Money Box

Latest Episodes:

General Election and Fraud report Jun 22, 2024

Show notes

What are the financial issues that you will be considering when you decide how to cast your vote in the General Election in July? Research shows that the economy and inflation are two big issues on our minds - we'll hear from some potential voters on what they'd like to see.

New figures from UK Finance, which represents banks and other finance firms, revealed that in 2023 a record number of people lost more than £450 million to thieves who tricked them, manipulated them and then drained their bank account. The slightly better news is that more of them got their money back. We'll delve into the details.

And almost three quarters of a million tax credit renewal letters are hitting people's doormats over the next few weeks - and thousands of people will need to act or face losing their payments. What should you do if that’s you?

Presenter: Paul Lewis Reporters: Dan Whitworth, Sandra Hardial and Neil Morrow Studio Producer: Craig Henderson Editor: Jess Quayle

(This programme was first broadcast Saturday 25th May 2024)

Carers Allowance and HMRC helpline Jun 15, 2024

Show notes

Money Box can reveal that the government is recouping more than £250m pounds from over 100,000 carers who it says broke the earnings rule and should have lost their carer's allowance. The numbers came from a Parliamentary Question this week asked by the chair of the work and pensions select committee, Twice as many women as men are being chased for these overpayments.

We hear from a carer who has around £5000 worth of debt as well as finding out more about rights for carers affected.

The Department for Work and Pensions told us, “The total amount of Carer’s Allowance overpayments includes historical debts which the department is seeking to recover. In comparison, Carer’s Allowance expenditure is forecast to be £4.2 billion this year alone.” “Carers across the UK are unsung heroes who make a huge difference to someone else’s life, and we have increased Carer's Allowance by almost £1,500 since 2010.”

Also on the programme, a report by spending watchdog the National Audit Office has revealed callers to HMRC helplines were on hold for a total of 789 years in 2022/23.

Are we saving enough for our retirement? Pensions and investment mutual Royal London gives Money Box exclusive figures.

And how do you spend a £50 note? We get to the bottom of what shops are allowed to accept.

Presenter: Paul Lewis Reporters: Dan Whitworth and Sandra Hardial Researcher: Jo Krasner Editor: Sarah Rogers

Money Box Live: How to Increase Your Pay Jun 12, 2024

Show notes

Do you get as much as you give when it comes to your job?

We've had some important jobs numbers this week - with official data showing there are more vacancies than there were before covid but, the number is falling, while unemployment is rising. But alongside that, wages are going up too - by around 6%.

In this episode, we ask if you’re getting enough value out of your employer. We hear from listeners on how they asked their bosses for a pay rise, how they dealt with back pay and how they're making use of employee perks.

Felicity Hannah is joined by Amanda Arrowsmith, People and Transformation Director for the CIPD, the professional body for HR and people development, and James Reed, Chairman and CEO at Reed Recruitment.

Presenter: Felicity Hannah Producer: Amber Mehmood Editor: Sarah Rogers

Pensions Dashboard and Leasehold Jun 08, 2024

Show notes

The Pension Dashboard is intended to provide an online service to millions of people who have paid into a pension at work by showing all their pots and their value in one place. But the National Audit Office this week revealed a 'digital skills' shortage is behind delays, providers now have until October 2026 to connect to it. The costs of the dashboard are also up by almost a quarter to £279 million.

Some people hoping to sell their leasehold homes are being charged large amounts by their freeholder to fill out a simple form which helps the sale to go through smoothly. We hear from 'Harry' who was just days away from exchanging contracts on his two bed flat in London when his sale collapsed because his freeholder wouldn't sign an LPE1 form unless Harry paid more than £20,000. The forms contain information such as ground rent and service charges and rules on pets. Also in the programme we answer listener questions about how to protect your money when banks merge, and applications open on the 12th of May for the next round of government funded childcare. Working parents in England with children aged nine months to under two years can apply for 15 hours of subsidised childcare starting from September. Parents have been encouraged by the Department for Education to act as soon as possible to secure their place.

Presenter: Paul Lewis Reporters: Dan Whitworth and Jo Krasner Researcher: Sandra Hardial Editor: Sarah Rogers

This episode was first broadcast on Saturday the 11th of May.

Money Box Live: The Cost of Splitting Up Jun 05, 2024

Show notes

This week marks two years since the historic reform in family law, known as the 'no fault divorce', was introduced. It was aimed at reducing conflict during separations and meant that couples could divorce without the need to apportion blame for the breakdown of their marriage. This change led to a surge in new applications at the time.

Divorce itself hits the bank balance with annual incomes falling by an average of £9,700 in the year after separation, according to Legal & General. From living together to sharing bills, sharing debts and sharing accounts, the financial implications can be significant.

In this Money Box episode we're looking at how to separate your finances after a split, and if you are breaking up, at what point should you make up a financial plan?

Felicity Hannah is joined by Gary Rycroft, Senior Partner at Joseph A Jones, and Sarah Coles, Head of Personal Finance at Hargreaves Lansdown.

Presenter: Felicity Hannah Producer: Amber Mehmood Editor: Sarah Rogers

(This episode was first broadcast on the 8th May 2024).

Digital Exclusion and National Insurance credits Jun 01, 2024

Show notes

Digitally excluded. An elderly couple have their accounts frozen because their documents were out of date - despite having being customers for their bank for nearly two decades. We hear from Tom and Marian Doughty who say they were left with weeks of sleepless nights.

Can you boost your state pension by filling old gaps in your national insurance record? A new online calculator from the Department for Work and Pensions and HMRC aims to answer that. The Treasury says the new service will bring “peace of mind” to people planning for their retirement and could help “thousands” of pensioners.

Royal Mail has suspended the £5 penalty it charged people for letters sent with a new barcoded stamp which its machines had identified as fake.

And what happens to your home when you break up with someone? Should you make a financial plan when the relationship is going well, in case it doesn't in the future? Presenter: Paul Lewis Reporter: Dan Whitworth and Jo Krasner Researcher: Sandra Hardial Studio producer: Sarah Rogers Editor: Neil Morrow

(This episode was first broadcast on the 4th of May, 2024).

Money Box Live: The Cost of Caring May 29, 2024

Show notes

Unpaid carers spend at least 35 hours a week looking after someone close to them. That someone may have an illness, a disability, a mental health problem or even an addiction, but what matters is that they cannot cope without that care.

There are almost 6 million unpaid carers in the UK with 40% living in poverty according to charity Carers UK.

This week we have a special audio diary from one carer trying to hold down a job around those care commitments, we will also hear from those who have given up work to care full time.

The Department for Work and Pensions told us; 'We recognise the importance of carers, who play a vital role in our communities. We have increased Carer’s Allowance by almost £1,500 since 2010, with those on low incomes potentially eligible for an extra £2,400 a year.'

So if you're unsure about the rules around carers allowance, assessments and where you can get help and support, Felicity Hannah is joined by Emily Holzhausen, Director of Policy and Public Affairs at Carers UK and Caroline Abrahams, Head of Charity at Age UK,

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Sara Wadeson

This episode was first broadcast on the 1st May 2024.

Carers Allowance and Minimum Payments on Credit Cards May 25, 2024

Show notes

A senior MP has told Money Box that the government must take urgent action to stop carers working up thousands of pounds of debt after unwittingly receiving overpayments of Carer's Allowance. Unpaid carers, who look after a loved one full time, are entitled to nearly £82 per week in Carer's Allowance. On top of that they can earn up to £151 take home pay. But stray above that earnings limit, even by just a few pence, and they lose the full allowance. The Department for Work and Pensions is alerted on a month by month basis when this happens, but in some cases carers were not told of their mistake for years. Labour MP Stephen Timms, Chair of the Work and Pensions Select Committee says it should never have taken so long for carers to be notified. The UK's biggest credit card provider, Barclaycard, is cutting minimum payments on its card to 1% from July. It is not the only credit card provider to allow 1% minimum payments, and Barclaycard says it's made the changes to increase flexibility for customers. We look at what it means in practice for customers, in terms of how much more you'll ultimately pay in interest and how long it'll take to pay off the debt. And we return to the subject of ISAs - Individual Savings Accounts. New changes this month should mean that customers can open multiple ISAs of the same type in the same tax year, and make partial transfers of funds between them. Money Box has learnt that many of the biggest ISA providers in the UK are not yet offering customers these new freedoms, why?

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Studio Producer: Craig Henderson Editor: Beatrice Pickup

(first broadcast on Saturday 27th April 2024)

Money Box Live: What's going on with leasehold? May 22, 2024

Show notes

Around 10 million people across the UK live in a leasehold property. That means they viewed the house or flat, bought it, may be paying off a mortgage to eventually own it outright.

However, they are actually tenants of whoever owns the freehold. What they have bought is the right to live in the property for a given amount of time. Sometimes that's for the best part of a thousand years - sometimes it's for much less.

In this episode we hear from leaseholders on what some of the issues are, including ground rent and service charges and what can be done about them. We'll also hear from a charity which relies on leasehold revenues.

It's a system that even ministers have described as feudal - behind the scenes, work continues on the Leasehold and Freehold Reform Bill, which is being examined by members of the House of Lords this week. The Department for Levelling up, Housing and Communities say; “It is not fair that many leaseholders face unregulated ground rents for no guaranteed service in return."

The Residential Freehold Association told us; “The Government’s own report into leaseholder perspectives highlighted that the vast majority of leaseholders are content with the leasehold system."

To answer your comments and questions, Felicity Hannah is joined by Matt Lewis, a Consultant Solicitor at Commonhold and Leasehold Experts Limited and Martin Boyd, chair of the government funded Leasehold Advisory Service and also chair of the Leasehold Knowledge Partnership, which supports and campaigns on behalf of leaseholders.

Presenter: Felicity Hannah Producer: Sarah Rogers/Amber Mehmood Editor: Beatrice Pickup

This episode was first broadcast on the 24th of April 2024

New Fraud Refund Rules and ISA Changes May 18, 2024

Show notes

New regulations aim to ensure that victims of fraud are treated fairly, no matter who they trust with their money. The financial watchdog, the Payment Systems Regulator, says many firms are not doing enough to refund victims of authorised push payment fraud. Currently the majority of high street banks are signed up to a voluntary charter that makes banks liable for customer losses. However many people hold accounts with firms known as Electronic Money Institutions, or EMIs. Such firms are regulated by the Financial Conduct Authority but do not have a banking licence. The new rules from the Payment Systems Regulator will be mandatory for both banks and EMIs. When they come into force in October they should cover nearly all payments made by individuals in the UK except international ones and those involving cryptocurrency. We hear from Money Box listener Carol, who had to spend a year fighting to get the money stolen from her refunded. New changes to the way ISAs, Individual Savings Accounts, simpler come in this month. Officially they should mean that savers now have the option to open more than one cash or stocks & shares ISA in the same year. We look at whether providers will be allowing customers to take advantage. And how do you pay for your car insurance? A new report from the consumer organisation Which? found that it can cost much more if you opt for monthly payments. A survey of 39 car insurance providers found an average APR of over 23% was charged for monthly payments, and the highest APR found was over 39%.

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Beatrice Pickup

(first broadcast Saturday 20th April 2024)

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