Money Box

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.

Presenter: Paul Lewis

(first broadcast on Saturday 27th April 2024)

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

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

New regulations aim to ensure that victims of fraud are treated fairly, no matter who they trust with their money.

Presenter: Paul Lewis

(first broadcast Saturday 20th April 2024)

This week car insurance bosses, appeared in front of MP's as part of an investigation into the cost of premiums.

They're continuing to rise and according to price comparison site Compare the Market are up 46% over the last year, making the typical payment for comprehensive insurance £892 a year.

Consumer group Which? say some insurers are charging 'eye-watering' APR rates on those spreading the cost over the course of 12 months.

So, we put your questions and comments to the Association of British Insurers who tell us it's been a difficult year for the industry.

But it's not just insurance, we're also looking at the cost of fuel, maintenance and of course alternatives to running a car altogether.

To answer your questions and comments Felicity Hannah is joined by Rachel Burgess the editor of magazine Auto car and Stuart Masson from online publication, The Car Expert.

Presenter: Felicity Hannah

This episode was first broadcast on Wed 17th April 2024

Tens of thousands of people who juggle caring for a loved one and having a job may be forced to cut the hours they work, according to the charity Carers UK. In April the National Living Wage was increased to £11.44, but the earnings limit for the Carer's Allowance did not go up by the same amount. The result is that some carers will be limited to working just over 13 hours a week, anything above that and they'll lose the entire benefit. Some carers have also faced demands to repay thousands of pounds that they've mistakenly received in over-payments over multiple years.

(first broadcast Saturday 13th April 2024)

Data from the Financial Conduct Authority suggests fewer of us are struggling to pay our bills compared to last year, but the numbers are still high.

The watchdog says more than 7 million people were finding it tough to pay bills and make repayments on borrowing at the start of the year, down from almost 11 million last year. However, despite the drop that's still far higher than before the cost of living pressures really started to bite.

Price rises are slowing and energy bills have come down - so this could be a great moment to finally beat your bills back down and build a brilliant budget.

In this episode we look at how to save money on your current repayments, budgeting, recovering from debt and hear from a super saver.

Felicity Hannah is joined by consumer finance expert Martyn James and Jay Lowe, Head of Money Advice at Citizens Advice Staffordshire North and Stoke On Trent to answer your comments and questions.

Presenter: Felicity Hannah

This episode was first broadcast on the 10th April 2023.

National Insurance - a tax millions of working age people pay on their wages - is being cut this weekend, for the second time this year. The main rate of National Insurance has now fallen by a third - from 12% last year to just 8%. The Treasury says combined with above-inflation increases to personal tax thresholds since 2010, this will save the average earner over £1,500 compared to what they would otherwise have paid. What difference will it make to your pay?

The debt charity StepChange has told Money Box a third of people they helped last year were behind on their Council Tax payments with an average debt of more than £1,700. What can you do if you're struggling to pay?

Plus, changes to Child Benefit mean it will become available to thousands more families from this weekend - how will that work?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 6th April 2024)

April is a big month for our finances, some bills go up and one or two even come down.

A big relief for many households will be the that energy prices are dropping, but one bill that is still going up is rent.

UK rent prices rose 9% in the 12 months to February.

Research shared exclusively with Money Box Live has revealed you're more likely to be in your overdraft if you're a renter compared to people with mortgages. You're also less likely to have savings to fall back on in an emergency.

Meanwhile government plans to scrap no fault evictions for tenants in England have been delayed. Neither tenants nor landlords are happy with the current position.

Felicity Hannah is joined by Sarah Pennells, Consumer Finance specialist at Royal London, Dan Wilson Craw, Deputy Director at Generation Rent UK, and Richard Donnell, director of research at the property platform Zoopla.

Presenter: Felicity Hannah

(This episode was first broadcast on the 3rd April 2024)

April brings many changes for our money, and this programme has all you need to know.

From Monday 1st, there will be higher pay for people on the various minimum wages. For the first time 21 and 22 year olds join people aged 23 and over in getting what's called the National Living Wage. It's going up to £11.44 an hour, a near 10% rise. 18 to 20 year olds get a bigger boost with minimum wage up nearly 15% to £8.60 an hour, while 16 and 17 year olds and those on apprenticeships get the largest increase of more than 21%, taking their minimum hourly pay to £6.40.

On the same day, the Energy Price Cap set by the regulator Ofgem will fall reducing the typical annual bill in England, Scotland, and Wales by 12% to £1,690 per year. That is the lowest it has been for two years. So will it be worth switching suppliers for a new fixed deal?

It's 25 years since the introduction of tax-free ISAs. You have just a few days to make use of this year's allowance and there are some big changes next tax year. we’ve got all you need to know.

Plus, what’s changing next week for childcare, why some people need to do a meter reading, and how to save money on stamps.

Presenter: Paul Lewis

(First broadcast 12pm Saturday 30th March 2024)

More than half of adults don't have a Will according to new research from insurance company Canada Life. The main reason people say they haven't sorted one is that they don't think they have enough money to leave behind.

So what types of Will are there and what do they mean? We'll be hearing from one man who says he was disinherited over changes to a Mirror Will. We also speak to a mother concerned about digital assets following the death of her son.

Plus, what happens if you don't have a Will at all, where will your estate go?

Felicity Hannah is joined by Nina Sperring, Partner at Price, Slater, Gawne solicitors and is a member of STEP, the Society of Trust and Estate Practitioners which specialises in estates and Wills and Jade Gani, Chief Executive of Circe Law and a Director of The Association of Lifetime Lawyers.

Presenter: Felicity Hannah

(This episode was first broadcast at 3pm Wednesday March 27th 2024)