:00:00. > :00:00.the last ride, so nobody knew if we had won it or not all. That's all
:00:00. > :00:11.the sport for now. It's now time for Your Money with Declan Curry.
:00:12. > :00:17.Hello and welcome to Your Money ` your weekly guide to making the most
:00:18. > :00:19.of your cash, here every weekend on BBC News television, available all
:00:20. > :00:22.week on the BBC iPlayer. Over`charged when we go over`drawn `
:00:23. > :00:28.the financial watchdog launches an investigation into bank fees. We'll
:00:29. > :00:34.look at the cheaper ways of going into the red. And how to stop the D
:00:35. > :00:35.in DIY standing for disaster. We've got some hints for hassle`free home
:00:36. > :00:47.improvements. How much does it cost you to go into
:00:48. > :00:58.the red? The City watchdog says probably too much. It says many of
:00:59. > :01:00.the banks have high charges and it's often difficult to find yourself a
:01:01. > :01:03.better deal, because the wretched things are so complicated. James
:01:04. > :01:06.Daley campaigns for consumer rights. He runs a website called Fairer
:01:07. > :01:12.Finance, which assesses the banks for price, customer service, etc. 30
:01:13. > :01:15.million accounts have overdrafts, but the watchdog says most of us
:01:16. > :01:24.would struggle to work out what going into the red actually costs.
:01:25. > :01:29.What makes them so complicated? What has happened over the last few
:01:30. > :01:34.years, is the cost of overdrafts has come down a little, but it has got
:01:35. > :01:42.more complicated. Ten years ago, it was a matter of, here is your
:01:43. > :01:47.interest rate. Nowadays, it might be a daily age, it might be a monthly
:01:48. > :01:52.fee, you might have a offer so that you can go beyond limit without
:01:53. > :01:56.being charged. It is difficult for customers to compare like with like
:01:57. > :02:02.when looking at bank accounts. Sometimes something that looks cheap
:02:03. > :02:08.might not be. We are talking about the new Barclays overdrafts
:02:09. > :02:14.arrangements, that was a fortnight ago. It is a daily fee and it
:02:15. > :02:18.doesn't look very much, but if you add it up over the month, the
:02:19. > :02:25.typical customer is paying far more for their overdraft than they were
:02:26. > :02:34.previously. Exactly. If you turn some of those daily fees into annual
:02:35. > :02:39.charges, its works out at hundreds of percentage. You cannot compare
:02:40. > :02:45.like`for`like without doing some sums and working out if this is
:02:46. > :02:50.right for you, depending on how often you go into the red. The good
:02:51. > :02:56.news is, there are actually some great services out there full top
:02:57. > :03:02.government sponsored website has a tool that allows you to compare
:03:03. > :03:07.accounts by entering how much you are in the raid each month. The
:03:08. > :03:12.important thing is to be orders. A lot of people say, I would call them
:03:13. > :03:19.out limits many times a year, but that is when it gets expensive.
:03:20. > :03:26.These are not trivial amounts, it could cost you 50 or ?60 each month.
:03:27. > :03:32.Exactly, hundreds of pounds a year. The worst excesses I did have been
:03:33. > :03:37.shaved off, but there are still banks charging people a lot. But if
:03:38. > :03:42.you think, actually, I am the kind of person who goes over their limits
:03:43. > :03:50.ex times a year, then it is a good idea to shop around. More of us are
:03:51. > :03:53.complaining about the companies that supply our gas and electricity. The
:03:54. > :03:56.energy ombudsman says ten, 638 customers complained between January
:03:57. > :04:02.and March ` that's three times as many complaints as a year ago. Most
:04:03. > :04:10.complaints were about bills ` 2,062 people said they didn't get a bill
:04:11. > :04:15.when they should have. 1,474 complained about the charges on
:04:16. > :04:17.their bills. And there were 1,067 complaints about bad customer
:04:18. > :04:23.service, though the watchdog said not all those complaints were
:04:24. > :04:27.justified. Energy UK ` the industry body that speaks for the companies `
:04:28. > :04:30.says most people have no problem with their energy firm. If you do
:04:31. > :04:36.need to complain about the company you use, you should contact the
:04:37. > :04:40.energy company first. You should find their details on the back of
:04:41. > :04:43.your bill. If the problem hasn't been sorted out after eight weeks,
:04:44. > :04:47.then you can go to the ombudsman. All of the big six energy firms have
:04:48. > :04:51.signed up to the ombudsman scheme. It's an independent watchdog ` and
:04:52. > :04:56.it's free to make a complaint. Do an internet search for Ombudsman
:04:57. > :05:00.Services. One of the smaller energy firms has
:05:01. > :05:05.promised to keep some of its bills below ?1,000 a year. OVO says it can
:05:06. > :05:09.cut prices ` because of a near`10% fall in the market price that it
:05:10. > :05:11.pays for the energy it sells us. The price applies to its fixed`rate,
:05:12. > :05:16.duel`fuel deal for customers who pay by direct debit.
:05:17. > :05:20.A TV advert for the payday lender Wonga has been banned ` because it
:05:21. > :05:22.didn't make it clear just how much interest it charges. Wonga is one of
:05:23. > :05:26.those lenders that can charge thousands of pounds in interest if
:05:27. > :05:29.you borrow just a few hundred quid but don't pay it back quickly
:05:30. > :05:34.enough. And we mentioned earlier switching your bank account to get a
:05:35. > :05:36.better deal. The Payments Council says over 600,000 people have
:05:37. > :05:42.changed their current account under the new scheme to make it easier.
:05:43. > :05:46.Remember, once you ask your bank to move your account ` it's up to them
:05:47. > :05:52.to do all the work, and they should do it within seven working days.
:05:53. > :05:58.The sun is out ` daffodils are blooming, Easter is approaching.
:05:59. > :06:01.What's that dreadful noise? It's the next door neighbours, with their saw
:06:02. > :06:09.and their drill and their hammer. DIY season is upon us. We spend
:06:10. > :06:13.millions of pounds on it every year. But make a mess of it ` and it will
:06:14. > :06:16.cost far more than it could ever save. You can decide for yourself
:06:17. > :06:20.which camp our reporter Kevin Peachey falls into.
:06:21. > :06:25.With these shorter nights and spring sunshine comes a fashion for
:06:26. > :06:30.hammering away at home improvements. But does gelling holes in the wall
:06:31. > :06:36.after rebus with a bigger hole in our bank balance? Do your research
:06:37. > :06:43.before you start any job. There are plenty of resources online. Make
:06:44. > :06:49.sure you don't buy ridiculously expensive tools stop a power drill
:06:50. > :06:57.costing ?50 is perfectly good, you don't need to spend ?300. Make the
:06:58. > :07:03.most of the offers retailers come out with, especially on bank holiday
:07:04. > :07:06.weekends. You might need these tips, because a certified by the
:07:07. > :07:14.nationwide building society suggests we are willing to spend. DIY
:07:15. > :07:20.projects cost an average of 3500 homes, but the average bill goes up
:07:21. > :07:27.as we grow older. Younger home owners are likely to turn to
:07:28. > :07:33.short`term credit to funds the work. I enjoy it when it is finished, but
:07:34. > :07:39.not doing it. I don't think I am bidding at its. I said to my husband
:07:40. > :07:48.if he buys me a jigsaw under drill, I would be brilliant at it. I do
:07:49. > :07:54.painting, I'm not great at woodwork, so you will get me with
:07:55. > :08:00.the roller up and down the walls. I hate gloss, so anything that's is
:08:01. > :08:05.gloss as to be sanded down, and I am not good at that. DIY dreams can
:08:06. > :08:10.quickly turn into nightmares, raising the cost of repairs, but a
:08:11. > :08:17.really bad job can cause a property sale to fall through, bringing even
:08:18. > :08:25.more sleepless nights. It may pay to bring in experts rather than risk a
:08:26. > :08:29.botched job. The builder has to find out what you have done wrong, take
:08:30. > :08:36.it away and then fix it, so it can cost you twice as much. It is common
:08:37. > :08:43.sense, but a lot of people believe they know what they are doing and go
:08:44. > :08:45.at its themselves. Many home insurance policies include
:08:46. > :08:50.accidental damage cover, allowing you to claim if things go horribly
:08:51. > :08:55.wrong, but surely it is better to know what you were doing before
:08:56. > :09:02.doing it yourself. I think the jury is still out on
:09:03. > :09:05.that one. That's all from Your Money for this week. Keep up to date all
:09:06. > :09:08.week long with energy bills, savings, pensions, mortgages on the
:09:09. > :09:11.BBC's website. You can get updates ` by following our feed on Twitter...
:09:12. > :09:14.We're @ BBC Your Money. No show next week ` got some DIY to do ` more in
:09:15. > :09:36.a fortnight. A good part of this weekend will be
:09:37. > :09:37.dry`mac for