Money Box

Latest Episodes:

Furlough problems and obtaining cash refunds May 02, 2020

Show notes

On this week’s Money Box we hear from people who’ve been furloughed by their employer but are being pressured into working anyway - something very much against the rules of the Job Retention Scheme. And can an employer force those people still working to take a pay cut? Paul talks through the legal implications with Susie Al-Qassab, partner at Hodge, Jones and Allen Solicitors.

As the consumer watchdog threatens legal action against companies refusing to refund customers during the coronavirus pandemic, we hear about the struggles some listeners have been having with various companies. Gary Rycroft, partner at Joseph A Jones Solicitors, and consumer rights champion Helen Dewdney from The Complaining Cow website talk through the issues.

And we have exclusive figures from the National Gambling Helpline about a sharp drop in callers and how it’s worried about what that might mean for 100,000s of problem gamblers during lockdown. Paul talks to one of the problem gamblers affected and speaks to Anna Hemmings, CEO at Gamcare.

Reporter: Dan Whitworth Producer: Ben Carter Editor: Emma Rippon

MBL: Coronavirus and claiming benefits Apr 29, 2020

Show notes

Many people are having to claim benefits for the first time due to coronavirus. Paul Lewis and guests find out how some people have found this experience. Was it clear how to claim? Did you find the rules easy to understand? Have you got your money yet? Is it enough? What other help is out there?

Guests: Victoria Todd from Low Income Tax Reform Group and Will Hadwen, a welfare rights advisor with Working Families.

Email: moneybox@bbc.co.uk

Producer: Alex Lewis and Ben Carter Editor: Emma Rippon

Umbrella companies and the contractors “left in limbo” Apr 25, 2020

Show notes

650,000 people work as contractors in a wide range of jobs across the UK – supply teachers, IT engineers, health care workers. But some of them have told Money Box they’ve been left in limbo by umbrella companies who say they need more clarity from the government before they can decide to furlough them or not. Issues about how much the contractors would get, how much holiday pay they’d be owed and what the industry will do if they don’t get any more guidance from the government means huge financial stress and worry for all those involved. Guest: Julia Kermode, Chief Executive, The Freelancer & Contractor Services Association.

There's a glimmer of hope for cash savers as NS&I abandons plans for major interest rate cuts to its variable rate savings products which were due to happen on May 1. Anna Bowes Co-Founder of Savings Champion also rounds up what’s happening elsewhere in the cash savings market.

We look at ways to safely access cash for people who are self-isolating and relying on relatives or volunteers to do their shopping for them. Guest: Helen Saxon, Banking Editor MoneySavingExpert

Presenter: Paul Lewis Reporter: Dan Whitworth Producer: Charmaine Cozier Editor: Emma Rippon

Car Finance Apr 24, 2020

Show notes

On our programme last Saturday we looked at the new Financial Conduct Authority guidance for people with car finance who are struggling to pay it due to coronavirus. 80% of all private new car buyers take out finance at the dealership and there’s £110bn worth of debt outstanding. We get lots of questions from listeners about how car finance actually works so for this special podcast extra we’ve got Stuart Masson, editor of thecarexpert.co.uk to explain. He’ll also talk about the FCA guidance in more detail.

Reporter and Producer: Ben Carter

Coping with debt and accessing credit Apr 22, 2020

Show notes

Adam Shaw and guests talk to people struggling with bills and finding it hard to access credit. They offer practical advice about how to stay on top of your finances.

Guests: Richard Lane from StepChange and Sara Williams from Debt Camel.

Email: moneybox@bbc.co.uk

Producer: Ben Carter Editor: Emma Rippon

Wage support changes and debt help Apr 18, 2020

Show notes

Action to protect workers who would otherwise face redundancy due to the coronavirus outbreak was brought in by the government last month. Known as the Job Retention Scheme it pays 80 per cent of wages for people kept on by their employer up to a maximum of £2,500 a month. At the time there was disappointment from those who missed out because they didn’t start their job before the scheme’s cut-off date of February 28th. This week that date was extended to the 19th of March. The Treasury says the date change is “expected to benefit over 200,000 employees” - but will it? Guest: Heather Self, Tax Partner, Blick Rothenberg.

Plans to refund the victims of fraud isn’t "working as well as hoped" according to financial watchdog the Payment Systems Regulator. Data gathered by the PSR shows that two high street banks who promised to refund victims refused to do so in 96% of cases. Money Box hears from the PSR Managing Director Chris Hemsley to find out what his organisation is doing about it, what action it wants to see from the banks… and why it isn’t taking tougher action already. Money Box also hears from the son of one victim whose bank initially refused to refund him after criminals used his bank details to steal his life savings of £90k.

The FCA announced more plans to support households struggling to pay bills due to the impact of coronavirus on incomes. They include a three month payment freeze for car loans and a one month interest-free halt on high-cost short-term credit payments like payday loans. The FCA hopes to finalise the proposals by Friday 24 April and expect them to happen shortly afterwards. A three month credit card payment holiday for people with cash problems caused by coronavirus came into force this week.

Guests: Sara Williams debt campaigner and founder of the Debt Camel blog and Stuart Masson Editor for thecarexpert.co.uk

Presenter: Paul Lewis Editor: Emma Rippon Producer: Charmaine Cozier

Student Finance Apr 15, 2020

Show notes

How are student finances being affected by coronavirus? Louise Cooper is joined by Tom Allingham from Save The Student and Hayley Borrett from The National Association of Student Money Advisers. They'll hear from students with concerns about paying fees, meeting rent obligations, making student loan payments and much more.

Email moneybox@bbc.co.uk with questions and experiences or tweet @Moneybox

Producer: Ben Carter Researcher: Kafui Okpattah Editor: Emma Rippon

Coping with ‘income shock’ Apr 11, 2020

Show notes

Millions of people are still facing huge financial pressure despite government measures to help them deal with the fallout from coronavirus.

Some estimates show that up to half of the 5m people who are self employed won’t be helped by the support package that the government has announced. Many thousands more, who are employees, are not eligible for the job retention furlough arrangements.

Unsurprisingly the benefits system has seen an unprecedented number of new applications for Universal credit. We’re hearing of a back log of many weeks as the Department for Work and Pensions tries to work through more than a million new cases.

So if you are one of the millions of people affected by a huge and sudden loss in income, what can you do to survive?

Paul Lewis and guests discuss their top tips for surviving financial shock.

Joining Paul are:

- Nick Hill - money expert, Money And Pensions Service - Laura Peters - from Mental Health and Money Advice - Anna Stevenson - welfare benefit expert at charity Turn2us

Producer: Alex Lewis Editor: Emma Rippon

Tenants and landlords rights Apr 08, 2020

Show notes

Louise Cooper and guests discuss how government rules help tenants and landlords affected by coronavirus.

Guests:

Henry Pryor - Buying agent and property expert Anny Cullum - National organiser for Acorn, a community and tenants union John Stewart - Policy manager at the National Residential Landlords Association

Email questions to moneybox@bbc.co.uk

Producer: Ben Carter Editor: Emma Rippon

New starters and the furloughed worker scheme Apr 04, 2020

Show notes

People who have recently begun new jobs say that the government’s plan to help businesses hit by coronavirus may treat them unfairly. Under the Coronavirus Job Retention Scheme, a business can choose to furlough workers – that is, keep them on the books but not working and at home. The government will pay 80 per cent of their wages up to £2,500 per month. Companies may choose to top up furloughed employee wages to 100 per cent. However, to be eligible for furloughing, workers have to have been in employment with the company on February 28th, 2020. New starters say that unfairly leaves out people who happened to be between jobs on that date. It also means that people who have changed jobs since then cannot ask to be furloughed by their new employer. We hear the experiences and concerns of new starters and employers, alongside Edwin Morgan, director of policy at the Institute of Directors, and employment lawyer Amy Wren of Farrer and Co. Then we put your points to Harriet Baldwin, MP - a Conservative member of the Treasury Select Committee and former economic secretary to the Treasury.

There's an update on the Financial Conduct Authority's proposals for new rules on lending. And on the podcast, happy news from a Money Box-inspired wedding. Presenter: Felicity Hannah Producer: Paul Waters Editor: Hugh Levinson

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