Money Box

Mortgage customers face rising rates, vanishing deals and latest figures have shown more people are struggling to keep up with their repayments. Mortgage arrears, hit a seven-year high in the final quarter of 2023. So what can you do if that's you? Felicity Hannah is joined by Charlotte Harrison of Skipton Building Society, Sally Mitchell from the Mortgage Mum, and Richard Lane from the debt charity Step Change - to discuss what's going on in the mortgage market and what you need to know. Presenter: Felicity Hannah Reporter: Dan Whitworth Producer: Neil Morrow Editor: Jess Quayle (First broadcast 3pm Wednesday 20th March, 2024)

The number of people falling victim to fraud involving cryptocurrency has more than doubled between 2020 and 2023 according to Action Fraud. The value of such fraud has also increased. Our reporter Dan Whitworth has met one such victim, an 86 year old in South Wales who lost over £70,000. Following a Money Box investigation she's now had her lost life savings refunded. We've been reporting on difficulties people are having moving from working tax credits to Universal Credit. We hear from a listener who runs an annual skinny dipping event to raise money for charity, she's been told by her work coach that all her fundraising will be considered personal income for the purposes of Universal Credit. In a week that some lenders increase interest rates, figures from the Bank of England show an increase in arrears on mortgage accounts. We hear how people are coping with their mortgage costs and what you can do if you're struggling to pay them. Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Beatrice Pickup (First broadcast Saturday 16th March 2024)

New arrangements for childcare payments come into force in April in England. How will the new arrangements affect parents? Are they going to be better or worse off? The Chancellor Jeremy Hunt announced extended support for parents of pre-school children in 2023. But many parents say the payments are still too low or that there aren’t enough places available. Felicity Hannah is joined by Ellen Broome of the children's charity Coram, and Jonathan Broadbery, Director of Policy at the National Day Nurseries Association. Presenter: Felicity Hannah Producers: Will Harris and Neil Morrow Editor: Beatrice Pickup

The Chancellor has delivered his Spring Budget for 2024 announcing a 2p National Insurance cut for millions of working people under the age of 66. Jeremy Hunt says this will save the average worker £450 a year. But, analysis by the Office for Budget Responsibility says maintaining a freeze on the personal tax allowance - the amount earned before tax is paid - will mean 3.7 million extra people paying income tax by 2028, when the freeze comes to an end. So will you be better or worse off? We'll be looking at the numbers. What would you do if you got a letter through your door asking for almost £2000 owed by a complete stranger? That's what happened to one of our listeners who spent weeks trying to sort it out with a debt recovery company. We hear from a senior MP calling for tougher regulation. And an investigation into car finance agreements taken out before February 2021 could eventually lead to compensation for millions of motorists. Discretionary commission agreements meant some lenders allowed car dealers to adjust interest rates on finance deals. The Finance and Leasing Association told us: "In practice, having discretion to move the interest rate often meant that dealers lowered it to be more competitive." Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Sarah Rogers (First broadcast 12pm Saturday 9th March 2024)

As Chancellor Jeremy Hunt presents his Spring Budget, Money Box Live sifts through the details - and the impact on all our finances. Expectations included a 2p cut in National Insurance contributions but will that look like on your payslip? Money Box reporter Dan Whitworth answers those key questions. Felicity Hannah is joined by Sarah Coles, Head of Personal Finance at Hargreaves Lansdown; Simon Gammon, Managing Partner at the mortgage broker Knight Frank Finance, and Dawn Register, Tax Partner at the accountancy firm BDO. Presenter: Felicity Hannah Producers: Craig Henderson, and Kath Paddison Reporter: Dan Whitworth Researcher: Eimear Devlin Editor: Sarah Rogers (This episode was first aired on Wednesday the 6th of March at 3pm on Radio 4)

Money Box gets a special look at a new exhibition at the Bank of England Museum about the future of money. Paul Lewis picks up a gold bar, sees the new King Charles money, and finds out more about the consultation for a new digital pound. The pensioners getting in touch to ask why they’re soon to start paying tax on their pensions. We'll discuss that with the Low Incomes Tax Reform Group. And, there are calls this week for the government to slow down the speed at which its moving existing benefits claimants onto Universal Credit. The Child Poverty Action Group says it is seeing cases of people struggling to claim, or missing the deadline as they are unsure what’s required of them. The Department for Work and Pensions told us the vast majority of Tax Credit claimants have successfully moved to Universal Credit, and that there is a range of support available to help people move. Presenter:: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 2nd March 2024)

How do schools teach children and teenagers about money? Learning about money is part of the curriculum but more than three-quarters of teachers say young people are leaving school without the money skills they need for adulthood. We’re going back to school to hear from pupils at Trinity Academy Cathedral School in Wakefield who are learning about money in special classes. We’ll listen in to find out how the experts teach children about credit cards, pensions, budgeting and more. The government says its reformed the curriculum and invested substantially over £100 million in its Maths Hubs programme. Felicity Hannah presents alongside the broadcaster, maths teacher and University Challenge alumni Bobby Seagull. They’ll be finding out how it all works from the school’s headteacher Anna Gillinder and Stephanie Fitzgerald, Head of Young People Programmes at The Money Charity. Presenters: Felicity Hannah and Bobby Seagull Producers: Kath Paddison and Sarah Rogers Reporters: Tamzin Kraftman Researcher: Eimear Devlin Editor: Jess Quayle (This episode was first broadcast at 3pm on Wednesday 28th February 2024)

As many as two million of the poorest households have seen the amount they owe their energy suppliers double over the past year. This new analysis of debt figures has been given to Money Box by the consultancy firm Baringa. It says people who've fallen behind on their payments are now £1,100 in the red, an amount that has doubled in a year. Energy UK, which represents suppliers, say they're doing all they can - and we'll hear more about Ofgem's plans to help tackle debt in the industry. Twenty financial advice firms have been told that they must provide the regulator with details of the services they provide customers when they charge them for what is called “ongoing advice”. The Financial Conduct Authority has written to the companies as part of its enforcement of the new Consumer Duty. What will this mean for consumers? And, an annuity is a contract with an insurance provider which converts your savings or pension pot into a guaranteed income for your retirement. As annuity sales rise, we'll discuss what they are and how they work. Presenter: Paul Lewis Reporter: Sarah Rogers Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 24th Feb 2024)

There are approximately four million children in Great Britain whose parents are separated. When couples break up they cut their finances apart, but for parents there's that ongoing relationship that comes with supporting those children - emotionally but also financially. So how do you manage that? Sometimes, of course, it breaks down and a parent has to ask the state to step in and make their ex pay support. We'll discuss some changes coming to how that's enforced. And we hear from parents who are sharing care and finding ways to make the finances and the new circumstances work. Joining Felicity Hannah is Leah Caldwell who is the Director of Mediation First and treasurer on the board of the Family Mediators Association and also Gemma Hope who is a solicitor at Family Law Partners. Presenter: Felicity Hannah Producers: Kath Paddison and Izzy Greenfield Editor: Jess Quayle (This episode was first broadcast at 3pm on Wednesday 21st February 2024)

When someone dies and leaves a property in their own name, or has significant savings or investments, the executors must apply for probate - a legal document which gives them the right to deal with the dead person's estate and distribute their assets. The Ministry of Justice says probate should be granted within 16 weeks, but some bereaved families have been facing delays of nearly a year. Why is that? A new report shared exclusively with Money Box suggests many of us know very little about the charges being taken out of our pensions. People's Partnership carried out a survey which found that out of a thousand people who'd transferred their pension in the past two years without getting advice beforehand - 72% didn’t know exactly what the fees for their old pensions were, or what they were being charged for their new one. What should you look out for? And for the first time the percentage people in England who're married or in a civil partnership has fallen below 50 percent. If you live with someone and share your money - what do you need to know? Presenter: Paul Lewis Reporters: Dan Whitworth and Jo Krasner Researcher: Sandra Hardial Editor: Jess Quayle (First broadcast 12pm Saturday 17th February 2024)

When do you think you'll be able to retire? Perhaps you can't wait to pick up your last pay check or maybe you love your job so much you want to work for the rest of your life. For those who do hope to retire, the latest research suggests we'll all need an an extra £8,000 a year for a so-called moderate retirement according to the Pensions and Lifetime Savings Association. Meanwhile, the International Longevity Centre reckons we'll need to raise the state pension age to 71 by 2050. On this Money Box Live we're getting to the bottom of how realistic that is and what it all means. We'll hear from someone working well into their 70s as well as a super saver hoping to retire in her 40s! Felicity Hannah is joined by Helen Morrisey, Head of Retirement at financial services company Hargreaves Lansdown and Dr Emily Andrews, Deputy Director for Work at the Centre for Ageing Better charity to answer your questions and comments. Presenter: Felicity Hannah Reporter: Eimear Devlin Producer: Sarah Rogers Editor: Jess Quayle (This episode was first broadcast at 3pm on Radio 4 on the 14th of February 2023).

Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box. He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield. The government says up to £64 billion has been made available to local authorities in England, an increase of 7.5% on the previous year which will allow local authorities to support communities and reform services to help them prepare for the future. The cost of a comfortable retirement in Britain has jumped by nearly £6,000 to just over £43,000 a year for a single person and £59,000 for a couple. Every year the Pensions and Lifetime Savings Association publishes figures worked out by Loughborough University for the amount of money you'd need to afford certain lifestyles in retirement. How is it calculated and how can you prepare for your retirement? And, investment platforms and providers of personal pensions, have just a few weeks left to make sure the way they treat customers' cash balances fits in with new rules called their Consumer Duty. In December the Financial Conduct Authority wrote to 42 firms after concerns that some of them were keeping some or all of the interest they earn on customers’ cash balances. And with rates of 4% or more that's meant big returns. If you invest, what might that mean for you? Presenter: Paul Lewis Reporters: Dan Whitworth and Sandra Hardial Researcher: Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 10th February 2024)

Are savers getting a good return on their cash? Although times are tight, we are actually saving slightly more according to the Bank of England. In December, we collectively saved £6bn. But, more than a trillion pounds is sitting in accounts earning around 2% interest - even though the base rate is still at 5.25% - according to analysis by Lightyear of the Bank of England's data. And £250bn is in accounts that are paying no interest at all. So are banks doing enough? UK finance which speaks on their behalf, says many of its members have been contacting their customers to let them know about different savings accounts that are available. As always we've got the experts to answer your savings questions - including where to start as well as some of the many emails you've sent us about when and how to pay tax on your money. Joining Felicity Hannah is Anna Bowes founder of savingschampion.co.uk, banking analyst Frances Coppola and Chris Gray, independent financial advisor with Forester Boyd Wealth management. (This episode was first broadcast on Wednesday the 7th of February 2024).

Around twelve thousand unmarried parents with dependent children whose partner has died have just a few days to claim their share of an estimated £175 million in bereavement benefits. The figures came from Freedom of Information Requests to the Department for Work and Pensions. People must claim that money before Thursday 8th February. If you think you, or someone you know, may be eligible check by searching for "bereavement support payment" on the gov.uk website. New figures show £253 billion is sitting in bank accounts which pay no interest at all. Should banks be telling us to move it? The government is sending out the final cost of living payment for low income households this month. It's £299 straight into bank accounts. We've got all the details. And some people who got £150 off their electricity bill last year are discovering they are not entitled this year, because their home isn't hard enough to heat. We'll discuss changes to the Warm Home Discount Scheme. Presenter: Paul Lewis Reporters: Dan Whitworth, Tamzin Kraftman, Eimear Devlin Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 3rd February 2024)

Are you thinking of turning your 'side hustle' into a full time job? Perhaps you want to take the plunge but don't know your sole trader from your limited company. This Money Box Live is a toolkit for anyone planning to start a new business - or those who've started one but might need a helping hand. And we have Dragons' Den star Deborah Meaden on the show to talk about what makes a good idea, the positives of running your own business as well as the pitfalls to look out for. Following the pandemic there was a huge drop in the number of self-employed people but last year more than 100,000 people decided to go it alone and work for themselves compare to the year before - and it's the over 50's taking the lead according to the freelancer organisation IPSE. It's also deadline day to fill out your self assessment tax return - so we'll be answering all your tax questions too. Felicity Hannah is joined by Vicks Rodwell from the Association of Independent Professionals and the Self-Employed and Richard Jones from the Institute of Chartered Accountants in England and Wales. Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle (First broadcast 3pm Wednesday January 31st 2024)

Campaigners for victims of pension and investment fraud met with the Treasury this week. We'll hear from the Conservative MP who is the co-chair of the All Party Parliamentary Group on Investment Fraud, Caroline Nokes, who was at that meeting. What's the latest for working parents of two year olds planning to take advantage of the free 15 hours of childcare in term time which begins in April? Thieves are stealing the identities of bereaved families to try and steal money from friends and relatives of the person who has died. The National Association of Funeral Directors says it has seen a spike of such frauds in the past few weeks in Northern Ireland. What do you need to look out for? And, some new rules started this month for platforms which allow people to sell goods online. We'll clear up some confusion after listeners contacted the programme. Presenter: Paul Lewis Reporters: Dan Whitworth and Sarah Rogers Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 27th Jan, 2024)

How are you dealing with energy costs this winter? Money Box Live has heard some people are skipping meals whilst others in full time employment are turning to warm banks and food hubs to cut costs. The energy price cap, which is now what most of us pay, jumped 5% at the start of the year to £1928 for typical use - but what exactly does that mean and are you a typical user? Meanwhile, the charity Citizens Advice has estimated two million people on prepayment meters could have their gas and electricity cut off because they cannot afford to top up. The Department for Energy Security and Net Zero says its spending an average of £3,700 per household to support families with the cost-of-living. And there is some relief on the way as prices are predicted to fall in the spring. Answering all your questions and comments with Felicity Hannah is Peter Smith, Director of Policy at the charity National Energy Action and Deputy Policy Director Daniel Portis from Energy UK which speaks for the industry. Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle (This episode was first broadcast oat 3pm Wednesday the 24th of January 2024)

Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a change in the law to protect them from what it calls the largest tax scandal in British history. In response, HMRC told Money Box “We do not tax pension savings lost to fraud. What we do tax are amounts that people release, or attempt to release, from their pensions where not authorised in law. It is our responsibility to collect the tax people legally owe and maintain a fair tax system for all. We sympathise with people who may have lost money by entering such arrangements and handle these situations on a case by case basis. We take the wellbeing of all taxpayers seriously and do everything we can for those who engage with us to get their tax affairs in order, including by offering affordable payment plans.” As temperatures hit a new low this week one charity is nearly doubling the size of the vouchers it gives to those who can't keep warm. We'll speak to the Fuel Bank Foundation which helps people on prepayment meters manage their bills. A record number of people will need to re-mortgage this year - are the choices getting any better? And all you need to know about filing your self assessment form. Presenter: Paul Lewis Reporters: Dan Whitworth and Tamzin Kraftman Researcher: Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 20th January 2024)

Flooding damages property, lives and can be incredibly financially damaging as well. There was £352 million pounds in insurance claims for damaged homes following storms Babet, Ciaran and Debi at the end of last year according to the Association of British Insurers. We don't yet know the financial fall out of January's storm Henk - the eighth named storm of the season - but as the climate changes, insurers expect even more of this kind of weather. So what is flooding costing homeowners and businesses and what is the best advice if you've been affected? Felicity Hannah visits a flat owner in Worcestershire and we hear from the man who spent £80,000 taking matters into his own hands. This week we're joined by Heather Shepherd from the charity the National Flood Forum as well as Laura Hughes, Manager of General Insurance at the Association of British Insurers, which represents the industry. Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Sara Wadeson (This episode was first broadcast on Wednesday the 17th of January on Radio 4 at 3pm)

New figures given to Money Box show there has been a big increase in the amount of money being stolen through fake text messages offering people jobs. These recruitment scams are usually sent via text or WhatsApp and offer high pay, easy hours and the chance to work from home. Last year 126 people contacted Action Fraud saying they'd been victims of this type of scam with £977,000 stolen from them. That is 50 times as much as was reported the year before. What do you need to look out for? Storm Henk was the 8th storm of this season and more could well be on the way. As the flooding costs for insurers rise, home insurance premiums move up with them. According to the Consumer Intelligence Home Insurance Price Index they had already risen 36% by last October. We'll explain all you need to know about flood insurance. When you pay into a pension you expect it to be there for you when you retire. We investigate one listener's case who discovered her pension company had taken all her money in charges. And Paul Lewis asks listeners how they buy their music? Email moneybox@bbc.co.uk Presenter: Paul Lewis Reporters: Dan Whitworth and Sandra Hardial Researcher: Jo Krasner Editor: Jess Quayle (First broadcast 12pm Saturday 13th January, 2024)