any of these potential issues.

Here is a tip to help you avoid forgetting to renew your service plan: install the GetReminded app. It’s a simple but effective way to make sure you don’t forget to renew service plans and personal identity documents on time.

By following this tip, you can avoid a wide range of problems and extra costs.

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