Vacancy for a Money Advice and Benefits Caseworker
29 Apr 2021
Citizens Advice Energy Price Comparison Tool
17 Jan 2019
BBC to charge TV licence fee
From June 2020, most over-75s will have to start paying the TV licence fee if they want to watch live television or access the BBC’s iPlayer service. The TV licence will continue to be free to over-75s who claim pension credit, a means-tested benefit to help the elderly. However, according to official government figures, not everyone entitled to receive pension credit claimed the benefit.
Beware of council tax scams
Airline Travel Extras Rip Off
Which? Travel recommends shopping around for holiday extras, such as car hire or insurance, rather than buying from their airline. Although it is convenient to buy the extras from one source, it can cost more than buying the products independently.
Bank overdraft fees
The Financial Conduct Authority is to introduce new rules from April 2020 to make overdrafts simpler, fairer and easier to manage. Banks and building societies will no longer be allowed to charge customers fixed daily or monthly penalties for going into the red. They won’t be allowed to charge higher fees on unplanned overdrafts, compared to arranged ones. (Unarranged overdrafts can be ten times as high as fees for payday loans). Banks must charge a simple annual interest rate so customers can more easily compare costs, and to advertise their overdraft charges more clearly. It is estimated the new rules will reduce the cost of a £100 overdraft from £5 a day to 20p.
Banks will be allowed to charge a fixed fee when a payment bounces due to a lack of funds, however they will have to justify the costs are reasonable compared to the cost of returning payment.
Use of cash
In 2018 debit cards were the most frequently used method of payment compared to 2017, partly driven by the increase in the availability of contactless eg. public transport. However, cash still has a place in society as not everyone wants to use online facilities or debit cards that allows financial institutions to see their exact movement of money. Evidence also shows that people return to using cash at times of a financial crisis.