04/01/2014 Your Money


04/01/2014

Weekly round-up of news about mortgages, savings, credit cards, bank accounts and pensions, plus helpful tips and advice. With Declan Curry.


Similar Content

Browse content similar to 04/01/2014. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Brothers, he had a string of hits in the 1950s and '60s. Now on BBC News,

:00:00.:00:00.

it's time for this week's Your Money with Declan Curry. Hello and welcome

:00:00.:00:14.

to Your Money, your weekly guide to making the most of your cash, here

:00:15.:00:17.

every weekend on BBC News television - available all week on the BBC

:00:18.:00:20.

iPlayer. This week - clearing up some of our

:00:21.:00:24.

New Year hangovers. First, how to get rid of those hideous Christmas

:00:25.:00:27.

gifts. We've got some tips that will strengthen our hand at the returns

:00:28.:00:32.

counter. Then, some New Year's resolutions to get our money into

:00:33.:00:34.

better shape. Nigel Cassidy has gathered some of

:00:35.:00:39.

the best suggestions. And some tricks and tips to manage

:00:40.:00:43.

our debts - how to keep the cost down, how to stop it becoming a big

:00:44.:00:46.

problem. The debt charity Step Change shares its advice at no extra

:00:47.:00:53.

charge. So what did Santa leave? Jumpers

:00:54.:00:57.

that don't fit? That hideous lamp? That jewellery you wouldn't wear in

:00:58.:01:02.

a darkened room? How do you get rid of it? Jasmine Birtles, everyday

:01:03.:01:04.

money expert, runs the website moneymagpie.com. In some of these

:01:05.:01:16.

cases we have right on our side. In others we are relying on goodwill

:01:17.:01:22.

from the shopkeepers. First of all, the item does not work. Right is on

:01:23.:01:30.

your site. You can take it back to the shop and the shop is your first

:01:31.:01:36.

port of call. It does help if you have proof of purchase. If it is

:01:37.:01:43.

broken, then you can go back to your aunt and uncle and say you love it,

:01:44.:01:48.

just a bit of a problem in that it is broken. Do you have proof of

:01:49.:01:57.

purchase? It could be a receipt or credit card statement. If it has the

:01:58.:02:04.

name of the shop, then it is much easier. You can take it back and say

:02:05.:02:10.

obviously it is yours. You should be able to get your money back. But you

:02:11.:02:17.

have to have that proof of purchase? Unless it is branded. Who brings it

:02:18.:02:28.

back? Is it the person who bought it or received it? Ideally the person

:02:29.:02:36.

who bought it. If it is one of those chains and you have proof of

:02:37.:02:40.

purchase, then you can take it back yourself. The shopkeeper deals with

:02:41.:02:49.

this. The shopkeeper is the first port of call. If desperate you can

:02:50.:02:55.

send it back to the manufacturer. You are entitled to a full refund

:02:56.:03:00.

but they might say you are entitled to a credit note. You are entitled

:03:01.:03:09.

to a full refund. Something you bought for Christmas did not arrive

:03:10.:03:12.

on time. You bought something else instead and now the wretched thing

:03:13.:03:19.

has turned up. If you bought it and it is supposed to arrive by

:03:20.:03:24.

Christmas and it did not come when the sellers said it would come, you

:03:25.:03:31.

can send it back. Does it have to have that agreement with the seller

:03:32.:03:37.

beforehand, a contract that said delivery before Christmas?

:03:38.:03:41.

Absolutely occurs otherwise you could have bought something and you

:03:42.:03:48.

get it and don't like it. There has to be a reason. There has to be a

:03:49.:03:54.

type of contract that it would be there in time. Of the rules

:03:55.:04:00.

different if you ordered online? Yes. You have a seven-day cooling

:04:01.:04:06.

off period from when you get the item and unlike with piling it on

:04:07.:04:09.

the high street, if you don't like it, it is the wrong size, colour,

:04:10.:04:15.

you can send it back for whatever reason. There is a time limit. You

:04:16.:04:21.

have a cooling off period of seven days. The reason I ask is Christmas

:04:22.:04:30.

was more than seven days ago. It does depend on the sellers. Some say

:04:31.:04:38.

you have 14 days, 30 days. If you buy something from a high street

:04:39.:04:43.

brand, sometimes they will take it 30 days back. Something you bought

:04:44.:04:49.

on the high Street, there is nothing wrong with it, it is just a bile.

:04:50.:04:59.

Yes, if you have some sort of proof of purchase, if it has the brand,

:05:00.:05:07.

you are really going to have to take their goodwill and the goodwill now

:05:08.:05:10.

is not quite as much as it used to be.

:05:11.:05:17.

Train tickets have gone up in price again this week. There are some

:05:18.:05:20.

useful tips to keep the price of train travel as low as possible.

:05:21.:05:23.

Obviously, buying online, in advance is way cheaper than just turning up

:05:24.:05:27.

at the ticket office on the day. And if you make the same journey over

:05:28.:05:30.

and over, a season ticket is likely to be cheaper than buying each time.

:05:31.:05:34.

Here are a few more. If you travel after the daily rush-hour or at

:05:35.:05:37.

weekends, a network railcard could save you up to a third off of most

:05:38.:05:41.

tickets. It costs 30 quid and is valid for a year. Sometimes two

:05:42.:05:44.

single tickets are cheaper than a return ticket. Not always, but

:05:45.:05:46.

sometimes. Some websites will let you set up an alert, so you'll get

:05:47.:05:50.

an email when cheap advance tickets become available. That could save

:05:51.:05:53.

40%. And it's worth checking for alternative routes. You may find

:05:54.:05:57.

that a longer journey by an indirect route is cheaper than the direct,

:05:58.:06:02.

express service. To find them, use the advanced search settings when

:06:03.:06:11.

checking the timetable online. Ding dong! Some news about the

:06:12.:06:14.

housing market. More than 6,000 people have applied for a mortgage -

:06:15.:06:17.

under the Government's latest Help to Buy scheme. But only 750 homes

:06:18.:06:20.

have actually been bought. The rest are still in the pipeline. The

:06:21.:06:24.

scheme helps us buy a home if we've only got 5% of the price saved as a

:06:25.:06:29.

deposit. The Nationwide, the biggest building

:06:30.:06:32.

society, claims house prices rose by over 8% last year. Of course, that's

:06:33.:06:35.

one average figure for the whole nation. London prices jumped by

:06:36.:06:40.

nearly 15%. In the north of England, prices were up around 2%. And

:06:41.:06:45.

typically, houses are still worth less now than they were in 2007. The

:06:46.:06:56.

Bank of England's interest rate is unlikely to rise this year, say the

:06:57.:06:58.

UK's top economists. The BBC rang them up and emailed

:06:59.:07:02.

them, and 93% of those asked predicted no change to the bank rate

:07:03.:07:05.

this year. Of course, the Bank's rate is one thing. Wat you actually

:07:06.:07:09.

get for your savings, or pay for your mortgage is quite another.

:07:10.:07:12.

Those actual rates were driven down hard as the high street banks were

:07:13.:07:18.

flooded with cheap money. Many people who were left without

:07:19.:07:21.

electricity over Christmas because of the weather are set to get some

:07:22.:07:24.

compensation. UK Power Networks, which owns electricity lines and

:07:25.:07:27.

cables in London, the South East and East of England, and Electricity

:07:28.:07:30.

North West with customers in the north west of England both say

:07:31.:07:35.

they'll stump up. So too will Scottish and Southern Energy Power

:07:36.:07:39.

Distribution. It says it will pay ?54 to customers who were without

:07:40.:07:44.

electricity for 48 hours. There's another ?54 for each full 12-hour

:07:45.:07:47.

period that you didn't have electricity after that. If you were

:07:48.:07:53.

cut off on Christmas Day itself, you'll get ?75. The company said it

:07:54.:07:57.

will write to its customers over the next five week, but you can also

:07:58.:08:02.

make a claim online. Scottish and Southern Energy Power Distribution

:08:03.:08:05.

covers the area from Yeovil in Somerset to West London and from

:08:06.:08:11.

Oxfordshire to the Isle of Wight. It also supplies northern Scotland.

:08:12.:08:18.

New Year. Time for a make over for your money. Here's Nigel Cassidy.

:08:19.:08:28.

Last month the post brought good cheer and Christmas cards. Now it is

:08:29.:08:35.

mainly is bills. All the evidence is millions get into a financial mess

:08:36.:08:40.

because of a poor grasp of the basic financial tasks. Judging by the kind

:08:41.:08:48.

of calls flooding into debt lines like this one, Paul money-management

:08:49.:08:54.

is as much a factor as reckless borrowing. People do not understand

:08:55.:08:58.

their payslip, interest rates all the interest risks. Do you know how

:08:59.:09:05.

much money is in your account? Not really. I check every fortnightly. I

:09:06.:09:19.

check daily. Rarely. I let you check it. Checking your statement is one

:09:20.:09:25.

thing. Understanding it is another. People don't know how much money

:09:26.:09:31.

they have got in their accounts. One in six not knowing whether the

:09:32.:09:36.

number at the bottom is the mud in their account or it includes the

:09:37.:09:42.

overdraft. The new centre for the Public understanding of finance has

:09:43.:09:45.

been setup to promote knowledge personal finance. You make a start

:09:46.:09:54.

by not turning a blind eye to your financial position. Check your bank

:09:55.:10:00.

statement and reconcile it, put together a household budget. That

:10:01.:10:03.

will tell you if you have scope to save or whether you have a problem

:10:04.:10:08.

spending more than you are earning. Think about what your long-term

:10:09.:10:11.

plans are and how they need to be financed. We all live for today for

:10:12.:10:18.

eight degree but eventually we will need a pension and if you start to

:10:19.:10:24.

plan too late it is financially disadvantageous. With half of us

:10:25.:10:29.

finding it hard to pay our bills, it is not surprising people are out

:10:30.:10:34.

looking for bargains. Many will resolve to get a grip on our

:10:35.:10:39.

finances but inevitably we will buy financial products we cannot

:10:40.:10:42.

understand and borrow money we cannot repay. The advice is to get a

:10:43.:10:48.

firm grip on your income and expenditure, make a budget, stick to

:10:49.:10:53.

it and do not commit to anything unless you understand the cost,

:10:54.:10:58.

benefits and risks. Let's get more advice on how to deal with those

:10:59.:11:03.

Christmas debts. Edward is from the debt charity step change. The New

:11:04.:11:09.

Year bills are only just arriving. What is the plan for dealing with

:11:10.:11:15.

them? The first thing is to draw up that detailed household budget, that

:11:16.:11:22.

list of your incomings and outgoings and covered your essential household

:11:23.:11:26.

bills, your rent, mortgage, council tax, utility bills and then you can

:11:27.:11:32.

work out what you can put towards repaying your debts. It is a good

:11:33.:11:38.

idea to take a look at your bank statements and credit card bills

:11:39.:11:42.

anyway because there might be things you are paying for that you have

:11:43.:11:49.

forgotten. Absolutely. You can have that clear out of your finances

:11:50.:11:56.

every year. Cancelled those direct debits you are not using. There are

:11:57.:12:05.

some signs that your debt is running out of control. There are things

:12:06.:12:10.

that people tell us that in retrospect they realise their

:12:11.:12:13.

finances were getting out of control. Are you juggling your

:12:14.:12:18.

household bills, are you borrowing to pay off existing debt? Are you

:12:19.:12:27.

borrowing just to make it to payday? Those are signs that your debt

:12:28.:12:31.

problem might be more serious and you really need to think and get

:12:32.:12:36.

advice and support at that stage. That point about advice is important

:12:37.:12:41.

because there are lots of companies that say they will help you deal

:12:42.:12:44.

with your lenders but they will charge a fee and their risk free

:12:45.:12:50.

advice available. There is high quality, free and impartial advice.

:12:51.:12:59.

If people are struggling, those free and independent sources of advice

:13:00.:13:04.

are the best places to go. If you are finding it a struggle to meet

:13:05.:13:09.

your payments, there is no shame in going to your lenders and asking for

:13:10.:13:18.

a deal. Absolutely. If your lenders are not as helpful as you would

:13:19.:13:23.

like, come to one of the debt advice organisations. That is all from us

:13:24.:13:32.

this week. You can go online to find out more advice and information. You

:13:33.:13:40.

can also follow our feed on Twitter. Thank you for watching. More next

:13:41.:13:42.

week. See you then. Let's bring you a statement from the

:13:43.:14:02.

family of the British man killed in Libya. The family are shocked and

:14:03.:14:10.

devastated to hear about his death in Libya.

:14:11.:14:13.

Weekly round-up of news about mortgages, savings, credit cards, bank accounts and pensions. Helpful tips and advice on how to get the best deals, consumer rights and making your money work harder for you. With Declan Curry.


Download Subtitles

SRT

ASS