Ovo Energy to pay £8.9m for overcharging customers
Regulators has made Ovo repay customers it overcharged. Customers who paid too much will receive an average of £131.20 each. Ovo is also making a payment into a voluntary redress fund to help vulnerable customers
Wonga borrowers to receive only 4.3% of compensation claims
People who have submitted claims against payday lender Wonga for mis-sold loans have been told by the company’s administrators that they will receive only 4.3% of the compensation they are owed. They have also said that claims should be paid within the next four weeks. Loans that are being refunded will be removed from people’s credit records within the next six weeks. However, it is still unclear what will happen to the balances of people who still owe money to Wonga. The administrators are no longer taking payments and they are unlikely to sell the loans to a debt collector
Veteran Railcard to be launched
Currently, only serving members of the armed forces are eligible for discounted train fares. However, the Veteran Railcard will be launched November 11 as part of a new government strategy to support former servicemen and women and their families. It will also cover any spouse or family that are travelling with the card holder too. The Veteran Railcard will be available for a discounted price of £21 for an introductory period and then increase to £30.
Increase in the Statutory Legacy
Currently, if a person passes away and leaves a spouse or civil partner and children, the deceased’s spouse or civil partner will automatically receive up to £250,000 of their partner’s estate if he or she dies without leaving a will. From 6th February 2020, the Statutory Legacy will increase to £270,000 for married couples and civil partners.
Continuing problems with online currency services
Major high street banks are still unable to offer online currency services following the cyber attack on currency provider Travelex. Customers are able to buy in branches, but cannot order money online or over the phone.
Increase in cost of TV licences from April 2020
The cost of a television licence will rise in line with inflation with effect 1 April 2020. The annual television licence fee will increase from £154.50 to £157.50 whilst the cost of an annual black and white licence will rise from £52 to £53.
Universal credit full rollout delayed again
The full rollout of universal credit has been put back to September 2024.