Don’t be fooled by the apparent generosity of the energy companies that have frozen the price of gas and electricity until at least the end of the winter. Their marketing people are earning their money with their full page advertisements published on the coldest days so far of this winter telling us that they are not putting prices up. What the ads did not tell us is that the companies bought their gas electricity in the wholesale markets when prices were much cheaper. And they are only freezing their already very expensive standard variable rates. They are not however freezing […]
Category: Money Fight Club
New inflation index is hollow victory
Someone in Government has listened to us and finally recognized that buying and owning a house is expensive and getting more so. The Consumer Prices Index that has been favoured by the Government to assess the rate of inflation has ignored mortgage payments, council tax, buildings insurance and estate agents costs. It replaced the Retail Prices Index devised in the First World War, which includes all these costs. This sleight of hand has meant that the official inflation rate is currently 1% while the traditional RPI which is 2% is ignored by the authorities unless consumers are paying. It is […]
Service charges horror for flat owners
Leasehold, a unique form of tenure unique to England and Wales is preoccupying us this week as so many buyers of flats are hit with unexpected bills. First of all I am helping a group of flat owners who have been hit with a 30% surcharge on their service charges, which seems bad until you hear of a young couple forced out of their home by the cost of their service charge. Yes, the charges must under law be reasonable and management companies must account for their spending but both the cases above demonstrate how hard it is for people […]
True measure of inflation is ignored
How did it happen? The upstart measure of inflation CPI has so overtaken RPI that is now ignored – particularly now that the Retail Prices Index is now running at 2% twice as much as the Consumer Prices Index. In other words we believe inflation is half as high as it really is. Since 2010 the Government has used the lower CPI for benefits, tax credits and public sector pensions. But student loans, rail travel and mobile phone contracts are increased in line with the RPI. Savings rates are worse than they seem As savings rates are shy of both […]
Double charging the poorest borrowers
It’s always the same. It’s the poor what gets the blame and are charged far more than they should be. At the end of September Wonga managed to charge customers twice leaving thousands without money to buy food or pay their rent over a weekend. But that accident was resolved in days. When it comes to overcharging it is the establishment lenders that know how to double charge their poorest customers over many years and take their time to put their customers back. Poorest customers will be repaid The Financial Conduct Authority estimates that up to 750,000 mortgage customers, […]
Socially irresponsible loan ad banned
Fans of Grand Designs, the Channel 4 television programme, know that those home builders with more expensive taste than their budgets warrant end the programme with the sorry confession that they have maxed out their credit cards to pay for the build. In the worst cases they have to sell their new home or take on extra work to pay off the debt mountain. It is not what anyone on that programme or involved in more modest home improvements should set out to do. Not that you would guess it from an advertisement on the ‘home make over channel’ back […]
Don’t ask, dont…
In advance of the Women At The Top Summit organised by the Financial Times this week – where Money Fight Club co-founder Lindsay Cook looks at women and pay – she blogs on the underlying premise – don’t ask… don’t get. From pay rises to energy bills – how to get what you want One of the few rules of Money Fight Club is that if you do not ask you do not get. It applies to asking for better prices on insurance, energy bills, mortgage rates and fruit and vegetables in the market. We recommend that you allow yourself […]
Don’t just buy on price
Using consumer reviews and other sources This week we take on consumer reviews -can we rely on them and what should we check before making a purchase? Plus The Archers radio show is awarded our Golden Gloves Award this week and a word or two about ATM etiquette. Listen on AudioBoom […]
Has payday spending reached pandemic proportions?
The arrival of the monthly pay cheque into our bank accounts seems to be the starting gun for a few days of reckless spending (irrespective of what bills are due, or debts outstanding). Millionaire weekends are enjoyed by many who spend the rest of the month eating porridge and baked potatoes and are overdrawn at the end of it. Supermarket trolleys are fuller after payday; so are pubs, restaurants and shops. Some of us don’t even wait to leave the office but spend online as soon as the money hits our accounts. Apparently we spend around 9 days a year […]
Money Fight Club praised by financial award winner
Georgie Frost of Share Radio named Headlinemoney Financial Broadcast Journalist of the Year 2016 Here at the Money Fight Club dojo we’ve been cracking open the champers in honour of Georgie Frost at Share Radio. Every Tuesday at 11am we join Georgie on her Consuming Issues programme for Share and are blown away by her grasp of tough topics and her ability to ask the real questions that consumers want answering So we popped the laces on our gloves in delight when she was named Financial Broadcast Journalist of the Year 2016, against a highly competitive field. The judges were […]