08/02/2014 Your Money


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Now on programmer, Declan Curry is here with this week's Your Money --


now on BBC News. Hello and welcome to Your Money,


your weekly guide to making the most of your cash and available all week


on the BBC iPlayer. The banks paying back billions for insurance we


didn't need or could not use, the financial ombudsman is here to tell


us how to get our money back and how to avoid the companies that want a


bite of that cash. Websites offering services who can get you services


free elsewhere, the Advertising Standards Authority is


investigating. And how to stop mental health problems turning into


money problems as well, the charity MIND is here with its best advice.


One reason the economy has perked up, the sheer volume of money the


banks are paying back to customers who were tricked into buying


worthless insurance. Lloyds put another ?2 billion aside this week


and that by's total bill is now approaching ?10 billion and the bill


for all the banks is fast approaching ?20 billion. Robert


Paxton says that is equal to 1% of the nation's entire annual economic


production. The insurance itself, PPI is legal and for some people it


is very useful but the problem was the banks sold it to many people who


either did not need it or could not claim it when they wanted to. They


are now getting the money back. How do you know if you are entitled to a


refund? And how do you get the money if you can? Caroline Wayman joins


as, first of all, do you have to contact the bank will be back get in


touch with you? If you are unsure, get in touch with the bank of


whoever sold it to you. It may be that you hear something that


directly from the bag in which case you can respond but if you are in


doubt, get in touch with the person who sold it to you. Is that as


simple as having to find the name of that person or can you just turn up


at your local branch and say, "I know I was sold this, I thing I


should be getting money back" question mark you can do to a local


branch but try to find any documents you have, root around in the loft


and see if there are old documents that help you make sure you have


copyright business but then give them a call, that is usually the


easiest thing. If you are not sure, you can contact the ombudsman.


Thinking of people who might not have all the documentation, they may


have shredded it or thrown it away, that does not stop you pursuing a


claim? Absolutely not. If you have not got those documents, tell them


what you know and what you remember and they should be able to help you


find out whether you were sold it and if you were, whether it was


something you should have been sold. Whether you get in touch with the


back of the other way round, do you have to approve that this insurance


should not have been sold to you? Is the burden of proof on your


shoulders? You don't have to demonstrate anything in particular,


it is not a court case, you do not need to put together an argument


about why it was mis-sold, you only need to say that you don't think you


needed it or wanted it and you want them to look into it and tell you


whether they can put it right. You have gone to the bank, the bank has


come to you, you have put in the complaint and it is being looked


at, the bank comes back and says they don't agree with you and don't


think you I'm entitled -- you are entitled. If that happens, you can


come to the ombudsman if you are not satisfied so it is usually worth


letting the bank have the opportunity to finish the


investigation but they say that they do not think you are owed anything,


you can come to the ombudsman for free, we are impartial, we will take


a look and we will let you know whether they have to put things


right. You need to give the bank time to assess your claim but what


if you think they are dragging their feet? Can you jump the queue by


going to the ombudsman? The bank has got eight weeks to resolve the case


so it is usually worth giving them that amount of time because


sometimes they need to find their old records as well but if you get


to the point where eight weeks have gone by and you have not had an


answer and you are not happy, you can come to the ombudsman then. Lots


of viewers and experienced the telephone ringing and at the other


end of the line, it is a company saying that they think you are


entitled to get the money back and they will get the money for you.


Should you take the spoon of these companies and do business with them?


You need carefully to think about whether you need the help. You do


not need to go to a claims management company, you can come


directly to the ombudsman, it is simple and free, not difficult at


all and we can help people if they are not sure what to do. If you want


to use a claims management company, that is fine but think carefully


before you do because they will take up to 30% of compensation that you


are due. That is the crucial point. They will take up to a third of the


money? Yes. And the banks will process it for free and the


ombudsman are doing it for free. So you would hand over money you would


get any way to a company doing something that you can do for


nothing. Why on earth would you use these companies at all? Yellow we


would urge people to think carefully about that and say it is simple and


easy to do. Come to the ombudsman and we will do it for free. If you


think you have been sold this insurance and you're going to get in


touch with your bank, is they limited there a time limit -- is


there a time limit? You have got three years from when you knew or


should have known there was a problem and that means you have to


know about something specific to you so if you did something like making


a claim, perhaps at that point you should have known and you would


usually have three years from them but for many people, they have not


had anything like that that they would know. If you are in any doubt,


come to the ombudsman and we can tell you whether you are in time. So


the clock does not start until you think that you should get some of


this money back or the clock doesn't start until the bank gets in touch?


That's right so you have to know there is a problem. Thank you very


much, Caroline Wayman for that information about PPI.


Three whole somebody's News, have you noticed your gas Bill come down


in price? No, me neither. The price the energy companies pay has fallen


by 16% since December. Independent analysts say that is enough to save


?30 from the yearly gas bill for the MPs accuse the energy companies of


ripping off consumers who do not pay their bills by direct debit, people


who pay by cash or cheque typically pay ?114 per year more stop energy


company so that is because it costs more to process their payments.


House prices are still rising but the steam seems to have gone, the


Halifax as prices rose by 7.3% between January last year and


January this year. In December, the annual difference was slightly


higher at 7.5%. In November, higher still at 7.7%.


Renewing your passport and getting a new driving licence, filling out


your tax return, some websites offer to help you with that but they may


charge you for it. You could get the service for free elsewhere.


Something big advertising watchdog is looking into.


Part-time nurse Vanessa thought she was taking the easy option when she


decided to file her tax returns using what she believed to be an


official website. She was charged ?400 to file her return by tax


return gateway .com and only later did she revealed she could have


filed for free through the official government website. They serve small


print on the bottom of the screen that they are not the HMRC and there


is a link to go through to the HMRC but if you're somebody who is in a


flap trying to get it done with children and life going on around


you, you tend not to read small print. Vanessa has since got her


money back and the website she used has been upgraded. In a statement,


tax return gateway have said: So when should you be taking extra


care when looking online? The problem arises when you want to get


your passport renewed, for example, and you may enter that into a search


engine. If you press return, you will get a number of sponsored


websites, who pay to have their website at the top of your search


list. If you enter into one of these companies like what example this


one, you will see a pretty standard looking website that may or may not


seem to be an official one. If you scroll down, it makes it clear


indeed that this will be a fee-paying website who will charge


you for a service that you could get for free elsewhere.


But not all websites are as clear as they should be. The Advertising


Standards Authority says it has received around 700 complaints in


the last 12 months alone. Complaints we are receiving are about people


being lit Billy Morgan misled the nature of service offered, if the


other they be official when they are not -- about people being misled.


People that they are left out of pocket for a service they would not


have entered into had they known it was not official. How can you avoid


making a mistake and getting something that you should have got


for frequent Jamaat you should go onto the Government website and it


is www .gov .uk. An search within the website for drivers licenses,


passport or whatever because that is the official government website and


you know then that you're dealing with the right organisation. None of


the websites are doing anything illegal and search engines are


working closely to make sure that adverts are not misleading.


It is reckoned that 25% of people will have mental health problems in


any one year and where there is a problem, there is usually a money


problem as well. Beth Murphy is from MIND hooch offer help to people with


mental health problems and employers and families. Welcome to Your Money.


The main problem for money is because you become anxious and


depressed, you lose your income, you become depressed and then you are in


a money pickle. The same way as with physical problems, it often means


people cannot work and need time off work and they don't have money


coming in and with things like anxiety and depression, they can


make it even harder for you to do something about that said you are


building up a credit card bill perhaps. You are scared to open


envelopes, things can escalate. And it becomes a spiral? Eleanor Gass,


you have not got money in the house, you are not going out of the house


and it builds up -- yes, you have not got money in the house. You need


to recognise things early on. Element if you have lost your job


and you are not working, perhaps your benefits have been cut,


recognise that it is an issue early on.


Where can you get support from? Professional advice? It depends on


the issue. If you are in debt, it is important to seek help for that.


Things like the national debt line where you can go and speak to them


and consolidate your debts and find a way of paying them off more


evenly. If it is your mental health which is a problem, anxiety or


depression, bipolar, if things things are getting worse, it may be


an idea to get additional support. If you have a runner to -- a


relative, it is -- is it appropriate for an employer to step in and try


and help with the spiral? It is always appropriate to speak to


people. You should not assume you know what is going on for someone.


Don't make assumptions about if they are depressed and have got money


worries, talk to them about it. The reaction is almost always positive


for people speaking about things. We are quite scared about things and


there are so many stigma issues. Having a conversation can help.


There can be a frustration on the part of a derivative of friends that


you want to step in and fix it and make your friend better but that is


not often in your power. You're just there to provide comfort and support


rather than a solution? That is right. You cannot fix another person


in that way but can give them support and make them feel that they


are not the only person going through this and make them know they


are loved and cared about and give them something like the space to


talk about these things. And they are really positive.


That is all for this week. There is news and information about saving,


borrowing, spending on pensions on our pages on the BBC website. You


can get updates by following our feed on Twitter. Thank you for


watching. More again next week. Hope to see you then.


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