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| DON'T believe the fake ads on Facebook |
| Martin's PPI alert: '£18 billion EXTRA to be paid? Yet the clock's ticking' A new court case raises the question of banks underpaying, as the deadline on reclaiming gets closer PPI doesn't just happen when changing a little boy's nappy (say it aloud, then move on swiftly). Anyone who's EVER had a loan, mortgage, credit/store card, overdraft or catalogue debt should check now if this systemically mis-sold insurance was added. £30 billion's already been repaid, and the Aug '19 deadline to claim is just a year a way - queues will build as we near then. Use our FREE PPI reclaiming tool & guide to get your money back. Now Plevin rules mean you're due money even if you weren't mis-sold. When banks sold PPI policies alongside debt, the typical commission insurers paid them was a hideous 67% of the cover's cost. After a successful lawsuit by Susan Plevin, last year regulator the Financial Conduct Authority ruled that even if you weren't mis-sold, when commission on your PPI was 50%+ (most was) and you weren't told (most weren't), you are due the commission over 50% back. Lenders have to follow this. If not, you can go to the free Financial Ombudsman Service (our free tool helps you do this too) - see Plevin help. Payback's often £100s, but can be more, as Cath emailed: "I never thought I'd be eligible for any PPI refunds... I put in a claim with literally no idea of loan account numbers or dates. I've currently got back up to £26,000. Thank you so much." New. A court's ruled a 'Plevin-only' case should get ALL the money back. Judges needn't follow the regulator's guidelines. Last week a county court ruled in the Doran case of 76% undeclared commission, the claimants should get ALL their PPI payments back plus interest - £17,345 - not just the amount over 50%. It's rumoured to be the fourth time a court has done this. Yet as it's a lower court it doesn't yet set a legal precedent - if it did, some estimate the banks may need to shell out £18bn MORE. For now though, with 'Plevin-only' cases, follow the normal bank & ombudsman route - you may still be able to go on to court later. More Dor an news in our guide. |
| 20+ Ikea hacks, incl store shortcuts & half-price truck delivery. How to get victory over the Swedes (again) in Ikea MoneySaving tips. POW - Post Office launched the top easy-access savings since Feb. BOOM - it's been beaten. It's a mini-savings price war. First the Post Office* launched 1.33% AER variable savings (min £1). Now two players have upped their rates a smidgeon to 1.35% AER variable (only 20p/yr more per £1,000, but every pe nny counts). They're National Counties BS (min £5,000, make all deposits by Tue 31 Jul) and Coventry BS (min £1, only allows 3 penalty-free withdrawals/yr). Post Office and Cov include 1yr interest boosts, so diarise to ditch and switch after. Full info in Top Savings. New. Free bargain flight finder 1mth trial, eg, Boston £199 rtn (norm £300+). MSE Blagged. Jack's Flight Club sends alerts for mega-cheap deals which are often hard to spot elsewhere. Basic membership's free, but its £35/yr premium service gives 4x more deals and early access, and we've blagged 5,000 free trials. Jack's Flight Club Amazon Prime Day's next Mon/Tue - it promises 'epic' discounts. Trick to get free access. The online retail giant's big 36-hour sale is for Prime members. Yet if you're not a Prime member, you may still be able to take advantage. Amazon Prime Day New improved Nando's trick - buy £1 sauce, get 'free' chicken or side. A fiddly but rare deal just got a little cheaper. Cheapy Nando's It's coming home (fingers crossed)... World Cup promos: England shirts, flags, other discounts. As firms latch onto footie sales ops (good, bad and ugly) we're constantly updating what's on offer, from £1 5ft flags to shirts and promo codes. Eng-ger-land |
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| Ends Mon. Shift credit card debt to 0% and get PAID to do it A balance transfer is where you get a new credit card that pays off debts on existing credit or store cards for you - so you now owe the new card instead, but at a cheaper rate. This means all your repayments will go towards clearing the debt, rather than paying off interest. These cards often charge a one-off fee, but right now some also offer cashback that can be more than the fee - so you're making money as well as getting interest-free debt. Use our Balance Transfer Eligibility Calculator to see the cards you've the best odds of getting.
- Some have an 'up to' 0% length, so you may get a shorter deal even if accepted. That's why we also include the best non 'up to' options, where you'll get that length if accepted (our eligibility calc says if you've good odds). - Normally we say go for the lowest fee in the time you're sure you can repay. Calculate how long you need to clear the debt, add a bit for safety, then pick the lowest fee within that time. Yet this week you need to factor in the cashback too, so to help we've explained above which cards are cheapest for which amount. Not sure you can repay in that time? Play safe and go long - the fee is usually small compared with having to pay interest after. Balance Transfer Golden Rules. a) Clear the debt or shift again before the 0% period ends, or the rate jumps to the rep APR. b) Never miss the min monthly repayment or you could lose the 0%. c) Don't spend/withdraw cash. It usually isn't at the cheap rate and withdrawals hit your creditworthiness. d) You must usually do the transfer within 60/90 days to get the 0% and cashback. Full help and more best buys in Best Balance Transfers (APR Examples). | ||||||||||||||||||
| Warning. A SECOND round of energy price hikes on the cards as EDF raises prices (again). Only 3 weeks ago, E.on became the last of the Big 6 energy firms to announce a price hike. Then last week EDF announced it's putting up prices for the 2nd time this year, by 6% in August, blaming a continued rise in wholesale prices. Generally, when one energy firm does this, the others follow like sheep. DON'T LET THEM RIP YOU OFF.ng> Act now - many can save £350+/year. Just do a Cheap Energy Club comparison. It's not just energy, it's M&S Energy... NOT any more - now it's SSE. M&S Energy is to officially become SSE - then again, in truth, it always was. Most of its customers are massively overpaying, so check - and if so, ditch and switch. Full info in M&S Energ y partnership to close. Build-A-Bear pay your age for a teddy - eg, if you're 3, pay £3. Norm £20ish. In stores this Thu. Ready, teddy, go Extra 20% off FitFlop sale & free del, eg, £12 flip flops (were £22). MSE Blagged. Code gets 20% off everything, incl new stock. FitFlop 15 Roald Dahl books for £16 delivered (norm £25ish). MSE Blagged. Via The Book People code. Incl Charlie and the Chocolate Factory, Fantastic Mr Fox, Matilda, BFG etc. Save some Wonka
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| AT A GLANCE BEST BUYS
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| Ending. Earn AT LEAST 3% interest via auto-saving app Chip is an app we've featured a couple of times in the past six months - so far with good feedback. It analyses your spending to put any spare cash you may have each month away for you automatically. What's more, sign up by Thu and you can get our special blagged interest rate for a year. Here are the pros (easy saving) and cons (not the usual savings protection), to help you decide if it's for you. Chip app - get 3-5% interest. Newbies who sign up via the Chip app* and use the code MSE3 by 11.59pm Thu (4,000 are available so they could go sooner) get a min 3% interest on savings for a year (otherwise it's 0%). It then adds 1 percentage point for a year for every person you recommend who starts saving through it, up to a max 5%. Interest accrues weekly and is paid quarterly, and you can make withdrawals when you want. On rate alone it pays more than DOUBLE the 1.35% top easy-access savings.- How does Chip work? You give it 'read-only' access to your current account. It analyses your income & spending, then every 4-7 days calculates what you can afford to save, and moves that to a separate 'savings' account by direct debit. The average is £25, five times a month (max £100 a time, so £500/mth), but you can use its chatbot interface to move up to an extra £100/day manually, up to six times a month. The max you can save is £10k. - What if it makes me overdrawn? It says it shouldn't, but if it does it'll cover fees and pay £10 compensation. (You can choose to allow it to take you overdrawn though - for example if you have a 0% overdraft.) Is my money safe? Chip's not a bank - it works with 'e-money provider' Prepaid Financial Services (PFS); both are regulated by the Financial Conduct Authority (FCA). Your money is held in a ring-fenced Barclays account. If Chip or PFS went bust, your money remains in Barclays together with any interest, though you may pay insolvency fees (likely v small). In the unlikely event Barclays went bust though, your money ISN'T protected so you'd lose it. We've done checks, but there are risks with any new concept, so consider how much you want to save. Early feedback is promising, eg, forumite peachplumpear says: "Have been using Chip and finding it great." Also, Chip's still waiting to be authorised by the FCA under new 'Open Banking' rules. Until then, if money's taken from your main account fraudulently, banks could say you're liable as you've shared your login details. See our App-based banking guide for more. Other options incl 5% regular savings. There are other auto-savers, including Plum which lets you invest your cash with peer-to-peer lender Ratesetter, or Moneybox, which invests in funds. But neither offers certain returns. Also see our Top Savings an d Regular Savings guides to earn up to 5% via conventional savings. |
| COUNCIL TAX DISCOUNT - SUCCESS OF THE WEEK: "Read Martin's tip on the single occupancy council tax discount. For 8 years I've paid full rate - I wrote to my council stating I was living alone and received a cheque for over £1,000. Very pleased, thanks." (Send us yours on this or any topic.) Beauty freebies, eg, £36 Rodial, £6 Benefit, £5 Murad. Either totally free or with £5ish mag. See our full round-up of cheap beauty deals. |
| THIS WEEK'S POLL How do you feel now about Brexit? There are now only eight months to go until the official date we leave the EU. Over the weekend the cabinet agreed a compromise (with itself) over our trade-negotiating stance, then like a dripping tap the resignations started. Now there's sort of a plan in place. How do you feel about Brexit and how the negotiations are going? Most shopping is now online. Last week, we asked you about your shopping habits. Unsurprisingly, under-25s were most likely to ditch the high street, with more than two-thirds of those voting doing more than 60% of their shopping online. Overall, 67% said they do at least half their shopping online. See full online shopping poll results. |
| MONEY MORAL DILEMMA Should I claim my unpaid child support? I've been told I'm owed over £10,000 in child support arrears, although my son is now in his late 20s. I thought he could use this money, as he's saving to buy a house - but my second husband says we should keep it, as we raised him without it. I now think there's too much scope for conflict, so I'm inclined just to let it go. Is that right? Enter the Money Moral Maze: Should I claim unpaid child support? | Suggest an MMD | View past MMDs THE QUICKIES - Debt-Free Wannabe chat of the week: I want to get out of debt/stop compulsive spending |
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| MARTIN'S APPEARANCES (WED 11 JUL ONWARDS) Mon 16 Jul - This Morning, ITV, from 10.30am MSE TEAM APPEARANCES (SUBJECTS TBC) Wed 11 Jul - BBC Cumbria, Money Talks with Neil Smith, from 6pm |
| QUESTION OF THE WEEK Q: There are so many bad potholes after the wet winter - I've damaged my tyres and wheels. Councils don't seem to want to take responsibility. Can I claim back money I've spent on repairs? Eileen, via email. MSE Kelvin's A: You may be able to claim - some MoneySavers have got £100s back. But it depend s on whether the authority responsible for the road has been maintaining it properly. If, say, a cannonball falls out of a lorry, causes a pothole and minutes later you hit it, you've no right to claim as there's nothing the authority could reasonably have done to prevent that. But if an authority's been negligent, you may be able to - it has a legal duty to maintain the roads so they're safe to use. If you're eligible to claim, gather evidence - if it's safe to do so, measure the pothole and take photos, and keep a record of the damage and cost of repairs. The fastest way to claim is by using the relevant authority's own process, which usually just means filling in a form. If it doesn't have a claims process or your claim's rejected, you can make a more detailed claim, but this isn't simple and can mean making a Freedom of Information request. See our Pothole Claims guide for step-by-step help. Please suggest a question of the week (we can't reply to individual emails). |
| OUT WITH THE OLD? NOT ME - I HAVEN'T BOUGHT A BRA FOR 7 YEARS That's all for this week, but before we go... MoneySavers in the forum have been discussing how often they fork out for a new wardrobe - and how long they can last without fresh threads. One admits to wearing the same bras for 7 YEARS, while another says she never gets anything new, instead buying her clothes from a charity shop before donating them back and buying more. But some admit they still love to shop even if they don't need to - tell us how often you buy new in our clothing forum thread. We hope you save some money, |
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