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00:00Tonight, two big, big ways to save.
00:05First, millions of you are due car finance compensation.
00:09Then, how to beat all the April price hikes.
00:13On Monday, the regulator, the FCA, will announce a mass car finance redress scheme,
00:18meaning up to 14 million people will be paid an average of £700.
00:23I'm going to take you through it, answer your questions,
00:25and with the FCA boss joining me, make sure you don't unnecessarily miss out.
00:31Then, how to steal a march on April.
00:34Next month brings six big price hikes, water, mobiles, broadband, stamps and more,
00:39and I want to show you how to beat them.
00:42There are also urgent tax year-end deadlines for married couples, employees
00:46and anyone who wears a uniform to work.
00:48And if that's not enough, in my news you can use a trick
00:52to get a totally free £50 Amazon voucher and Best Buy Cash Isis.
00:56Let's do it!
01:04If you want it, everybody, we're here for an hour!
01:07Fantastic. As always tonight, we want to hear from you,
01:11so please do get in touch with your questions.
01:12It's your last chance for a few weeks.
01:14All the usual ways are on the screen right now.
01:18So, we're going to start with car finance, Martin.
01:20I know the announcement's not until Monday, but we're doing it today?
01:23We are, for two reasons.
01:24One, we don't have a show next week.
01:26But two, because I want to tool you up in advance with everything you need to know.
01:31Now, we're going to get the full announcement on Monday.
01:33I think it is very unlikely any of the big picture stuff I am talking about
01:36is going to change in any way, and we've got the FCA boss on later,
01:39so we can't be that wrong.
01:41There may be a couple of the numbers, a couple of the minutiae,
01:44a couple of the dates might shift on the back of this,
01:46but in the main, what I'm saying tonight is what's going to happen,
01:48and the sooner you get your complaint in, if you haven't already, the better.
01:52OK, well, great. Let's get into it then, because Janet has got a question for you.
01:56Now, Janet's asking,
01:57I emailed my car finance provider over two years ago.
02:00I got an email saying that they're still looking into my complaint.
02:03Should I do anything else?
02:04No, not at this moment.
02:07So, we're on the brink of hearings I've just mentioned on Monday,
02:10but even then, it's going to be far towards the middle of the year
02:15before you start hearing from your car finance firms.
02:18But you have got your complaint in.
02:19It is logged, as I'm going to go through in detail.
02:21You've done all you need to do.
02:23If you were missold, your money should be coming your way at some point this year.
02:28Let me get into my big briefing to explain.
02:32OK, so, this is car finance misselling, a mass redress scheme.
02:36The regulator will announce details on Monday after 4.30pm.
02:39I'm thinking around 5 is when it's actually going to happen.
02:4314 million agreements, it looks like, were missold.
02:46And the payouts are likely to average £700 per agreement.
02:49So, you have multiple agreements, that's more than one payout.
02:52Mass. Mass is the key word here.
02:54It means everyone missold should be contacted.
02:59Even if you don't complain, you should be contacted and be told
03:03and given an opportunity to get your money back.
03:06But as I will explain later, it will be faster and easier and simpler
03:10if you do put a complaint in.
03:11Now, everything I'm talking about tonight is about the regulator's mass redress scheme.
03:16But that is not the only way to do this.
03:18You could make a decision to go to court.
03:20If you went to court, the payout you get will likely be bigger,
03:24but you will also likely need to use a claims firm to do it
03:27who will take 30% of what you get.
03:29The choice is yours.
03:30I'm going to focus on the mass redress scheme.
03:33And the reason I'm doing that is two things.
03:35What most people say to me is, I just want it to be easy.
03:37This is going to be easy.
03:39And they also, I am a believer that it shouldn't just be for those who complain.
03:43Those vulnerable people who don't put complaints in should get their money too.
03:45And this will do that.
03:47Now, the redress scheme covers motor vehicle finance agreements
03:51from April 2007 to November 2024.
03:55So how do you know if you had one of those?
03:57Let me go into some more detail now.
03:58Here you are.
04:00What type of finance?
04:01It's a motor vehicle.
04:02Car, van, motorbike, camper van.
04:06Many people ask me about this.
04:07Not caravan finance because they don't have a motor.
04:11Yep.
04:12What type of finance is next?
04:14Next, PCP deals or higher purchase deals, they are in scope.
04:21If it was lease finance, that is out of scope.
04:24You are not in the FCA scheme.
04:26And finally, the when.
04:29From agreements that started on the 6th of April 2007 or after,
04:33up until agreements that started the 1st of November 2024.
04:37There is one category where it's earlier than that.
04:39But those are the dates.
04:40So if you had motor vehicle finance of PCP or HP in that time,
04:45you potentially have a complaint.
04:47A couple more quick details for you.
04:49Vehicles must have been for personal use.
04:52Although, unless you're a sole trader or small partnership,
04:54if it was under £25,000, you may, in some cases, be eligible.
04:58If the vehicle's paid off, it still applies.
05:00As it does if you no longer own the vehicle.
05:02This is about the finance you had, not that you've still got the vehicle.
05:06And if you have more than one car finance deal, each is separate,
05:09so you may well be due multiple payouts.
05:12Let me get back.
05:13There's a lot to get through.
05:14OK.
05:15Now, of those agreements, they were not all missold.
05:18It's estimated 45% of them were.
05:23And the complaint is to the finance firm, not the dealer or broker,
05:29because it was the finance firm that was the regulated entity,
05:33and this is about the financial regulator's mass redress scheme.
05:37There are three ways you may have been missold.
05:40Let me explain.
05:42But I need to be honest.
05:43Here we go.
05:44If you don't get this, it doesn't matter.
05:46So don't worry if you don't understand this.
05:48The first one, the biggest one, 11.4 million agreements,
05:50was discretionary commission arrangements, DCAs.
05:52And this is the first one, and many of you put complaints in.
05:55It was about this.
05:56Now, they were banned in January 2021,
05:58so it's only for agreements before that.
06:00And here's how it worked.
06:01The motor dealer or the broker, they could take your interest,
06:05and they could choose to increase the interest you paid from the minimum.
06:09And if they did that, then the finance, the lender,
06:13would give them more commission.
06:14A discretionary commission arrangement, a DCA.
06:21Next, contractual ties, 3.2 million agreements.
06:23So here you are.
06:24You go to the dealer.
06:25You think it's going to give you the best deal
06:27from a whole different range of finance firms.
06:29But in reality, no.
06:31It's only going to one lender,
06:33and that lender either has all the business
06:35or has first call on your business,
06:37and that wasn't declared.
06:38That's misselling.
06:39And finally, 2.9 million agreements,
06:43simply that the commission was too high.
06:45It has to be both over 35% of the cost of credit,
06:49which is usually primarily interest,
06:50so over 35% of the interest was paying commission.
06:52I mean, that's a whack.
06:54And over 10% of the total cost of the loan.
06:57So those are the three types.
06:59But the big point here is this.
07:03The key is, did you know about it?
07:07Was it disclosed?
07:09If they didn't tell you that's the misselling,
07:12it's not just that they did it,
07:13it's that they did it and it was not disclosed to you.
07:16You were not told,
07:17which perversely means the only way to find out now
07:22if you've got a complaint is to complain.
07:27Because you don't know whether this happened to you,
07:29so you have to put in a complaint.
07:30And most of the complaint forms,
07:31the first thing they do is saying,
07:32did any of these three things apply to me?
07:34It's sort of slightly circular in the way we're moving forward.
07:37Are you with me so far?
07:38Good.
07:39I went quite slow.
07:40I know some of you want me to go slow on this.
07:41I went slow.
07:42Okay.
07:42Right.
07:43Now, questioning from Samantha.
07:45And I feel like this is the question that everybody wants to know.
07:48When are those that are owed money actually going to receive it, please?
07:53If you've complained, 2026.
07:56If you've not complained, 2027.
07:59Let's move into some more details now.
08:01Okay.
08:02So, the clock starts after the FCA announces the scheme on Monday.
08:06And then it has said what it's going to do.
08:08It could, of course, tweak this slightly.
08:10It has a three-month implementation period, five months for older finance.
08:16After which, first of all, we'll do the complaint category.
08:21If you have put in a complaint in any form, the firm will tell you within three months if and
08:28how much compensation you are due.
08:31Then, if you accept it, why wouldn't you accept it?
08:33You might want to go to court.
08:34It's the primary reason.
08:35Otherwise, you carry on with this.
08:36It must be paid within one month.
08:38So, that's the period.
08:40That means the payout should come in 2026.
08:42Now, look.
08:42Let me be straight here.
08:43I got so many messages.
08:443.6 million people have used my free complaint tool on this.
08:47And they're all asking me, does that count?
08:49Yes.
08:50If you've used a legit tool, including mine, and you've put a complaint in, you are in the complained category.
08:58So, you have done what you need to do.
09:00On which topic?
09:01We've had this in from Karen, who is asking you, what happens if my car dealers have replied and say
09:06I haven't been missold?
09:08Really common question.
09:11So, generally, they only reply to say you weren't missold if you put a complaint in before last July and
09:18you were asking about discretionary commission arrangements.
09:20Because at first, there was only one category of misselling that was in this.
09:23Now, there are three, as you saw before.
09:25So, while you were told you didn't have a discretionary commission arrangement, there are still two other forms of misselling
09:32they won't have looked at.
09:33And what the regulator is saying is, if you have put in a complaint about a DCA, firms will still
09:40have to look at the other two types once this starts.
09:44And you count, you are in the complaint route.
09:47You don't have to complain and ask the other two.
09:49You're in that complaint route.
09:50So, Karen, the company you complain to, once this all starts, we'll have to look and see, did you have
09:55a contractual tie?
09:56Did you have unfairly high commission?
09:57If you did, you'll be in the complaint route.
09:59You'll be in the quick route.
10:00Jobs are good and you're done.
10:01You're done.
10:02You're done.
10:02You're done.
10:03Okay?
10:03You're done.
10:04She's good.
10:04Now, if you haven't complained, if the firm thinks you were missold, within six months, it needs to ask, do
10:11you want to opt in?
10:12If you choose to opt in, it then has a further three months to tell you if your due compensation
10:17and how much.
10:19And then you can accept it and it must be paid within one month.
10:22So, that means payouts likely in 2027.
10:25And that's really important.
10:27Yes, sorry.
10:27Another one.
10:28It's a different Karen.
10:29Karen B, everyone.
10:30Now, Karen B is asking, I had car finance, but I don't know who to contact.
10:35When I had the finance, I lived at a different address and my surname was different as I remarried.
10:40Which name and address would I have to put on the claim form?
10:43I can't remember the registration number or who the finance company was.
10:46What can I do?
10:47Okay.
10:48I'm going to come on in a moment how you find your details.
10:52The most important thing I can say here is that is why it's really important to complain.
10:57Why? Because if you have changed name once or twice and you've changed your address two or three times,
11:04they are going to have a problem finding you.
11:06And if they don't find you, you are not going to be paid.
11:09Which is why I would push you to get a complaint in.
11:11You ask which name?
11:12Well, you say, this is my current name.
11:14And before this date, this was my name.
11:15And before this date, this was my name.
11:17And this is my current address.
11:18And before this date, this was my name.
11:19And before this date, this was my name.
11:20And here's the date of my finance agreement.
11:22You put all of that details in and the complaint tools will allow you to do so.
11:26And as to where you find that info, finally, we've got a solution a couple of weeks ago.
11:30Feedback's pretty good on it.
11:31Most of the feedback is good.
11:32A couple of people didn't find it worked that well for them.
11:34But here you go.
11:35It's Equifax car finance checker tool.
11:37It helps you find lost or forgotten agreements.
11:39So it's the My Equifax app.
11:41You down that.
11:42You'll need to set up a free basic account.
11:44You don't need to pay.
11:45If you're paying, you're doing something wrong.
11:46And it will show you most agreements, all of those that listed with credit reference agency, Equifax, since April 2007.
11:54You can then take that information and use it to fill in the free complaint tools online.
11:59So if you don't know, Karen doesn't know a car finance.
12:02Go and use this.
12:03And it should detail your car finance details.
12:05OK.
12:05We've had a success on that.
12:06It's coming from Jane.
12:07And Jane's saying, I just destroyed all my old finance documents before this came about.
12:12And when Martin mentioned the Equifax app, I tried it.
12:15It turns out I had three finance agreements.
12:17All the details were in the app.
12:19I emailed the finance company.
12:20And I got a response the next day confirming I had a complaint.
12:23This really helped.
12:29And I've had a lot like that.
12:31People have been struggling to find their info, suddenly have everything that they need in an app.
12:34And they can put it in a free complaint until jobs are good and then we should be working on.
12:37Now, there is clearly something we need to worry about here.
12:40You hear I've said for the people who haven't got in contact or even those who have, you will be
12:45contacted.
12:46Whenever I say you will be contacted, there are some nasty evil people out there who just have a light
12:52bulb that goes opportunity.
12:54So the most important thing at this point I need to tell you is this.
12:58Beware scammers.
12:59Scammers are going to latch on and leech on the back of this.
13:04I've already been talking with the regulator about it.
13:06They are going to announce on Monday what they're doing to prevent scammers.
13:09And there's quite a few things that they can do.
13:11But most importantly for you, if you're being contacted out of the blue, be very, very careful unless you think
13:18it's legit.
13:19I hope they're going to come up with systems where you can check it's legit rather than just clicking links
13:23that you don't want to get in there.
13:24And we will get the rules when it comes out on Monday.
13:26And I'll be putting stuff on social media too.
13:28But just a little.
13:30Don't get too excited.
13:31Make sure it's real, please.
13:32OK, brilliant.
13:33Lovely stuff.
13:33Thank you very much, Martin.
13:34Now, coming up, Martin will take your questions.
13:37And he'll be joined by the FCA Boss Plus.
13:40How to not let April make a fool out of you with its price hikes.
13:43We'll see you after this.
13:56Hello, welcome back.
13:57We're talking car finance reclaiming at the moment because the FCA will be making its big announcement on Monday.
14:02And I'm tooling you up with everything you need to know.
14:04We'll be doing April price rises in a moment.
14:05Jeanette, what's happening?
14:07Very busy online.
14:07But I want to put this question to you.
14:09It's coming from Steve.
14:10A bit sensitive, this question here.
14:11My father-in-law passed away a couple of years ago.
14:13We still have the details of some car finance PCP agreements he had with several lenders back as far as
14:202010.
14:22Are we entitled to complain and claim compensation in these circumstances?
14:25Thank you, Martin.
14:26And keep up your excellent work.
14:28Thank you very much, Steve.
14:30So, I'm so sorry for your loss.
14:31The answer is absolutely yes.
14:34The fact someone has passed away does not stop a claim.
14:36The executor of the will or the primary beneficiary will need to claim.
14:40You'll need to prove that you're entitled to the money, obviously.
14:43And you should, because I'm worried about what will happen to people who've passed away if their family hasn't complained.
14:51If you go in the non-complaint route, you want to put in a complaint.
14:53And you really want to get a complaint in in that circumstance.
14:56You don't want to rely on them tracking you down.
14:57So, yes, absolutely is the answer.
14:59All right.
15:00Now, I've got a load of quick car finance questions for you.
15:03Quick fire these ones.
15:04Sure.
15:04It's pretty much about how much people are going to get for this.
15:07OK.
15:07We'll start with Ben.
15:08That could all change a bit on Monday.
15:09Just a warning.
15:10I'll answer you based on where we are now.
15:12Great.
15:12OK.
15:12So, Ben.
15:13This is from Ben.
15:14Ben's asking, will there likely be a compensation cap per claim?
15:17Or does it depend on interest rates, credit scores, a value of the car bought, etc?
15:22There is a complicated algorithm that dictates how much you'll be paid based on the commission and the APR.
15:27But in practical terms of what you can see, the more interest you had, which is, of course, based on
15:34the interest rate you were charged and on the length of the loan,
15:37because if you're paying interest over a longer period, that's more interest, the more you'll likely be due.
15:41But it does also depend on which of the misselling types.
15:44The £700 is just an average.
15:48Some people get £400.
15:49Some people might get £1,200 in agreement.
15:51It depends.
15:52It depends.
15:53So, there's no cap.
15:54There's a calculation.
15:56OK.
15:56Got it.
15:56Right.
15:57Jennifer is asking you, I had car finance, but it was at 0% interest rate.
16:03Will I possibly still be due a refund, or is it only if the interest was higher than 0%?
16:08It's only if the interest was higher than 0%.
16:09You didn't pay any interest.
16:10Well done.
16:11OK.
16:12You won't be sold.
16:13Fair enough.
16:14OK.
16:14About this from Clinton.
16:16Clinton's saying, will we get interest on top of the £700 for each claim?
16:21The current proposal is you will get interest based at bank base rate, UK bank base rate, at the prevailing
16:26time, plus 1%.
16:27Now, in previous cases, you would have got non-compounded interest at 8%.
16:32I think the amount the regulator is proposing is not enough.
16:36I think people should get more interest in my submission to its consultation, which is what we were suggesting it
16:41got more.
16:42Whether they'll listen to me and other consumer groups, or whether they'll listen to what the lenses are saying, I
16:46don't know.
16:47So, you will get interest, but...
16:49Great.
16:50OK.
16:50Bernard is asking now...
16:52Where are you, Bernard?
16:53Will any payout from car finance be subject to tax?
16:56OK, we're getting technical.
16:58I don't know, but let's look at PPI, which is the nearest past one.
17:02In PPI, the interest you got, which was statutory interest, so it was more because it was the 8%, not
17:07the 1% of just the 1% of the base, that was taxable.
17:11But they paid it after taking 20% tax off.
17:14Now, it was taxable as the equivalent to savings.
17:17It was like savings interest.
17:19And as many of you will know, you're allowed to earn as a basic rate taxpayer £1,000 a year
17:22of savings interest before tax.
17:24So, lots of people could reclaim. I'm talking about PPI reclaiming later on in the show, actually.
17:28So, I think it probably will be, but the FCA doesn't know yet, and the HMRC doesn't know yet, because
17:32he doesn't know what the FCA has announced yet.
17:34So, I don't know yet. I'm just guessing. Move on.
17:36OK, fine.
17:37OK.
17:38Now, are you ready for this question?
17:39It's coming from Gordon.
17:40Now, Gordon is saying,
17:41Can you explain why the Chancellor has reduced the payout for the car finance reclaim system from £1,000 to
17:47only £700?
17:49People were ripped off to the tune of thousands, and they're getting away with offering £700.
17:54The interest they made will probably cover the reduced payments.
17:58I do not know whether the Chancellor has intervened.
18:02I do know the Chancellor was interested, because she has mentioned it to me in person.
18:05The FCA is totally independent, and I'll be honest, I think the reason the payouts are a little lower than
18:11they were at first
18:12is probably more to do with the potential legal threats of judicial review from the car finance industry
18:19and the regulator trying to find a medium between the public and the car finance industry than the Chancellor intervening.
18:26I do not know. I have no knowledge on that.
18:28So, this is why I mentioned earlier that you would probably get more if you went to court,
18:32because they are paying less than the equivalent amount in court, but, of course, to go to court.
18:36You would need a solicitor in most cases, unless you're very competent, or a claims management company.
18:42I can't explain that. I'm not the Chancellor. I'm not the FCA.
18:44I will leave that for them to answer. I'm very glad you asked the question there.
18:47OK, Gordon, I hope that helped.
18:48OK, so now we can say good evening to Nikhil Rati, the Chief Executive from the FCA.
18:54He's here to answer some questions that you've got for him, Martin.
18:56Hi, Nikhil. I'm not going to ask you about...
18:58Well, let's ask, has the Chancellor spoken to you and asked you to cut the payouts?
19:02I speak to the Chancellor a lot, and I saw her this morning,
19:06but what we're going to announce is a free scheme on Monday evening,
19:10and it's entirely a decision of the FCA, independent of the Treasury.
19:14OK, well, there you go. There's an answer.
19:16Let's go straight into the questions we've had from the public.
19:18Xander, I read that some banks and claims firms are going to challenge the outcome,
19:23which may delay compensation yet again.
19:25Might this happen? Are you expecting them to challenge what you do?
19:30Like you said, Martin, millions of people have complained.
19:33This has been running for a number of years now.
19:35People have been waiting for a long time.
19:36The Supreme Court, High Court have made it clear that lenders broke the law.
19:40We're going to set out a scheme which is fair for everybody,
19:43and it's time to draw this to a close and get it done.
19:45And we don't think that lenders will get a better deal if they challenge it.
19:49It could cost them billions more.
19:52Also, we don't think necessarily that consumers would get a better deal going to court.
19:56That's very uncertain, and as you said, it could cost a lot of money in legal fees.
20:00So we want to bring this to a close and get millions of people the compensation they're due this year.
20:05And like you said, people should complain now if they're concerned.
20:09So I heard something there. I'm not going to ask you.
20:11I'm just going to interpret this for the audience.
20:14We don't think lenders will get a better deal if they go to court.
20:17You can hear there's a compromise going on between the two in this, hasn't you?
20:20Which is sort of what I was answering in the question before.
20:22And that's probably what your job is, to make sure that this works.
20:24I'm not going to push you on it, because you won't answer me, I suspect.
20:28So let's go on to Daniel, because loads of other questions.
20:30If I've already signed up with a law firm or a claims management firm last year about being missold car
20:35finance,
20:35can I get out of that agreement?
20:37Of course, this is meant to be an easy mass redress DIY scheme.
20:40What about people who signed up with CMCs?
20:43Yes, you can.
20:44You should contact the law firm and say you want to use the free-to-use scheme.
20:48Now, they may charge you an exit fee.
20:50That has to be reasonable.
20:51We have taken action against three claims management companies who have changed their exit fees.
20:56And that should make it easier for at least half a million of their customers.
21:00And if you feel that you're not being treated fairly, you can complain to the claims management ombudsman or the
21:06legal ombudsman.
21:07Our scheme is free to use.
21:08It'll be quick.
21:09And that's what we're encouraging people to do.
21:11So just to say, you can't complain to them both.
21:14You have to look at which one is regulating.
21:16So some are financial regulated with the claims management ombudsman and some are solicitors regulation authority.
21:21But look, I struggle on this.
21:23What is reasonable?
21:24What is a reasonable fee for the work they've done?
21:27Well, that will depend on each case, how many agreements were involved, how advanced the claim is, how many hours
21:33of work have been involved.
21:35So I can't give you a figure.
21:36But what I would say is if you're concerned, then you should complain and you should go to the ombudsman
21:41and they'll make sure you're treated fairly.
21:43OK.
21:44Damien tweeted.
21:46Can a car finance company refuse to approve PCP finance in the future, should I submit a claim?
21:54No.
21:55We have a consumer duty in place, which is a really tough piece of regulation to make sure that lenders
22:01have their customers' interests at heart and will be holding their feet to the fire.
22:06You know, we have 11 enforcement investigations underway already on the consumer duty.
22:11And in this time when it's really economically tough, you know, we're going to be watching out to make sure
22:16people are behaving properly.
22:17And just from my perspective, I mean, in bank charges and PPI, I had the same question.
22:21It was banned in the bank charges case.
22:23It was before it was even the FCA.
22:24You can't be punished for making a complaint and be treated badly for doing that.
22:30Andy, does the redress scheme apply to people who complained but the finance company said they couldn't find the details
22:35of the finance agreement?
22:36So what people are asking here really is, what are you going to do if they say we haven't got
22:40the details, but people know they had a car finance agreement?
22:44Well, if you had a car finance agreement, it may apply to you if you haven't been told important information
22:49about that agreement.
22:51You should look at the records you have.
22:52You should look at your bank statements.
22:54We're going to make sure the lenders do everything they reasonably can to find the information about you, Andy.
23:01And if you have information and they're saying no, they can't track it down, you will be able to go
23:06to the Financial Ombudsman Service, which is an independent, free-to-use dispute mechanism, and they will make the final
23:13decision as to whether you're due a payout under the scheme.
23:16But, Nikhil, just to manage expectations, let's imagine we're going back to 2010.
23:19You don't have the details.
23:20It's not on the Equifax app that I mentioned earlier, and the car finance firm doesn't have the details.
23:28There are going to – you said reasonable.
23:30Is that outside reasonable and therefore you're not going to get the money?
23:34I mean, is that fair that that might happen to some?
23:37Well, if the customer can't find any details and can't find the information from their bank statements, you can't find
23:43it by looking at your credit report,
23:44and the lender, having made reasonable efforts, hasn't tracked you down, then ultimately you can't find the information and you
23:52won't get any compensation.
23:53But we're going to be really holding the lender's feet to the fire to make sure they're doing this properly.
24:00And we think that the overwhelming majority of these agreements will be tracked down.
24:06And then two more to go.
24:09Linda, I lost my husband to cancer in 2014 and moved a year later.
24:13He had lots of cars over the years.
24:15I'm struggling to find the finance company details.
24:18Do you have any advice?
24:19So I just – what I really want to ask on this is I've talked about somebody who's died, what
24:23the rules are there.
24:26But are you going to be forcing companies to look at details of someone who's passed away's next of kin
24:33if they haven't complained?
24:35Is that something that will be looked at?
24:38So I'm really sorry to hear about your loss, Linda.
24:42The lenders will have to look at all of their customers who may be owed compensation during the period of
24:48the scheme
24:49and seek to make reasonable efforts to contact them with the details they have.
24:55We'll set out the precise requirements on Monday, and that will include, if necessary, contacting them at the last address
25:04they have.
25:05And hopefully that will help track down people such as Linda's lost loved one.
25:13Lorraine, today I received an email from a firm that I've never contacted saying thank you for engaging us to
25:18represent you in this claim,
25:20setting out their commission fee charges.
25:21How can I find out this is a scam?
25:23Well, very easily, if you didn't contact them, it's a scam.
25:26I'll tell you what I think happens, and this is just a warning for everyone.
25:28Sorry, I'll bring the question to you in a moment.
25:30Loads of online, especially on social media, check if you're owed car finance reclaiming.
25:34Fill in our form, and you fill in the form thinking you're doing an information request,
25:37but at the bottom you've signed up to be a claims management company's customer.
25:41If people didn't know they were signing up in that circumstance, what happens?
25:48They should contact the information commissioner,
25:51who can take details of any emails you're concerned about, which you didn't sign up to.
25:55If it's a text message, text 7726 and report spam.
26:00And we'll be taking action against companies, as will other regulators, to stop this practice.
26:06Because as you say, we want to make sure there isn't fraud in this scheme.
26:10We're going to make sure that lenders have fraud protections in place.
26:14We're going to have a dedicated helpline.
26:15We'll have a section on our website which gives genuine lender details.
26:18And we're going to have a chatbot too, so you can look at the details of the scheme
26:24and get an answer straight from us.
26:26But just to say, if you did sign up inadvertently without knowing,
26:29you should make a complaint and say, I wasn't aware I signed up,
26:32I don't count myself as a customer,
26:33and then make a formal complaint to the ombudsman on the back of that.
26:35My final question, this one's from Martin Lewis, from the Martin Lewis Money Programme.
26:41So I suggested to you that you do an equivalent system to 159 on your bank account,
26:46so you can contact your bank just by dialing 159 on your phone,
26:49so that anyone who gets one of these letters can dial a three-digit number to check that it's legit.
26:53Are you going to do that scheme?
26:56We're going to have a dedicated helpline, so anyone can call us,
26:59and then we can point them to the correct contact details for their lender.
27:05So that's how we're going to be going ahead with this,
27:07and lenders as well will have their own mechanisms to prevent fraud.
27:11But it won't be a three-digit number?
27:14We won't be doing 159, Martin, no.
27:16OK, all right.
27:17Nikhil, thank you so much for joining us.
27:19We really appreciate you coming on the show before your announcement,
27:21and I'm aware that that is quite tricky for you.
27:24And thank you very much for answering everybody's questions.
27:27Thanks for having me.
27:30Amazing.
27:31Thank you very much, Martin and to Nikhil.
27:32Well, next, we're about to see water, council tax, mobiles, broadband bills, and more all rise next month.
27:39Martin talks through how to get ahead.
27:41We'll see you soon.
27:54Welcome back.
27:54We've been talking car finance.
27:56We're about to talk how to beat the April price hikes.
27:58Just one quick note, the Equifax app is apparently gone down with so many of you trying it.
28:02I'm delighted.
28:03You're doing the right thing.
28:04Get your complaint in now, and you need to do that.
28:06I'm sure it'll be back up tomorrow.
28:07You've got some time.
28:08Don't worry.
28:09By the way, when I say get your complaint in, the key is to get your complaint in before the
28:12end of the three-month period after the announcement.
28:15So, you need to be doing it.
28:15Do it in the next few weeks.
28:16You're fine.
28:17OK, fantastic.
28:18Well, as you said, Equifax app is down.
28:19Lots of questions are coming in.
28:21We've got Alicia in the audience this evening.
28:23Question for you, Alicia.
28:25Hi there.
28:26I was wondering, are the prices of bills likely to change in April?
28:30And if so, when is really the best time to change my contracts to beat those price changes?
28:36OK, so the answer to the first question, you know they say April showers.
28:41When it comes to finances, April pees down on the nation with a whole raft of different price hikes.
28:46And the time generally to beat it is now.
28:49The only slight nuance is you might want to wait for a few things on the 1st of April so
28:52that you're not signing up just before a price hike.
28:55But most of the best deals don't do that.
28:57If you're signing up to a mobile deal now, it'll generally be that price for the next year and you
29:00might have a hike next April.
29:02Sooner is better.
29:04Time for the next part of my big briefing.
29:05I'll go through it.
29:07OK, here we go.
29:08Here is my horrible calendar of price rises and price hikes.
29:11Let's start with water bills and meter costs.
29:14Up an average 5% in England.
29:16It does depend on the water company that you're with.
29:18And 9% in Scotland.
29:21But there are things that you can do about this.
29:23Here we go.
29:24So, first big question.
29:27This is only for England and Wales, I should say.
29:29More or the same number of bedrooms in your house than people?
29:33Now, this is how it works.
29:34Here is our house, which I'd like you to know.
29:37I think you've been, our wonderful graphics designer, Nick, I think you've bribed him.
29:40She gets this massive en suite.
29:43I get the box room.
29:44I'm in the kitchen.
29:45But the most, the thing I found most disturbing about this particular image, who puts a sofa facing away from
29:51the television?
29:52Who does that?
29:53Makes no sense.
29:54Anyway, that's not the point.
29:56It's a three-bedroom house, which means it will, the bills are based on the rateable value back in 1989,
30:01which is basically a proxy for the value of the house, so it'll be quite expensive.
30:04There's only two of us supposedly living there, so we won't use as much water, so you'd be better off
30:08on a water meter.
30:09Water meters are free in England and Wales.
30:11Use the Consumer Council for Water's website, ccw.org.uk, to get a calculation and see whether you're likely to
30:17save.
30:18If they say you can't have a meter, common in flats with shared pipes, ask for an assessed charge.
30:24That's where they say how much you would likely pay if you were on a meter.
30:29And if that's lower than your water bills, well, it's easy, because you're basically just getting a cheaper bill for
30:32exactly the same thing.
30:33There are also freebies available at savewatersavemoney.co.uk, water-saving freebies that it is worth looking at.
30:39Yeah, just on this, Martin Jeff has come in with the success for that.
30:43Following your show, I had a water meter fitted, I was paying over £800 a year, now I'm only paying
30:47£264, a saving of over £500.
30:51Thank you, Martin.
30:54People always underestimate the potential savings on water bills.
30:58A couple more things, nearly £4 million missing out on discounts.
31:01If you are on a lower income and benefits, and in some cases all benefits, you may be able to
31:07get a social tariff that reduces your bill.
31:09I cannot tell you the criteria, because it's water company dependent.
31:13I did lobby the government to give a national criteria.
31:15They rejected it in the recent announcement, unfortunately.
31:17So it varies depending where you are, you just have to check social tariffs on your company's website.
31:22There's also the water sure scheme, and you can get both, which can cap your bill if you have a
31:27medical condition that means you need to use more water and you are on a meter.
31:32Crohn's disease is an obvious example for that.
31:34Or you've got more than three children and you're on benefits.
31:37So that's water.
31:38Water saving.
31:39There we go.
31:39Let's move to the next one.
31:41Council tax rising typically 5% in England, some places a little bit more, some places a little bit less.
31:464% to 5% in Wales, 4% to 10% in Scotland.
31:49Now, council tax, big subject.
31:51I do it on the show a lot.
31:52I'm not going to do it now, because I don't have the time in this.
31:54But very quickly, there are discounts available if you live alone or live with under-18s.
31:59If you're a student, if you're a carer, if you have a severe mental impairment.
32:03So that's an impairment of social functioning, and you also have to be eligible for certain non-means-tested benefits.
32:09So severe Alzheimer's dementia or severe stroke.
32:12Just worth looking at.
32:13Also discounts if you're on a very low income.
32:15Many people are missing out on that.
32:17You don't get it automatically if you're on universal credit.
32:19You have to go to your council.
32:20And if you've got a disability.
32:21And then there's my check and challenge system.
32:23Do you all know what that is?
32:24You all heard about that before.
32:25It's about 400,000 homes in England and Scotland, likely in the wrong band.
32:30First of all, you check your neighbour's band in an identical house.
32:33You can go on gov.uk to see what the bands are.
32:35And then you do a valuation check.
32:36We don't have time.
32:37Look it up.
32:38Check and challenge system.
32:39Check and challenge system.
32:40See if you can cut your band down.
32:41We get big savings on that.
32:42I'm going to move on though.
32:44Mobile contracts.
32:45Typical rises.
32:46Even if you're mid-contract.
32:49Around £2.50 a month.
32:51Remember £2.50 a month.
32:53Let me just move on here.
32:55So here's what you do.
32:56Three steps.
32:57Text info for free to 85075 to check if you're free to switch.
33:03Because 14 million of you are out of contract and free to switch.
33:07If you do it on 3ID Mobile or Smarty, you might need to send your date of birth back.
33:10That's not a problem.
33:11So don't worry if you get that.
33:12Now what you're looking for is you'll get a text back in most cases.
33:15If you're on a multiple phone contract, you can't do it.
33:17And if it says you have no early termination or cancellation charge, you are free to switch.
33:23If you're free to switch, go on to a SIM comparison.
33:26Sorry Martin to interrupt you.
33:27Christopher's been in touch on this actually.
33:29I changed my mobile phone contract and saved myself over £338 a year and the process was so easy.
33:35Oh, there we go.
33:37That's cool.
33:39Lovely.
33:40So there are big savings to be had here.
33:42Let's go through.
33:44So SIM comparisons, most of the cheap deals aren't available direct.
33:47These are just examples and there are different prices on different comparison sites.
33:51But you want to go through a comparison.
33:53Remember £2.50 is the average it's going up on a contract.
33:57Labara, 10 gig, Vodafone Signal.
33:59The equivalent over a year, £2 a month.
34:02Not going up £2 a month, paying £2 a month for a 10 gig, unlimited minutes, unlimited calls, up to
34:07£5 a month, going on a 30-day rolling contract.
34:09Now when I say equivalent, that's because what actually happens is you pay like £1 for six months on some
34:14of them and then £5 for six months.
34:16And you get a voucher that goes in and you add all that in and divide it over a year
34:19and it's £2.
34:20But it's so much cheaper than many are paying.
34:22Chalk Mobile, 100 gigs between £9 a month and £11 a month, depending on which comparison site.
34:27If you're saying to me, I need my signal, there are only four networks in the UK, all other networks
34:33piggyback on them.
34:34A good comparison site, you'll be able to say, I only want this network, show me all the different companies
34:39that use the same signal and I want to find the cheapest on that.
34:42And then finally, to keep your number, text PAC to 65075, it'll give you a code to give to your
34:48new provider.
34:49But I have a cheaped code here.
34:53I'd prefer you to do all three, but if you don't want to, you're out of contract, just text PAC
34:58to 65075.
35:00What they often say is, here is your PAC code, we're sorry to hear you're leaving, how about if we
35:05charged you half what you're currently paying to stay with us, would you stay?
35:09You never know.
35:10It might be foot.
35:15OK, let me carry on.
35:20So, broadband's next, very similar to mobile, get yourself onto a comparison site, the cheap deals are all promos on
35:24the comparison sites there, rising £3 to £4 a month.
35:27Energy bills.
35:28This one is actually, bizarrely in the news, going down.
35:31Now, the energy price cap is dropping 6.7% in July.
35:36Sorry, in April, it's likely to rise in July, and we'll be doing a show on that in a few
35:41weeks' time where I'll be talking about exactly what we can do about that.
35:43But crucially, if you're on a fixed rate tariff, if you're on other tariffs, because of policy changing to the
35:49underlying cost of energy bills,
35:51your rates will fall even on existing fixes by 7% to 9% on most, not quite all, most,
35:57not quite all tariffs on the 1st of April.
36:00So, everybody's bill, even with all that's going on about the Middle East crisis, is likely to come down from
36:05April anyway.
36:06Next.
36:09Stamps.
36:10Prices are rising up to 6%.
36:1110p on a first-class letter-sized stamp.
36:13You can stomp down on this.
36:14All you have to do, go buy your stamps now.
36:16As long as it says first or second on them, they are valid in perpetuity.
36:19They're valid ever on, so you may as well buy them when they're cheaper.
36:21You're going to be sending Christmas cards this Christmas.
36:23Buy your stamps now.
36:24Simple as that.
36:24Look at this.
36:25This is a huge success that's coming on stamps.
36:26On stamps?
36:27Yes, look at this.
36:28Following Martin's comments on stamps going up, we bought £10,000 worth of first-class stamps for our business back
36:35in 2022.
36:36Yeah, I've been doing this a long time.
36:36I say the same thing every time the practice goes up.
36:38So, we've used 80% of them and only have £1,900 left.
36:42However, their value is now still over £5,300 of all the price rises, our most profitable investment in the
36:49last four years and many things.
36:53That's great.
36:54I was just doing some...
36:55They must be using large letter stamps for them to be worth £5,300.
36:59Nerdy, but I enjoyed the calculation.
37:01Let's move on.
37:01And finally, passport fees are rising by up to £17.50.
37:05Can't really do much about that unless your passport needs renewing, in which case you may as well do it
37:08just before that goes up.
37:10And that is how to steal a march on April hikes.
37:13Brilliant stuff.
37:13Thank you, Martin.
37:15Wow.
37:16Well, after the break, we've got an urgent, catchy, need-to-knows and a trick to get a totally free
37:21Amazon voucher.
37:22So, don't go anywhere.
37:34Welcome back.
37:35We've done car finance reclaiming.
37:37We've done April price hikes.
37:38We've got tax deadlines, cash ISAs and a trick to get a free £50 Amazon about to come in a
37:42minute.
37:43Jeanette, what do people say?
37:44Lots coming in.
37:45Trying to keep up on my tablet, but this is from Joanna.
37:47She's messaged and she said,
37:48I took out car finance, but it was in my ex-partner's name.
37:51I paid it every month through my named bank account and I settled the final payment.
37:56Will I be able to make a claim or not, as the actual agreement wasn't in my name?
38:01Almost certainly, as in all firms of finance, the fact that you paid it is not relevant.
38:05The agreement is with your ex-partner.
38:07So, it is your ex-partner who can make a claim.
38:09Now, you, not my area, may be able to make a claim off your ex-partner if you believe that
38:15the agreement was that the money was yours,
38:16but you don't have a claim off the finance firm because the financial agreement was with your ex.
38:21Does that make sense?
38:22Yeah.
38:23Yeah.
38:23OK.
38:23All right.
38:24And then this one from Debbie.
38:25Would an agricultural tractor be included in the motor finance?
38:29Big question.
38:30Well, if you remember I said earlier, it must be primarily for personal use,
38:34which I wouldn't think an agricultural tractor would be.
38:37And if it's business, it needs to be a sole trader or potentially limited partnership
38:41and it costs under £25,000, which I don't think an agricultural tractor,
38:45I haven't looked at their prices recently, would be.
38:47So, my answer is very, very unlikely.
38:50OK.
38:51Well, we can give you some news you can use this evening, Martin.
38:55Yeah, let's do it.
38:58OK.
38:58So, I'm going to start by say goodbye to 2021-22.
39:02This is because there are four ways that you can back claim on taxes.
39:09And the rule on taxes is you can have this current year and count back four years.
39:13Now, on the 6th of April, we go to next tax year because it's a new tax year.
39:18So, that means you can, claiming back four years, we're now in the period, the last period,
39:23that you can claim the 2021-22 tax year for things, specifically the 6th of April 2021 to the 5th
39:28of April 2022.
39:29So, if any of these apply, you need to go quickly, and that's what this whole next category is all
39:35about.
39:35There you are, the four things that you can claim back for four years.
39:38First one is marriage tax allowance.
39:40Now, for this, we've talked about it many times on the show, you have to be married or in a
39:45civil partnership.
39:46Just living together, common law does not count under the law.
39:49You need to have done a civil partnership or a marriage.
39:52Then, the non-taxpayer can go to gov.uk and apply to shift 10% of their personal allowance,
39:59the amount that you can earn each year without paying tax, to the taxpayer.
40:0310% is £1,250.
40:05So, that goes to someone who would have paid 20% tax, so they save £250 a year of tax
40:12because they've got a bigger tax-free allowance.
40:14But if you were eligible, you can claim back four tax years,
40:18which means you're about to lose the 2021-22 tax year.
40:22So, if you haven't done it and you were eligible for that, get your skates on.
40:26And on this, we've got a quick film over to Stephen Hillary, who'd been married for 44 years.
40:33We were watching the show and we heard Martin talking about transferring the Spice's tax allowance.
40:39I had retired on medical grounds, so I was not paying tax.
40:43And he said that it is possible to transfer a non-taxpaying spouse's tax allowance to their partner.
40:52Following the show, I went onto the gov.uk website and was surprised how easy it was to complete the
40:59forms.
41:01We are benefiting from about £250 a year in tax allowance.
41:08I was able to claim, I think it was about four years of back tax, which was about £1,000.
41:14And we used that £1,000 to have a rather nice holiday in Cornwall, particularly as it coincided with Hillary
41:21recovering from her chemo.
41:24If you can save a few pounds here and a few pounds there, it's his money in the pocket.
41:35Thank you, Stephen Hillary.
41:37When I watch that, I love what I do.
41:41It's quite moving.
41:42Tax codes.
41:43Urgently check if yours is or especially was correct for 2021-22.
41:47So the tax code tells your employer or your pension firm what tax to take off you.
41:53Millions are wrong each year.
41:55You may have overpaid tax and be due thousands of pounds tax, and you need to do it quickly if
41:59it's that 21-22 tax year.
42:01Crucially, it is your responsibility to check that it is right.
42:04It is not HMRCs.
42:06It is not your employers.
42:08Legally, even though it's tricky and difficult, and that's really weird, legally it is your responsibility.
42:12There are free tax code calculators online, but just to give you a quick sniff of it, this is the
42:19most typical tax code in the UK right now.
42:22Here we go.
42:221-2-5-7-L.
42:24You'll be sent this.
42:25Now, the letters are really difficult.
42:27You'll need to go and do a calculator in most cases to work out what the letters mean.
42:30But the numbers, there's a simple trick.
42:33Add a zero to the end and put a pound sign at the beginning.
42:37So that becomes £12,570.
42:39That is your tax-free personal allowance, the amount you can earn each year without tax.
42:44And that's what the number on your tax code with the nought on the end tells you.
42:47There we go.
42:48I'm going to rush through these two now.
42:50Do you wear a uniform to work?
42:51For example, a branded T-shirt or something.
42:52If so, you can claim a tax rebate via the P87 form.
42:55If you wash, repair your uniform yourself.
42:57You should not and don't need to pay anyone to do it.
43:00The minimum allowance is £60 a year, so it's only a £12 a year gain as a basic rate taxpayer.
43:04£24 higher tax.
43:06But some professions, the allowance is much higher.
43:08And this is the last time I'll do this.
43:10The final PPI payouts were being done in 2021-22.
43:13If your payout was that year, then tax would have been taken off the interest that you paid.
43:18If you don't pay savings tax in that year, which most people don't in that year because interest rates were
43:22very low,
43:22and you can earn £1,000 of interest a year without paying tax on it,
43:25you can claim back that tax.
43:27You need the R40 form.
43:28Get your skates on for 2021-22 DIY.
43:31If that's a bit complicated, because it is, because I'm rushing it,
43:35PPI payout reclaim guides are online to help you through it.
43:38And now to something different.
43:40Time for three quickies.
43:41Okay, first a trick to get a totally free £50 Amazon voucher.
43:44You'll need a reasonable credit score.
43:46If you apply right now to the Amazon Barker Card credit card,
43:50if you're accepted, you'll get a £40 Amazon voucher.
43:53If you then log into the Barker Card app, you'll get a £10 Amazon voucher.
43:57That's £50.
43:58Then, they won't like me saying this.
44:00You can just cancel the card without spending anything.
44:03And therefore, you've got £50 for doing absolutely nothing.
44:06You could also keep the card.
44:07It gives half a percent rewards, effectively, in Amazon spending,
44:10which is decent but beatable, provided you repay...
44:14Payable!
44:15Otherwise, the interest would dwarf the reward.
44:16But there's nothing wrong with that.
44:17If you shop in Amazon, it gives up to 2% if you're an Amazon Prime customer
44:20on Amazon spending, and then it does become quite good.
44:22The only thing I would say is don't do this
44:24if you're about to make a bid credit application, like a mortgage,
44:27because it can have a short-term, minor impact on your credit worthiness.
44:31For everyone else, £350 at Amazon.
44:34Cash ISA.
44:34We did a programme on the 10th of March,
44:37watch it back, about ISAs.
44:38Loads of people keep asking me cash ISA best buys,
44:40but shares ISAs are good if you're saving for long-term.
44:41Top easy access variable for newbies, trading 2-1-2,
44:45but via comparison sites, not direct, 4.68% or plumb, 4.66%.
44:48If you're transferring as well, so you want to move in existing ISAs,
44:52Moneybox, top rate for transfers, 4.51%.
44:55Again, newbies only, and it's got a year-long bonus.
44:58Cash ISA fixes, Hodge Bank, one year, 4.36%.
45:01Two years, Furnished Building Society, 4.45%.
45:04And I haven't got long left, and I don't normally do,
45:07non-consumer issues, but this is so big.
45:09If you're a sole trader or landlord with £50,000 a year income,
45:12making tax digital is starting.
45:14It is a radical change to self-assessment.
45:16Some people not so happy about it,
45:18some accountants leaving the business because of it.
45:19From the 6th of April, you need to keep digital records
45:22and submit quarterly updates.
45:23If you don't know about it, and that's you,
45:25you need to do your reading on it right now.
45:27We are back on the 26th of April.
45:29I wish you a very happy new tax year, 28th of April.
45:32New tax year on the 6th of April.
45:33I'll be online for the car finance announcement.
45:35See me on socials.
46:06We'll see you on socials.
46:06provider at WW kmSI.
46:06Thank you for that, please.
46:07We'll see you on socials.
46:08There you go.
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