16/08/2014 Your Money


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That is coming up after this, Your Money with Declan Curry.


Hello and welcome to Your Money. Your weekly guide to making the most


of your cash. Till death do you part, how to track down the pension


money you are owed after your partner dies. A guide to the virtual


currency of bitcoin. And what bank account should you pick if your


A`level results have sent you the college?


Hello. When your husband or wife dies, you don't always know what


arrangements they have made for both of you in old age. The pensions


minister warned this week that more than 10,000 retired widows have less


money than they should have because they have lost track of their little


husband's pensions. Tom McPhail is pensions expert `` is a pensions


expert. Does that estimate sound about right to you, 10,000 widows


who should be getting pension money but are not? Yes, it may well be


more than that. It is important to bear in mind that it is not just the


widows or widowers may be losing out, in some cases it is former


spouses. They may also potentially have a claim if they still have some


financial dependency on an ex`partner. There is clearly a lot


of money not ending up where it should. Estimates of ?3 billion.


This should be allocated to people. Thousands of widows and widowers are


missing out financially. How do you start the process of tracking this


money down? Do you need to work out where your late partner worked and


then go to that place of work and say, was there a pension? The


obvious starting point is any paperwork. There is the Government


pension tracing service which you can find on the Government website.


There are commercial organisations that also offered to do this,


sometimes for a fee. You do not need to pay them to do that. Go back to


former employers, to any old pension schemes you do know about, and ask


the question. They will ask for information like date of birth,


national insurance number etc. You can always ask a financial adviser.


Hopefully through one of those free sources you can track down any money


you are entitled to. You could be going back over decades past


employment. Former employees `` employers from 20 or 30 years ago.


You mentioned former husbands and former wives, and that they may also


be entitled to some money. What about civil partnerships? Generally


it is at the discretion of the pension scheme as to how they


allocate death benefits. The obvious starting point would be current


spouse. Anybody who can demonstrate financial dependency, and this may


be a respective of whatever the deceased member's instructions


were... Anyone who can demonstrate they had genuine financial


dependency on that individual may have a legitimate claim on death


benefits distributed by the pension scheme.


Thank you very much. If you think you have lost track of a pension,


Tom mentions the Government run service which can help you track it


down. If you are a saver and you are


hoping for a rise in interest rates later this year, you will not be too


pleased by the latest tea leaf reading from the Bank of England.


Governor Mark Carney had earlier hinted the Government should not


rule out an early rise in interest rates. Now he seems to have changed


his mind. It next year after all. People who go to food banks to get


emergency supplies of food are to be given free advice on how to manage


their money and avoid debt. A pilot scheme will be launched by the the


Trussell Trust this September. It is being paid for by a donation from


money campaigner Martyn Lewis. And the Premier League is back this


weekend. If you live near a ground, it may make your house or flat more


valuable. Prices of homes near Premier League rounds have more than


doubled in the last five years. A change in overdraft charges at


HSBC and first direct. At the moment if you go deeper into the red


without advance permission, you are charged a one`off ?25 fee. From


November, that will be replaced by a fee of ?5. You will be charged that


every day that you are over your agreed limit. There is a cab. ``


Capp. HSBC and first direct will text you


if you go over your limit. If you get the balance back by 11:45pm, you


will not be charged the fee for that day. Bitcoin is, you may or may not


have heard of them. Some people get very excited about them. Others


think they are enormously risky. We asked our technology expert to give


us the lowdown on bitcoin 's. Here in the traditional seaside town


of Swanage in Dorset, a bar of chocolate from the local newsagent


will cost you 65p, or 0.019 bitcoin 's. Andy James, owner of the


newsagents, started accepting the currency this summer. He is the only


bitcoin trader in time. The or the customer comes in, selects the item.


We select bitcoin payments on the screen. That opens up what we need.


Then we put the mountain. For instance, ?1 50. `` the amount in.


It puts a cold on the screen. The customer scans that with their form


and accepted. It sends the bitcoin is from their accounts to our


account. His first customer was Scott Green. A friend of mine sent


me a photo of the bitcoin logo in the window. I came down here to buy


a kit cat just to see if it would work. I thought if you can buy a kit


cat in Swanage, this guy is the limit. There are about 11 million


bitcoin is in the world right now but you will never see one because


they have no physical appearance. They are created by computers


solving complicated maths problems online. That means you can only buy


them or spend them using your computer or your smartphone. The


value also goes up and down a lot. Are they safe? The bottom line is


no. If the value was to drop, there is nothing to boy it up. If there is


a run on the pound, the Bank of England stepped in. If there is a


run on bitcoin, nobody steps in. If trust breaks down it is worthless.


There have been a lot of high`profile thefts. Tens of


thousands of dollars worth of bitcoin tab and stolen. In the UK


there is a steady stream of bitcoin buyers. Digital currency? I have


never heard of it. I have never heard of it. But I probably would


use it. I would, yes. It sounds really interesting. If it was


introduced to me I would probably use it. I would, yes. It sounds


really interesting. If it was Used it once before to receive money. It


was a website job that I did. It is good. A little bit slow. Bitcoin


describes itself as experimental. Obviously it is a risky investment.


But here in Swanage it is a currency that may just float.


If you got the A`level you needed, congratulations, you're off to


university. Time for a few extra lessons on managing Your Money. What


is the best bank account for you to get? Matt Saunders is from go


compare in Cardiff. A great university city. Bank accounts for


students, they offer all sorts of free gifts and inducements. Now they


ever worth the gift on the wrong or should you look beyond the flashing


gimmickry and look at the essentials of the account? Exactly right. The


key rule for choosing any financial product is to do your research, make


sure you understand what your incoming and are going to be whilst


you're at university. Choose the products that are right for you.


There are a number of gimmicks and inducements to encourage students to


take certain accounts out. The advice would be to look at what the


inducements are, or the benefits. Is it something you would normally


purchase? Is it something you are looking to purchase? Is it something


you are going to use? Way that up against the potential for the


flexibility account against overdraft charges and overdraft


interest you may be paying on the accounts offering these inducements.


How big the overdraft is, how long it will last etc. No exactly. It


comes down to how you are going to use the account. Look at what


overdraft is suitable for you. If you're looking to borrow money from


the bank, you are looking for the cheapest possible option. This is


not free money. You are expected to pay that back at the end of term or


the end of your education. Look at your ability to pay it back. Is


there much of a difference between the accounts? They tend to look


fairly similar. The overdrafts are detailed as guaranteed or limited.


The limits are not applicable to all applicants. There are credit


searches to decide what the limit is. The guaranteed limits are


guaranteed when you apply for the account provided you are accepted.


If you know you will be using ?1500 on the account it is worth going for


the account but if you might need more, take a risk and go for the


higher limit itches and guaranteed. Thank you. That is all from us. You


can keep up`to`date all week long on the BBC business website. On social


media we have updates on Twitter. More next week. Thank you for your


company today. Goodbye. The headlines are coming up. Now,


time for


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