23/08/2014 Your Money

Johansson, and other films later in the film review.

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

On TV, on your computer, on your tablet, on your mobile,

it's your weekly guide to making the most of your money.

Millions of us entitled to compensation,

but hardly anyone's claimed it yet and time is running out.

We'll tell you who's entitled to it and how to get the money.

Despite the autumnal weather outside, summer's not over quite yet

and there's still time for a few day trips before

So how do you keep the costs down to keep

Up to seven million people are entitled to compensation

because they were sold insurance they didn't need or couldn't use.

Seven million entitled to compensation,

The deadline for asking for your money back is the 30th of August.

And there's over ?1 billion available.

Sarah Pannells, editor of the money website Savvy Woman is here.

These are policies sold by a financial company called CPP, but

you might have bought it somewhere else, not from them directly.

A lot of people got these policies from their bank and there are two

different policies, car protection and identity fraud protection. If

you got car protection, you activated your card through your

bank and you were sold a policy by CPP so a big problem is that this is

not a household name. Most of the major banks were involved in selling

these policies but they were originated by CPP. CPP is writing to

people saying they might be time `` might be entitled to compensation

and people are saying, who? That is a problem because that are a lot of

scams saying you are entitled to different things and people thinking

they will not fall for it or they think it is junk mail designed to

sell us something we do not want. But you get a letter from CPP saying

they believe you are entitled to compensation, do not throw it away.

Fill it out and send it back by the deadline because the average amount

you will be getting is ?180. To claim this compensation, you need

this form and you need to send it to the right address. What if you threw

away the letter? You need another form. You cannot photocopy another

and you cannot write another letter saying you threw it away and you

need compensation. You have to get another form, and there is just

time. You can ring a freephone number but you have to get it back

quick because the deadline is the 30th. We will give that phone number

in a moment. Do you have to prove that you were sold the policy in the

first race and that it should not have been sold to you? `` first

place. You have to say you believe you were sold a policy in this

period. But the scheme has been set up either regulator and its

predecessor. There are strict rules about what CPP has to do. If you

were sold a car protection policy over the phone or if you ought one

online, the regulator takes the view that you are likely to have been

mis`sold it. `` if you bought one. Identity fraud online is different.

But for many who bought the car protection policy over the phone,

and they were often told they were getting benefits they did not need

because there is good protection already. The end of the August is

the deadline and if you miss it? They are saying that that is it.

They may look at it again but there is a lot of evidence showing when

compensation schemes are set up, quite a few people miss out on

claiming. There is more on yell website. `` your website. Thank you

for joining us. If you think you are entitled to this compensation and

you need another letter, there is a phone number.

It is free to call from landline numbers.

Phone bills are going up for some BT customers.

The headline rise in bills is up to 6`and`a`half percent, so well above

From the 1st December, standard line rental is going up by a quid.

The price each minute for calling a landline or an 0870 number is up

BT says most of its customers have package deals,

Another of those volcanoes in Iceland did a bit

You'll remember four years ago, when an ash cloud grounded planes

Airline bosses say they don't expect the same this time.

Insurance companies say we should check the small print

in our travel insurance policies, not all of them would pay out

The mobile phone company EE says it will let callers waiting for the

customer service helpline jump the queue, if they pay an extra 50p.

If you say yes, you'll be put through to

Hey, here's another idea, hire more operators!

Some of the supermarkets have cut their fuel prices.

Asda, Sainsbury and Tesco cut the cost of petrol by up to 2p

a litre, cut the cost of diesel by up to 1p a litre. Asda says drivers

will pay no more than 124.7 pence per litre for petrol and no more

Kevin Peachey likes getting out and about.

So we asked him to share his best tips for a cheap day out.

Ever popular, National Railway Museum in York, the Royal Navy or

college in London, Brighton Pier, they have one particular attraction

in common, free entry `` Royal Navy or college. Visitor attractions

increased last year in the UK, but visits to sites which charged an

entrance fee like here at the Tower of London rose faster. The question

is, why? Paid attractions have grown faster and it may be because the

recovery of the contrary `` of the economy means people have more money

but investment is key and may be the paid for attractions are more able

to invest in marketing and digital platforms like mobile phone

applications, allowing attractions to reap the benefits and increase

visitor numbers. The same trend was seen in Scotland but the reverse was

true in Wales, and free entry does not guarantee a cheap day. This is

the British Museum, the most popular attraction in the UK. Entry through

those doors is free once inside, entry to a temporary exhibition will

cost ?10 for an adult to kick. `` ticket. This sum which is ?4 and

using the cloakroom will cost ?1 50, before you even reach the gift shop.

Visitors welcome and free admission to the Museum and art gallery in

Bristol but they admitted they had still been spending. We spent a lot

of money in the cafe and in the shop. We did spend some money but we

did not give a donation and we should have done. No matter what it

costs, as long as you have a good day out, that is all that matters.

It is important places like this stage three, you should donate money

if you can afford it but people should be able to look around ``

stay free. How to keep the costs at bay? It is about preparation and

research, do a picnic. Give the children a limit on what they can

spend in the gift shop or tell them they campaign out of their pocket

money. Have a look on the Internet before you go and see what other

families are saying, pick up tips about a free or cheap way of going

out. Do use your points, vouchers, whatever, because there are quite a

lot of. And if you have to go by train, get a card meaning you can

get money off your tickets. So good planning should keep down the costs,

whatever the price of the ticket. Always generous!

Most of us dream of the day we can give up the day`job.

For many pensioners, that dream doesn't always become reality,

as they have to carry on working in old age to make ends meet.

Assuming you want to have 16`grand a year to live on in old age,

if you live for 20 years in retirement, which is the average,

you'll need pension savings of more than ?120,000 when you retire.

If you live for 25 years after retiring, the Prudential

reckons you'll need a pension pot of ?139,000 when you retire.

If you live for 30 years, you'll need ?154,000 in pension savings.

Alan Higham is Retirement Director at the investment company

Those are very big amounts of money you need for not very much money

coming out at the other end. This is what happens with retirement, we

underestimate how much it will cost and we overestimate how much we

have. Yes, you are right. From my own experience with my mother, it

was worse because she did not want to think about it. I offered her a

number of amounts of help and she said, no, and only three months

beforehand did she take it seriously. People can help

themselves but they must face up to it a number of years beforehand. We

will listen to your tips! You say three months, that is no time to try

to get your finances into a fixed state for retirement. Is there a

point where it is too late? It is never too late to have a better

retirement and I helped my mother with a couple of things. The most

valuable when people can do is at the point of retirement to consider

deferring their state pension. Because we have these new pension

freedom rules now, you can use even a relatively small part of 20 `` of

?20,000 to fund your state pension for three or four years and when the

state pension comes in, it will have increased 20% a year on top of

inflation, doubling the amount. If you delay taking the state pension,

you get a bigger pay`out. But the rules are changing. For pensioners

in a couple of years from now, they would need to delay it by more than

a decade. Absolutely, but prices are changing for people who wreak state

pension age so people retiring now or before April 2016, these are

generous terms available for them. usually much more expensive than the

savings that you earn on your retirement funds, and under new

rules from April, if you are over 55, you can access your pension fund

early. If you were to pay your mortgage offer early, you could save

?1500 a year in charges which could help rebuild your pension fund

afterwards. And do not underestimate the amount of time you will have to

have living on your pension fund! Having more in a state pension can

help you do that. A longer and more active lives, what we all want. That

is all for this week. Keep up to date all week by looking at the Your

Money pages on the BBC website. After 17 years on this channel, this

is my last show for a while, so thank you for watching.

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