12/04/2014 Your Money

the last ride, so nobody knew if we had won it or not all. That's all

the sport for now. It's now time for Your Money with Declan Curry.

Hello and welcome to Your Money ` your weekly guide to making the most

of your cash, here every weekend on BBC News television, available all

week on the BBC iPlayer. Over`charged when we go over`drawn `

the financial watchdog launches an investigation into bank fees. We'll

look at the cheaper ways of going into the red. And how to stop the D

in DIY standing for disaster. We've got some hints for hassle`free home

improvements. How much does it cost you to go into

the red? The City watchdog says probably too much. It says many of

the banks have high charges and it's often difficult to find yourself a

better deal, because the wretched things are so complicated. James

Daley campaigns for consumer rights. He runs a website called Fairer

Finance, which assesses the banks for price, customer service, etc. 30

million accounts have overdrafts, but the watchdog says most of us

would struggle to work out what going into the red actually costs.

What makes them so complicated? What has happened over the last few

years, is the cost of overdrafts has come down a little, but it has got

more complicated. Ten years ago, it was a matter of, here is your

interest rate. Nowadays, it might be a daily age, it might be a monthly

fee, you might have a offer so that you can go beyond limit without

being charged. It is difficult for customers to compare like with like

when looking at bank accounts. Sometimes something that looks cheap

might not be. We are talking about the new Barclays overdrafts

arrangements, that was a fortnight ago. It is a daily fee and it

doesn't look very much, but if you add it up over the month, the

typical customer is paying far more for their overdraft than they were

previously. Exactly. If you turn some of those daily fees into annual

charges, its works out at hundreds of percentage. You cannot compare

like`for`like without doing some sums and working out if this is

right for you, depending on how often you go into the red. The good

news is, there are actually some great services out there full top

government sponsored website has a tool that allows you to compare

accounts by entering how much you are in the raid each month. The

important thing is to be orders. A lot of people say, I would call them

out limits many times a year, but that is when it gets expensive.

These are not trivial amounts, it could cost you 50 or ?60 each month.

Exactly, hundreds of pounds a year. The worst excesses I did have been

shaved off, but there are still banks charging people a lot. But if

you think, actually, I am the kind of person who goes over their limits

ex times a year, then it is a good idea to shop around. More of us are

complaining about the companies that supply our gas and electricity. The

energy ombudsman says ten, 638 customers complained between January

and March ` that's three times as many complaints as a year ago. Most

complaints were about bills ` 2,062 people said they didn't get a bill

when they should have. 1,474 complained about the charges on

their bills. And there were 1,067 complaints about bad customer

service, though the watchdog said not all those complaints were

justified. Energy UK ` the industry body that speaks for the companies `

says most people have no problem with their energy firm. If you do

need to complain about the company you use, you should contact the

energy company first. You should find their details on the back of

your bill. If the problem hasn't been sorted out after eight weeks,

then you can go to the ombudsman. All of the big six energy firms have

signed up to the ombudsman scheme. It's an independent watchdog ` and

it's free to make a complaint. Do an internet search for Ombudsman

Services. One of the smaller energy firms has

promised to keep some of its bills below ?1,000 a year. OVO says it can

cut prices ` because of a near`10% fall in the market price that it

pays for the energy it sells us. The price applies to its fixed`rate,

duel`fuel deal for customers who pay by direct debit.

A TV advert for the payday lender Wonga has been banned ` because it

didn't make it clear just how much interest it charges. Wonga is one of

those lenders that can charge thousands of pounds in interest if

you borrow just a few hundred quid but don't pay it back quickly

enough. And we mentioned earlier switching your bank account to get a

better deal. The Payments Council says over 600,000 people have

changed their current account under the new scheme to make it easier.

Remember, once you ask your bank to move your account ` it's up to them

to do all the work, and they should do it within seven working days.

The sun is out ` daffodils are blooming, Easter is approaching.

What's that dreadful noise? It's the next door neighbours, with their saw

and their drill and their hammer. DIY season is upon us. We spend

millions of pounds on it every year. But make a mess of it ` and it will

cost far more than it could ever save. You can decide for yourself

which camp our reporter Kevin Peachey falls into.

With these shorter nights and spring sunshine comes a fashion for

hammering away at home improvements. But does gelling holes in the wall

after rebus with a bigger hole in our bank balance? Do your research

before you start any job. There are plenty of resources online. Make

sure you don't buy ridiculously expensive tools stop a power drill

costing ?50 is perfectly good, you don't need to spend ?300. Make the

most of the offers retailers come out with, especially on bank holiday

weekends. You might need these tips, because a certified by the

nationwide building society suggests we are willing to spend. DIY

projects cost an average of 3500 homes, but the average bill goes up

as we grow older. Younger home owners are likely to turn to

short`term credit to funds the work. I enjoy it when it is finished, but

not doing it. I don't think I am bidding at its. I said to my husband

if he buys me a jigsaw under drill, I would be brilliant at it. I do

painting, I'm not great at woodwork, so you will get me with

the roller up and down the walls. I hate gloss, so anything that's is

gloss as to be sanded down, and I am not good at that. DIY dreams can

quickly turn into nightmares, raising the cost of repairs, but a

really bad job can cause a property sale to fall through, bringing even

more sleepless nights. It may pay to bring in experts rather than risk a

botched job. The builder has to find out what you have done wrong, take

it away and then fix it, so it can cost you twice as much. It is common

sense, but a lot of people believe they know what they are doing and go

at its themselves. Many home insurance policies include

accidental damage cover, allowing you to claim if things go horribly

wrong, but surely it is better to know what you were doing before

doing it yourself. I think the jury is still out on

that one. That's all from Your Money for this week. Keep up to date all

week long with energy bills, savings, pensions, mortgages on the

BBC's website. You can get updates ` by following our feed on Twitter...

We're @ BBC Your Money. No show next week ` got some DIY to do ` more in

a fortnight. A good part of this weekend will be

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