Money Box

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Being a Guarantor Jan 19, 2022

Show notes

Would you ever consider being responsible for someone else’s mortgage? Or their rent? Or a debt? What if it was someone you loved and wanted to help?

That’s exactly what guarantors agree to do. Felicity Hannah, callers & an expert panel discuss how it works, why it’s needed and what happens if something goes wrong.

We hear the experience of Philippa, Clare, Peter, Tim & Geraldine alongside advise from:

Jayastri Lowe, Money Advice Manager for Citizens Advice Stoke-on-Trent and Staffordshire North. John Wightman, Head of Practice for Lending & Affordability at the Financial Ombudsman Service. Gary Rycroft, senior partner & solicitor at Joseph A. Jones & Co, based in Lancaster.

And you are access more information about being a guarantor via: www.citizensadvice.org.uk/housing/renting-a-home/using-a-guarantor www.financial-ombudsman.org.uk/consumers/complaints-can-help/credit-borrowing-money/guarantor-loans

Producer Smita Patel Editor Emma Rippon

Energy bills Jan 15, 2022

Show notes

In April households are likely to see an increase of up to 50% in the cost of their energy bills. Many people already struggle to pay for gas and electricity so the upcoming price hike is expected to push many more into debt with their suppliers. What can people – and the energy industry – do to try to minimise the impact on people’s finances?

Starling Bank has stopped paying for adverts on Facebook and Instagram until, it says, they do more to stop scam ads from being placed on their sites. We find out what Facebook parent company Meta has to say about the move and find out what action, if any, the other challenger and traditional banks are doing about it.

Individual Voluntary Arrangements to help people find a way out of debt have come under the microscope before for being mis-sold. Now there is a consultation about their use.

And after a huge response to a story about cheques on last week’s programme we hear from listeners about their thoughts on them and take an alternative, historical look at those humble rectangular pieces of paper that stir so much passion.

Presenter: Paul Lewis Reporter: Chris Flynn Producer: Dan Whitworth Researcher: Drew Miller-Hyndman Editor: Emma Rippon

Care Leaver Finances Jan 12, 2022

Show notes

It takes a lot to get started in adult life - finding a flat, learning to budget, perhaps heading to university or a first job.

Many new adults rely on their parents for help but more than 10 thousand young people a year leave the care system. In this edition of Money Box Live, Felicity Hannah, care leavers, a foster parent and a panel of experts discuss what support is on offer for young people leaving care.

We hear from Callie, Mark, Chantel and Elias about their lives in care and how they have been treated by the system in relation to their financial entitlements. Joining them are Carrie Wilson Harrop, Young Persons consultant at The Care Leavers Association; Sam Turner, Policy and Participation Manager at BECOME, a national charity for children in care and young care leavers and Eilidh Malcolmson, a team leader who works with the continuing care and aftercare social work team for North West Glasgow.

www.becomecharity.org.uk - helpline 0800 023 2033 or advice@becomecharity.org.uk

www.careleavers.com

Producer Smita Patel Editor Emma Rippon

Pensions for teenagers? Jan 08, 2022

Show notes

Automatic pensions are suggested for 18-21-year olds, the best ways to invest your money in 2022, the tax implications of cash inducements - and the rise and fall of cheques.

There is growing support to reduce the age at which auto-enrolment pensions start. Currently, the limit is 22 years old, leaving younger people missing several years of contributions. We look at what those extra years could mean in terms of financial support for later in life.

2021 was a good year for investors with the FTSE 100. It recovered from a 14.3% fall in 2020 by rising…14.3%. It was the best year for the UK stock market since 2016. But with inflation on the rise, what are the best options for people with some cash to invest in 2022? We get advice from two experts.

What are the tax implications of all those cash offers and incentives customers get to switch things like bank accounts? Does HMRC even have to know? We answer one listener’s question about just that.

And when did you last write a cheque? A generation ago they were a common means of payment. Even ten years ago they were still used regularly. But with the introduction of internet banking and instant online transfers and payments their use has plummeted. Last year cheques accounted for fewer than one in three hundred payments made in the UK — just 135 million out of a total of 40 billion transactions. So what does the future hold for those small bits of paper?

Presenter: Paul Lewis Reporter: Chris Flynn Producer: Dan Whitworth Researcher: Drew Miller-Hyndman Editor: Emma Rippon Studio Manager: Antonio Fernandes Production Coordinator: Janet Staples

Email moneybox@bbc.co.uk or tweet @Moneybox with questions for the team.

Consumer Rights Jan 06, 2022

Show notes

Pyjamas and jumpers are the most unwanted gifts we receive and in the post-Christmas period about 10% of us return at least one gift to the shops.

Since we spend about £80 billion over Christmas each year returning even a fraction of that involves a huge amount of money, both for shoppers and the shops.

Adam Shaw and guests explore what are our consumer rights. What you can and can’t return? What you need to prove the purchase was made and where a bit of post-Christmas goodwill might help you get a refund and exchange

Joining Adam are experts Jemma Cox from Welsh Trading Standards, Martyn James from the free resolution service Resolver, and Andrew Goodacre, CEO of BIRA, which is the leading trade association for independent retailers in the UK. And they hear from shop owners and customers about their experiences.

Producer Smita Patel Editor Emma Rippon

How to Make Money from Unwanted Presents and Belongings Jan 01, 2022

Show notes

Felicity Hannah and guests discuss how to make money from unwanted presents and belongings. And they hear from listeners who sell on, re-gift and rent out.

Relationships and Money Dec 29, 2021

Show notes

How we manage financial relationships with the people we care about. whether it be sharing money, lending it or simply having a different view about money from your partner, it can lead to friction or arguments with those closest to us.

Felicity Hannah is joined in the studio with Dee Holmes, a counselor from the relationship charity Relate and Julie Flynn, an independent financial advisor & certified financial coach, as well as listeners Mohammed, Ollie, Sarwar and Sally who share their experiences.

Producer Smita Patel Editor Emma Rippon

What can you do if two suppliers bill you for the same energy use? Dec 18, 2021

Show notes

Money Box listener Rebecca found herself caught between two of the UK’s biggest energy firms. After moving to a new home in the summer she changed the supplier from British Gas to EDF. Then a few weeks ago she received bills from both companies, meaning she'd have to pay twice for the gas she’d used once. Rebecca tried to resolve the situation in between her long shifts on an A&E ward but both firms insisted she owed the money and she received a legal threat. Then Money Box stepped in…… This week interest rates rose for the first time in more than three years. What might the increase from 0.1% to 0.25% mean for those savers getting much less than that from their accounts?

If you’re planning on buying gift cards for Christmas - spare us a minute of your time first.

The Bank of England says it wants to scrap a mortgage affordability rule that aims to prevent people getting into financial difficulty. It’s the one where applicants need to prove they could still make monthly payments if their mortgage interest rate rose to 3% above the lenders’ standard variable rate. A consultation on the change is due to start early next year.

Presenter: Paul Lewis Reporter: Dan Whitworth Producer: Charmaine Cozier Production Coordinator: Janet Staples Editor: Emma Rippon

Pioneer Zopa exits peer-to-peer lending Dec 11, 2021

Show notes

Sixteen years after it appeared as the first of its kind in the world, Zopa has announced it's leaving the peer-to-peer lending business to focus on banking activities. Peer-to-peer matches people who want to lend money with individuals or businesses that need it. What will it mean for Zopa investors, borrowers and the wider industry?

A new partnership is set to increase protection for people who are in debt to loan sharks. The collaboration between the Vulnerability Registration Service and the Illegal Money Lending Team will enable utility suppliers, mobile phone firms and other organisations to identify and support more of their vulnerable customers.

A married couple have two full state pensions - but one is much higher that the other. We explain why.

This week Bank of England Deputy Governor Ben Broadbent warned that inflation in the UK will “comfortably exceed 5 percent” by the spring. Rock bottom interest rates on savings accounts are well below that meaning the spending power of money in them will erode over time. So might investing be the way to protect savings against rising inflation?

Presenter: Paul Lewis Reporter: Dan Whitworth Producer: Charmaine Cozier Researcher: Drew Miller Hyndman Editor: Emma Rippon

The Cost of DIY & Home Improvements Dec 08, 2021

Show notes

Buying a home is likely to be the biggest investment of our lives and it’s no wonder that people want to spend money improving it.

During lock down, many more of us have been laying our own patios, fixing shelves or employing builders to create the extension that we’ve always dreamt about.

Adam Shaw , expert guests and listeners discuss the finances of home improvements. How to negotiating with builders, how much to set aside for contingencies, what to do if you feel the job is not up to standard and how to get your money back if you are not satisfied.

We hear the experiences of first time buyer Frances, builder Tomas and DIY shop owner Louis alongside experts Brian Berry, the CEO of the Master Builders Federation. Chloe McCulloch, the Editor of publication & website, Building and Martyn James from the independent, free, issue resolution service, Resolver.

Email moneybox@bbc.co.uk to share an experience or with a question for the panel.

Producer Smita Patel Editor Emma Rippon

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