Crooks given seven cards in my name

People who moved into my previous address have fraudulently taken out credit in my name. I discovered this when the Halifax sent an unpaid credit card statement for £3,988 to my current address. The fraudsters have disappeared.

I contacted the credit reference agencies and found that the people had made 15 fraudulent credit applications, seven of which were accepted, even though they used a wrong date of birth.

I have contacted the companies - Halifax, American Express, The Associates, Argos, Littlewoods, Orange, One2One - and informed the police.

I have to prove I am who I say because the companies' checks were not stringent enough; and I have suffered all sorts of accusations and spent money on post and phone calls. Am I entitled to legal redress?
NF, Sawbridgeworth

No one takes responsibility for your expenses although all seven companies accept you are innocent. They are writing to confirm this and will delete any adverse information on your credit reference agency file. Experian is sending you a free copy to confirm it.

The applications were probably accepted without being manually checked, which could explain why accounts were opened with conflicting information. Anyone who realises that their details have been used fraudulently can warn the credit reference agencies, who must put an alert on the file and will liaise with lenders on your behalf.

You can ask the Credit Industry Fraud Avoidance Scheme (Cifas) to put a protective registration on your account so lenders take extra care. Phone 0870 010 2091.

Claiming compensation is difficult. The credit reference agencies only supply information, leaving the lenders to interpret it. Lenders claim that they too are victims. If any handled your problem particularly badly, you can complain about your treatment.

What shall I do with my francs?

Owing to illness, I was unable to take a holiday in France and have a considerable amount of French francs which I want to change into euros.
PK, London

Some banks will switch notes in the disappearing European currencies into euros or sterling during January and February free of commission. The Post Office does not charge commission anyway.

Anyone can use HSBC's in-branch Thomas Cook bureaux. NatWest will for its own customers. LloydsTSB customers can change any number of old currencies for one minimum £3 commission but then pay 1.5 per cent. Barclays charges as normal but converts to euro without going through sterling. All branches accept coins for charity.

Pensions on top of pensions

I read that retired investors can buy a stakeholder pension and immediately draw the benefits. Does this make sense?
KS, London

Yes. Apart from people in company pensions earning more than £30,000, anyone under 75, including non-taxpayers, can, put £2,808 a year into a stakeholder pension which becomes £3,600 with tax relief. Those over 50 and under 75, working or retired, can activate this pension immediately, taking 25 per cent or £900 as a tax-free lump sum, making the real cost £1,908 (£2,808 minus £900).

You must buy an annuity with the rest but this time £900 is deducted from £3,600 and the remaining £2,700 provides perhaps £200 a year depending on your age and sex. So you can earn a taxable £200 a year for life from £1,908 which is worth 10.4 per cent gross.

At a loss over 'late' payment

I was shocked to receive no contracted-out contributions to my Prudential pen sion this year. The Pru said the review was for the year to August and the actual payment was not received until October. Am I worse off?
IG, Rochester

Your money is invested when it arrives with the Pru. The earlier it arrives, the sooner it starts earning, or losing, depending on how the fund performs.

The Inland Revenue forwards contracted-out contributions to insurers on the 21st of the month after receiving the money from employers. There is no set time for employers to send in the money deducted from workers, so contributions cannot be 'late'. It sounds as though your employer did this only once a year.

· Email Margaret Dibben at money.writes@observer.co.uk or write to her at Money Writes, The Observer, 119 Farringdon Road, London EC1R 3ER and include a telephone number. Do not enclose SAEs or original documents. Letters are selected for publication and we cannot give personal replies. The newspaper accepts no legal responsibility for advice.