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Since lenders were ordered to repay billions to consumers who signed up to unfair car finance deals, millions of people have been sent adverts exhorting them to claim compensation through claims managers or law firms. But now the Financial Conduct Authority is to investigate the industry amid concerns of sharp practice and misleading marketing. Paul Lewis asks if the regulator has acted quickly enough to root out the rogue operators. And we hear from the serial switchers - those tempted by cash ...
Teenage years are formative in many different ways – and being able to handle finances is one of them. In this programme - one of our special Money Box Life episodes – presenter Felicity Hannah talks to teenagers from varied backgrounds about their early experiences of handling money. We get their views on the guiding role of parents. We hear how making mistakes can prove helpful – if you learn from them. And how jobs can shape the understanding of money and how to use it, providing of course yo...
Some bereaved listeners whose relatives had money put away with National Savings and Investments are facing weeks and months of delay in getting their own money. It comes as NS&I works to track down the accounts of tens of thousands of people who had died, after it admitted keeping nearly half a billion pounds in its coffers that should have been passed to their estates. The state-owned bank has apologised and says its working hard on its plan to ensure those affected are paid what is owed t...
A huge amount is about to change for anyone who rents their home or who owns a rental property in England. The Renters' Rights Act comes into force on May 1 and there's a lot in it, from ending so-called 'no fault' evictions to limits on rent increases. It will make a big difference to 11 million private renters and their 2.3 million landlords. After all, for tenants it involves their homes while for landlords it concerns their financial security. Felicity Hannah is joined by Rachael Williamson,...
In just a few days time the biggest shake up to renters rights in a generation will come into force in England. It will mean no more than one rent increase a year, an end to bidding wars an end to no fault evictions. The Renters' Rights Act will significantly change the current system not just for 11 million private renters in England but also their 2.3 million landlords. How will it work in practice? There's a call for urgent reform of recently introduced fraud regulations to better protect vic...
Are you worried about whether the global disruption could affect your global travel plans? Whether you've booked a foreign trip, are planning a staycation or simply unsure of what to do, this is the programme for you. Holidays may not be the most important thing in the world, especially when you consider what's happening in Iran that's causing all the uncertainty, but that doesn't mean they don't matter and they are definitely a big expense. Maybe you're wondering if a jet fuel shortage could gr...
Are we at the start of a deepening cost of living crisis as nearly half of all adults fear they might not be able afford their energy bills? And from next year, councils in England will be banned from demanding householders pay their council tax in full if they are only late with one payment. HMRC warns of scammers as it begins taking back Winter Fuel Payment from more than two million higher income pensioners. Also, the rise of the poly worker. Why young people are fixing their sights on a port...
The conflict in Iran has very grave human costs for the Middle East. But it also has economic costs and they are being felt around the world and here in the UK. Just this week the Resolution Foundation think tank said higher energy bills could mean typical British households are £480 worse off this year. From heat pumps to pensions and solar panels to savings - what changes have you made because of the changing world? Felicity Hannah is joined by Ian Preston from the Centre for Sustainable Energ...
Money Box investigates widespread delays faced by newly retired teachers awaiting pension payments, causing significant financial stress. The episode also examines the UK housing market's response to increased mortgage rates and economic uncertainty, offering advice for buyers and sellers. Additionally, it explores current rising savings rates for consumers and the crucial policy change lifting the two-child benefit cap on Universal Credit, detailing its financial relief for many families.
This episode of Money Box Live delves into the new Employment Rights Act, described as the most significant change to workers' rights in a generation. It covers key updates like statutory sick pay from day one, enhanced paternity leave availability, and changes to unfair dismissal rules. The discussion features insights from an ACAS advisor, an employment lawyer, the Employment Rights Minister, and various business owners, exploring the benefits for workers, concerns about costs for employers, and the role of the new Fair Work Agency.
Millions of people in their sixties will now wait up a year longer before they can claim their state pension. From Easter Monday the current state pension age of 66 will gradually increase over the next two years until it reaches 67 affecting everyone born on 6th April 1960 or later. How will it work for those affected? Rent arrears, council tax debt and unpaid utility bills are the main reason more than 400,000 people in Britain are homeless. A new report by the Centre for Homelessness Impact p...
Felicity Hannah and guests Jonathan Athow from HMRC and Emma Rawson from the Association of Tax Technicians demystify Making Tax Digital (MTD) for income tax. They explain the transition to quarterly digital record-keeping and filing, discuss the required third-party software, and address listener anxieties ranging from system complexity and data security to the impact on small businesses and the availability of exemptions. The discussion also covers HMRC's rollout strategy, awareness campaigns, and where taxpayers can find support.
This episode delves into the impact of rising petrol prices on UK drivers, explaining the various factors contributing to the increases. It also investigates the NS&I scandal involving nearly half a billion pounds owed to deceased customers' heirs and the ongoing apologies from Capita over severe delays in civil service pension payments. Finally, the discussion highlights a call for a financial literacy exam for 15-year-olds to improve understanding of real-world financial products and services.
This episode delves into critical financial issues, including government support for households affected by soaring heating oil prices and the complexities of its distribution across the UK. It also examines the current instability in the mortgage market, with interest rates climbing and deals disappearing. Furthermore, a criminologist uncovers the psychological tactics behind elaborate investment scams that lead sensible people to lose vast sums. Finally, listeners vote on which animal should grace the new Bank of England banknotes, with the hedgehog emerging as a popular choice.
Money Box delves into a turbulent week for the mortgage market as rates rise above 5%, offering expert advice for homeowners and first-time buyers. The episode also scrutinizes the government's new fraud strategy, drawing criticism from victim support groups for lacking clear targets. Additionally, discussions include rising heating oil and petrol costs, the Bank of England's plan for wildlife on banknotes, and the unexpected decision by banks to retain the £100 contactless payment cap.
This episode explores the economic fallout from the Middle East conflict, including surging oil and gas prices, their impact on inflation, and potential changes to interest rates and mortgages. It also delves into the harrowing experience of a listener who lost over £300,000 to a cryptocurrency scam, detailing the criminals' methods and the challenges in combating international fraud. Finally, the podcast discusses an upcoming scheme for missold car finance compensation.
Money Box investigates the 'pitiful' emergency loans for former civil servants facing pension payment delays, highlighting systemic failures and the devastating impact on individuals. The episode also explores the surge in Buy Now Pay Later usage, particularly among older people, examining its role in managing essential costs but also the associated financial risks. Finally, it delves into the booming market for rare Pokémon cards, discussing their appeal as collectibles versus their highly volatile nature as an investment.
Money Box explores the latest warnings for claims management firms regarding mis-sold car finance, including the FCA's upcoming free scheme and consumer protections against excessive fees. The episode also examines trends in Junior ISAs for child savings and highlights the rising threat of online investment and job scams, offering advice on how to protect finances. Finally, it delves into the "pay by bank" online payment method, weighing its convenience against the significant loss of consumer protection.
How hard is it for young people to find a job and once they do how can they make it pay? Some 16.1% of people aged 16 to 24 are not able to find work according to the latest government figures, the highest level for 10 years. Without a job, being able buying a home, paying into a pension or just pay the bills can seem impossible. So what's the best way to go? Graduate job, apprenticeship or working your way up from an entry level job and what support is there for those struggling whilst on the h...
The CEO of Capita Public Services apologizes for severe delays affecting thousands of civil servants' pensions, causing significant hardship. The episode also delves into romance scams, with a listener recounting his £30,000 loss and an expert offering crucial advice. Additionally, changes to the Lifetime ISA for first-time homebuyers and the Warm Home Discount payment delays are examined.
In this Money Box Live episode, experts Sally Mitchell and Paul Broadhead demystify the mortgage market, tackling listener questions on fixed vs. tracker rates, borrowing limits, and longer terms. They provide essential advice for first-time buyers, those remortgaging, and even older borrowers, highlighting the importance of understanding affordability and credit health amidst changing regulations and market expectations. The discussion also covers niche products like offset mortgages and strategies for overpaying.
This episode of Money Box delves into critical financial issues affecting many in the UK. It uncovers the "catastrophic" delays in civil service pension payments, with thousands of retirees waiting months for their money and a union calling for urgent action and compensation. The program also highlights the widespread problem of persistent credit card debt, featuring a personal story of despair and Stepchange's call for stronger lending regulations. Additionally, it examines the positive impact of new rules requiring banks to refund victims of authorised push payment fraud and explores the implications of banks offering high-multiple, extended-term mortgages, including the risks and regulatory oversight.
Money Box Live examines the escalating student loan debt in the UK, highlighting the stark differences between older Plan 2 loans and newer Plan 5 loans, particularly the impact of frozen repayment thresholds and high interest rates on graduates. The discussion uncovers widespread student confusion regarding loan terms, the inadequacy of maintenance loans to cover living costs, and provides advice on repayment strategies and available support for those struggling. Ultimately, the episode explores the true cost and enduring value of a university degree in today's economic climate.
Money Box investigates the new "Report Fraud" agency, designed to replace the discredited Action Fraud, and its promise of more effective action against crime. The episode also uncovers alarming practices by bailiffs, leading to calls for statutory regulation to protect vulnerable debtors. Additionally, it examines new safeguards for households on heat networks and scrutinizes the high interest rates on student loans, which many graduates feel they were misled about, causing their debt to spiral.
More people are working past state pension age, whether by choice for routine and social connection, or out of financial necessity due to insufficient pensions. This episode delves into the diverse motivations and challenges, including the impact of life events on financial security, the gender pension gap, and differing state pension benefits. It also tackles age discrimination in the workplace and the broader economic need to support older workers, highlighting their valuable contributions and the importance of adapting retirement norms.
Money Box investigates the critical issue of energy suppliers ignoring decisions from the Energy Ombudsman, with calls for stronger enforcement powers from Parliament. The episode also explores the "silver economy," examining why more people are working past state pension age, driven by both financial necessity and social well-being. Additionally, it provides essential tips for filing self-assessment tax returns and delves into the dramatic decline of cheque usage, discussing their historical role and future in modern payment systems.
This episode of Money Box Live dives into the growing popularity of electric cars in the UK, discussing the financial aspects like purchase price, tax benefits, and government grants, as well as concerns over depreciation. Guests Stuart Masson and Melanie Shufflebottom also tackle the complexities of home and public charging, highlighting infrastructure gaps and the impact of new road taxes. The discussion covers practicalities, common frustrations, and offers advice for those considering the switch to an EV.
This episode delves into various personal finance issues, including a listener's protracted battle with an energy supplier despite an Ombudsman ruling, highlighting the Ombudsman's limited statutory powers and proposed reforms. It also covers HMRC's errors in child benefit claims due to flawed travel data, the Scottish Government's budget changes impacting income tax and benefits, and the unexpected financial implications of restrictive covenants found in property deeds.
Money Box Live delves into the complexities of inheritance tax, addressing listener questions on thresholds, allowances for married vs. single individuals, and the impact of rising house prices. Experts explain gifting rules, the "7-year rule," and the implications of selling property for care costs. The episode also explores changes affecting farmers' agricultural relief and the role of deeds of variation and charitable giving in estate planning.
This episode of Money Box exposes how HMRC incorrectly suspended child benefit for thousands of families, discussing the parliamentary investigation and subsequent process changes. It also delves into the new pay-per-mile taxation for electric vehicles, addressing listener concerns about costs and infrastructure. Additionally, the podcast analyzes the surge in credit card borrowing, considering economic factors and consumer struggles, and highlights a little-known rule to claim an extra £720 annually for private pensions.
