09/08/2014 Your Money


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


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


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


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


They're at risk of losing their payments.


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


Enjoying your golden years in the golden sunshine.


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


And Barclays dumps over a million savers into an account


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


Many working parents and low`paid workers without


Those claims have to be renewed every year.


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


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


What happens if you are one of them?


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


you are disabled worker, for example, information on disability


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


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


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


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


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


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


workers and working parents, these payments are essential in making


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


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


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


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


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


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


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


for tax credits, you can ring the tax credits helpline


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


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


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


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


The chumps at the bank didn't tell customers


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


The law says banks have to tell us that.


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


BBC research shows the number of parents in England who were


fined because their children were absent from class jumped


The main reason, the new ban on taking children out


You might soon have to get your letters and birthday cards


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


The Royal Mail is changing collection times for less`used


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


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


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


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


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


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


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


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


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


while the average two`year fix has risen


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


important factors to consider. Currency and health insurance are


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


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


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


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


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


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


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


straightforward. There are arrangements that you need to be


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


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


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


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


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


of issues that need to be straightened out before you commit


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


a million of its customers into Barclays is closing 11 of


its existing ISA savings accounts. These accounts allow customers to


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


the institution you want to the institution you want to


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


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


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


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


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


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


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


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


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


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


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


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


joining us. That's all from Your Money


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


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


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


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


people in northern Iraq,


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