09/08/2014 Your Money


09/08/2014

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Now on BBC News, it's this week's Your Money with Declan Curry.

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Hello and welcome to Your Money, on TV, on your computer,

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It's your weekly guide to making the most of your cash.

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Nearly half`a`million people didn't renew their tax credits on time.

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They're at risk of losing their payments.

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If it's you, we'll tell you what to do next.

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Enjoying your golden years in the golden sunshine.

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How to make sure the sums add up if you want to retire abroad.

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And Barclays dumps over a million savers into an account

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We'll see if you can get a better deal for your money.

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Many working parents and low`paid workers without

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Those claims have to be renewed every year.

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The deadline for many to renew those claims was the end of July,

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We now know that over 450,000 people missed that deadline.

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What happens if you are one of them?

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He's managing director of the benefits advice website IncomeMAX.

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Welcome to the programme. If you're one of those 450,000 people, what

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happens next? At the moment, HMRC are saying that if you think you're

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eligible for tax credits, you can still renew that and you need to

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contact the tax credit helpline. If you do not renew, your payments.

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Full. The payments. Quickly. It's art eWorld right to those that have

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not renewed. After that, they will stop your payments. You could have

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have received in this tax year. The have received in this tax year. The

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key thing that I took away from that is that it is not too late? You can

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still send the information that they need. Definitely. You need to

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contact HMRC and the tax credit helpline. We will give the details

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for the helpline and the website in a moment. What sort of information

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are they looking for when you renewed acclaim? Tax credits are

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based on your taxable income. You need to supply details of your

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taxable income, which can include your wages if you are working. The

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tax credit claim is also based on how many children you have got, if

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you are disabled worker, for example, information on disability

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benefits. If you get the information pack, do not put it to one side. You

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need to do something about it. You have mentioned the registration

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pack. Is it possible that some people did not renew because they

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did not get the information pack? Yes, if you have not received

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information and you think that you should be renewing your tax credits,

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contact the helpline as soon as possible. For lots of low`paid

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workers and working parents, these payments are essential in making

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sure there is enough money. If the payments are starved, is there any

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help you can get to make ends meet? Is there any form of emergency loan

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or credit that you can get? Help is very limited. Emergency welfare help

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is delivered by local authorities. Effectively it is not a long`term

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solution for not claiming your tax credits. If you're eligible for tax

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credits, you should claim them. It is essential money.

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So if you missed the deadline and you need to renew your claim

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for tax credits, you can ring the tax credits helpline

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on 0345 300 3900 or go on the Internet to gov.uk/renewtaxcredits.

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HSBC, the bank, says some customers will get money back after it made

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We don't yet know which customers will get cash back

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But the total payout is going to be over ?200 million.

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The chumps at the bank didn't tell customers

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how they could make extra payments to pay their loans back early.

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The law says banks have to tell us that.

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Many more parents have been fined for taking their kids out of school.

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BBC research shows the number of parents in England who were

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fined because their children were absent from class jumped

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The main reason, the new ban on taking children out

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You might soon have to get your letters and birthday cards

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in the post box before 9am, if you want them to be collected that day.

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The Royal Mail is changing collection times for less`used

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It says that even with the change you'll never be more than

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half a mile away from a box with a later collection.

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We've been telling you that the cost of mortgage deals where

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the interest is fixed has started to rise as the markets anticipate

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a rise in the Bank of England's core interest rate.

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Deals where the rate is fixed for two years or fixed for five

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years are going up but according to the website Moneyfacts, deals where

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the interest rate is fixed for three years are getting cheaper.

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The average three`year fix now costs 3.79%, down from 3.83% in January,

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while the average two`year fix has risen

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And the average five`year fixed rates have risen to 4.21% from

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Millions of us dream of retiring abroad, enjoying our golden years

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Speaking of the mathematically challenged, here's Ramzan Karmali.

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The lifestyle is different? It is laid back. This pensioner lives

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alone in Peterborough. She has no other family in the UK. She longs to

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spend Di Resta for retirement in Australia, so she can be close to

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her son and grandchild. What for her, this dream may never be a

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reality. The age I am, I am coming to the age where I might need help.

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I have no one here who would be able to help me with the latter years of

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my life. I have a son over there, but I cannot go over there because

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my pension would be frozen. She currently receives the British state

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person for a single person, ?113 each week. It is likely to go up if

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she stays in the UK, but if she went to Australia, it would be frozen,

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even if the cost of living went up. If you choose, for example, to

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retire in the US or the country within the European Union, your

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state pension is likely to rise each year, although there are other

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important factors to consider. Currency and health insurance are

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big issues to consider. You need to move money overseas and it is a cost

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in doing that. The money you get can vary month to month. Also, we have a

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free health care system in the UK, but not necessarily everywhere

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overseas. You need to work out if you need to purchase insurance.

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According to a recent survey, 6 million of us are looking to retire

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abroad, with Spain the most popular destination. If things do not work

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out the way you hope for and you want to come back, it is not always

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straightforward. There are arrangements that you need to be

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prepared about. If you're returning to the UK because your lifetime

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partner has died or something like that, your health is bad, you will

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want to have a greater amount of certainty that you will find the

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services you want when you take up your new residence. Living abroad

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may be a dream for many pensioners, but in reality, there are a number

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of issues that need to be straightened out before you commit

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to a new life in the sun. Barclays Bank is switching more than

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a million of its customers into Barclays is closing 11 of

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its existing ISA savings accounts. These accounts allow customers to

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save cash and not pay tax All the customers are being moved to

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a new account, but for most, over 1.5 million, they'll end up

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with a smaller rate of interest Only 740,000 will be

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on the same or better rate. The bank says it's just

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simplifying its range of accounts. Welcome once again. There is nothing

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new about buying switching us to lower rates of interest. The do it

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all the time? They do, but they have to tell people in advance. At the

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end of the day, with high Street accounts, postal accounts, loyalty

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does not pay. You need to keep an eye on it. Use introductory bonuses

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to your best advantage. Give notice on higher paid accounts that allow

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you to say, in 90 days, I want to take my money out. If the rate

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falls, look for something better. It is at the point of almost being

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excessive, you need to watch this like a whole? You say they have to

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tell you about it, but there are traitors to send your letter that is

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so complicated that you missed the point of it. There are rules and

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regulations and banks have to comply with them. Most of us want to seek a

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good interest rate and not located too often. The waiters, marketing,

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managing accounts, we have to look at it, but at least we have more

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resources. We can keep up`to`date with those roads. It should be

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relatively simple to move from one account to another. There are

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specific points of detail. If you're trying to move your money from a

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ISA, it is not the same as a regular bank account. You should not just

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withdraw the money, you do not take the cash from the branch, you need

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to transferred it. Yes, a ISA has a limit because it is a tax benefit.

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You are limited how much you can save each year. If you take the

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money out, you have used the allowance for another year. You tell

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the institution you want to the institution you want to

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transferrin go to your new bank and building society and fill in their

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forms. They will organise the transfer. They will arrange that for

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you? Yes, and there are rules as to how quickly that is supposed to

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happen, but they will arrange the transfer for you. In terms of the

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interest, even with the tax break, they have been struggling to keep up

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with rising prices, going back several years. Are they even worth

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putting your money into at all? The way I look at it, no matter what it

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is, do the sums and work out the tax is, do the sums and work out the tax

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rate, if you are paying tax at 20%, take off the tax and see if you are

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better off, but if you are paying the higher rate, and the ice of rate

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is not normally going to be a good idea. ISA Forced `` ISA. It is all

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about how much money you are getting at the end of the day. Thanks for

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joining us. That's all from Your Money

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for this week. Keep up to date all week long on

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Your Money pages on the BBC website. On social media,

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we've got updates on Twitter. The United States has carried out

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a second air drop of food and water for thousands of Yazidi

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people in northern Iraq,

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