Money Box

This week the team is live at a community centre in Lancaster to look at all things housing.

It's one of the biggest financial stories of the year. Rising interest rates led to hundreds of mortgage deals being pulled earlier this year before being replaced by costlier versions. This week the Bank of England will decide where they'll go next.

Exclusive figures for Money Box have revealed a third of people with a mortgages are overdrawn or have to borrow at the end of the month, meanwhile monthly rents average £1,304 a month.

To answer your comments and questions, Felicity Hannah will be joined by Sarah Pennells, Consumer Finance Specialist at Royal London, Dr Hilary Ingham, Professor of Economics at Lancaster University and Kim Howarth, Branch Manager of Entwistle Green estate agents in Lancaster.

Presenter: Felicity Hannah

(This episode was first broadcast 3pm Wednesday the 1st of November, 2023)

The official body which tackles loan sharks tells Money Box that for the first time in its almost 20 year history it is seeing people turn to loan sharks to pay for essentials like food and fuel. The England Illegal Money Lending Team investigates and prosecutes loan sharks and supports those threatened by them.

Why some pensioners may have to pay tax next year on their state pension even if they have no other income.

A cost of living payment of £300 will drop into the bank accounts of people on means-tested benefits from Tuesday - find out who's eligible.

And what's driving a rise in the cost of car insurance?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 28th October, 2023)

More than £500m was stolen by fraudsters in the first half of 2023, according to figures from UK Finance. This is less than the same period in 2022, but Authorised Push Payment (APP) scams, where people are tricked into transferring money to thieves, are on the rise.

We ask what can be done to fight back against the fraudsters, both on a personal and industry-wide level?

Joining Felicity Hannah are Ben Donaldson, Director of Economic Crime at UK Finance, TSB’s Manager of Fraud Operations, Paul Davis and Kathryn Westmore, Senior Research Fellow at the Centre for Financial Crime and Security at the Royal United Services Institute (RUSI) think tank.

Plus Dan Whitworth goes behind the scenes at TSB’s Fraud Prevention Centre in Sunderland. And we hear from case studies who’ve lost money, managed to get it back – but been left devastated by being scammed.

Presenter: Felicity Hannah

(First broadcast 3pm, Wednesday 25th October, 2023)

We investigate the case of Kent Brushes, a hairbrush company founded in 1777, which has had £1.6m stolen by thieves. The money was transferred in 40 separate transactions, all to new payees, in less than 20 minutes. Dan Whitworth reports.

And - the difficulties facing people in England who used the government’s Help To Buy loan scheme to get on the property ladder. What advice is there for those affected?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 21st October, 2023)

Just how much does technology impact your finances?

Do you search for the best deals on your laptop or phone? Perhaps you keep track of your money through online banking.

As many as 40% of people in the UK feel they cannot keep up with newer technology according to the charity the Good Things Foundation.

And not being online can cost you money, over £1,000 a year, according to Hargreaves Lansdown.

This week we've been out to meet people learning how to take on tech for the first time and Felicity Hannah is joined by Helen Milner, CEO of Good Things Foundation and Sarah Coles, head of personal finance at Hargreaves Lansdown to answer your calls and questions.

Presenter: Felicity Hannah

(This episode was first broadcast 3pm on Wednesday the 18th of October, 2023)

This week, the energy watchdog Ofgem released data showing energy debts reached £2.6 billion between April and June. It says the rise in debt was due to both the increase in wholesale energy prices and wider cost of living pressures. We'll get reaction to that figure from Octopus Energy, one of the UK's biggest suppliers.

More and more people are taking money out of their private pensions. Between April and June, 4 billion pounds was withdrawn from pensions by more than 500,000 people - 15% more than a year ago. What should you consider before you take money out of your pension?

And, two weeks before the deadline to get your paper tax return in, HMRC says it will take three weeks to post the form to you. What are your options if you still need to send one?

Presenter: Paul Lewis

(First broadcast, 12pm Saturday 14th October, 2023)

A lot of us like to save up for special occasions - a holiday, some home improvements - but, as we grow older, more of us think about saving for the costs that come after we die.

In fact, 69% of people make some sort of provision to help with the cost of their funeral, according to the financial services firm Sunlife.

And it's a big bill - more than £9,000 if you want a funeral and a wake or even a party afterwards.

Today on Money Box Live, we'll be talking about what kind of send off you might want from, woodland burials to tradition services as well as how to pay for it.

This week Felicity Hannah is joined by solicitor Gary Rycroft and Julian Ferguson from the Association of Green Funeral Directors.

Presenter: Felicity Hannah

(First broadcast 3pm, Wednesday 11th October, 2023)

A funeral plan company with more than 13,000 customers has gone bust leaving thousands of people without the plan they paid for. One Life Funeral Planning Limited was just 1 of around 40 firms which were not approved by the Financial Conduct Authority in July 2022 when it took over regulation of funeral planners. Attempts to find a regulated firm to take over its customers failed and last November its directors put it into administration. What can its customers do?

Christine Farnish, a former non-executive director at the energy regulator Ofgem, has told Money Box the amount of credit held by energy companies is a "real problem" that needs looking at. It comes after we revealed last week that suppliers held more than £8bn of customers' money in the form of credit on their accounts in the first three months of this year. Ofgem said protecting customers is its top priority and that it encourages suppliers to help customers spread the cost of winter over a full year to help them manage their bills. Previously Energy UK have told us told us at the time this £8.1bn was being held as credit prices were extremely volatile and the level of government help was unknown.

Nearly half a million new 18 year olds have not claimed hundreds even thousands of pounds waiting for them in child trust funds the govt and parents set aside for them. Check here: findctf.sharefound.org

Presenter: Paul Lewis

(First broadcast, 12pm Saturday 7th October, 2023)

Money Box Live is looking at how to prepare for the cold nights ahead this winter following a year of high energy costs.

The Ofgem energy price cap has fallen by 7% to just over £1900. The price cap is the maximum amount your provider can charge per unit of gas and electricity. It is the amount a typical home in England, Scotland and Wales will pay a year, but if you use more, you will pay more.

Last year, there was government support to the tune of £400 to help households with rising costs. That isn't coming this year, and standing charges have gone up. It means people may end up paying more this Winter.

So, this week on Money Box Live, we're looking at how what you're doing to keep costs down as well as tips from our experts ranging from how thick your insulation should be to exactly how much it costs to put the oven on.

Matthew Cole, head of the Fuel Bank Foundation, and Madeleine Gabriel, Director of Sustainability at charity Nesta, join Felicity Hannah for this week's programme.

Presenter: Felicity Hannah

Energy companies are holding on to too much of their customers' money in the form of credit on their accounts. That's according to Angus MacNeil, Chair of the House of Commons Energy Security and Net Zero committee. Money Box has uncovered the total amount of credit being held in the first three months of this year was £8.1 billion. Those figures are from the regulator, Ofgem. Energy UK, which represents energy companies says suppliers are obligated to set direct debits that are, over a 12 month period, estimated to result in a balanced account. It also told us at the time this £8.1bn was being held as credit prices were extremely volatile and the level of government help was unknown. It also said it's not meaningful to compare credit and debt.

Charities say new figures obtained by Money Box show that less than 1 in 4 bereaved parents who were not married have claimed a support payment they became entitled to in February. That was when the government changed the law to give cohabiting parents equal rights with parents who were married or in a civil partnership.

What you need to know about the self-assessment tax deadline on 5th October.

And, we'll also run through the changes to energy bills coming in on 1st October.

Presenter: Paul Lewis

Energy Credit 00:00

(First broadcast, 12pm Saturday 30th September, 2023)