Carer's Allowance and Child Trust Funds
Summary
This episode of Moneybox delves into the ongoing Carer's Allowance overpayment controversy, featuring a personal story of debt and expert analysis of system flaws. It also uncovers how high administration charges decimated a young man's Child Trust Fund, leading to a major investment firm review. Additionally, the program explores public and industry reactions to potential fuel duty changes in the upcoming budget and warns listeners about a new scam impersonating government living allowance offices for winter fuel payments.Episode description
It was a big week for carers as the Government announced an independent review into Carer's Allowance overpayments after families were told to pay back thousands of pounds, often pushing them into debt.
The review will look at what happened, but in the meantime the Department for Work and Pensions has told Money Box it will continue to collect almost quarter of a billion pounds it says it's owed from more than a hundred thousand carers. We hear from Karina who cares for her 22-year-old daughter and ended up in £11,000 worth of debt. The DWP said it is committed to working with anyone struggling with repayment terms.
A major investment firm has said it will review its Child Trust Fund accounts after Money Box revealed one young man's £250 investment had all but disappeared when he claimed it at 18 due to high administration charges.
In the run up to the Chancellor's budget we look at fuel duty and whether the 5p cut could be scrapped. And beware the thieves pretending to offer a solution to lost Winter Fuel Payments.
Presenter: Paul Lewis Reporters: Dan Whitworth and Emma Smith Researcher: Jo Krasner Editor: Sarah Rogers