January 3rd, 2025 | Andrew Hagger | News

This weekend, airline and travel firms will be expecting their biggest day of 2025 as holidaymakers look to banish their January blues and book a trip on ‘Sunshine Saturday’. TotallyMoney is urging customers to protect bookings from fraudsters and airline failures by activating Section 75 when using a credit card:

• Around four in ten (37%) people book a summer holiday at this time of year*
• Last year, two thirds (64%) of people planned to go abroad†
• Booking.com has reported a 900% increase in travel scams over 18 months‡
• Section 75 is free, and covers credit card transactions between £100 and £30,000 — not just when travel companies go bust, but any other qualifying big ticket purchases

Regulated by the Financial Conduct Authority (FCA), credit card firms are equally liable by law if the supplier doesn’t stick to their side of the agreement. That means, if eligible, the customer is guaranteed to get their money back.

 Section 75: SPF for big purchases

This Saturday, travel firms will see a surge in bookings as customers banish their January blues and plan their holidays for 2025. To give holidaymakers extra confidence in getting their money back should something go wrong with the travel firm, or they fall victim to fraud, TotallyMoney is urging people to protect purchases with Section 75 of the Consumer Credit Act.

You could also be covered for ‘consequential losses’ — so if the airline has gone bust and you don’t travel, you might be able to claim hotel and other additional costs.

Section 75 covers any transaction between £100 and £30,000, and is only possible with a valid credit card — not cash, debit cards, loans or buy now pay later services. Only part of the purchase (such as a deposit) needs to be made with a credit card for it to qualify — and it’s free. Making a claim under Section 75 won’t impact your credit rating.

And it doesn’t just cover travel, but also instances such as buying white goods which turn out to be faulty, or a firm failing to deliver on a purchase when it goes out of business.

 Alastair Douglas, TotallyMoney CEO comments:

“In recent years, holiday firms such as Flybe, Thomas Cook and WOW Air have all gone out of business, while we’ve also seen a rise in travel scams. This has left holidaymakers stranded and out of pocket.

“So if you’re making a booking, or even just a big purchase, you should try to use a credit card when paying, giving yourself some extra protection should anything go wrong. That’s because the credit card provider will be equally liable by law if the supplier doesn’t stick to their side of the agreement.

“You could also spread the payments over 22 months with a purchase card, meaning you’ll have until October 2026 to pay it off, without paying any interest. This could give you some extra breathing space and less pressure on your finances. If you’re planning on taking the same card with you on your travels, then check the charges because some will carry extortionate ATM and purchase fees abroad.”
#ENDS

 TotallyMoney selects five Section 75 tips:

Below, Alastair Douglas shares five top tips for securing Section 75 claims, should anything go wrong.

1. It covers purchases between £100-£30,000

“Individual items and purchases costing more than £100 and up to £30,000 are covered under Section 75. So, whether it’s a cancelled flight or an all-inclusive family holiday, as long as you paid for part of it on credit card, you could be reimbursed the full amount if the company goes bust.”

2. It’s just valid for credit card payments

“Unless at least partially paid on a credit card, Section 75 doesn’t apply to purchases using debit cards, cash, loans, or Buy Now Pay Later.”

3. There are some exceptions

“Buying through a third party, like travel agents or even PayPal, might make your Section 75 protection invalid. That’s because it might break what they call the ‘debtor-creditor-supplier’ agreement — so where possible, try and pay directly.”

4. Part pay, full protection

“Remember that only part of the purchase needs to be paid with a credit card — so if you pay the deposit with a credit card and the rest debit, Section 75 should let you claim the full amount.”

5. It covers you for more than just travel

“Section 75 covers all qualifying purchases. Whether that’s when you buy a new television and it turns out to be faulty, or if you buy a new settee and the firm goes under. If you’ve used a credit card, you could be protected under Section 75 of the Consumer Credit Act 1974.”

December 31st, 2024 | Andrew Hagger | News

‘Sunshine Saturday’ is the first Saturday of the New Year and traditionally kicks off the peak holiday booking season, with Britons snapping up early deals to escape the winter blues.

As the UK travel industry gears up for ‘Sunshine Saturday’ – falling on January 4th this year – Multitrip.com, a specialist travel insurance provider, is calling on holidaymakers to organise travel insurance alongside their holiday bookings.

If someone needs to cancel*** their holiday due to unforeseen circumstances such as illness, they need to have travel insurance in place to protect their holiday costs. Multitrip.com found that in 2024 more than half (55%)* of those who buy its single trip travel insurance policies buy them less than seven days prior to departure. This delay means they lose out on this critical coverage.

Christian Bennett from Multitrip.com explains: “By buying insurance as soon as you book, or ‘ASAB’, you’re safeguarding your holiday investment, and ensuring you’re protected should you be unable to travel.”

Worryingly, in a Multitrip.com survey**, carried out by Opinium, of 1,000 holidaymakers, 21% of holidaymakers say they have travelled abroad without any insurance at all, with nearly a quarter mistakenly believing that a UK Global Health Insurance Card (GHIC) covers all potential medical costs abroad.

“A GHIC only provides basic state medical care in some countries including the EU and Switzerland,” Bennett continues. “It won’t cover the expense of getting you home or the costs of an extended stay due to a medical emergency.”

Travel insurance is needed for more than just medical care. The Opinium survey further reveals that more than 60%** of travellers have encountered issues abroad, from needing medical attention, to lost belongings and missed connections. Christian Bennett adds: “It’s crucial to thoroughly research travel insurance options to ensure you have the right coverage tailored to your needs, and carefully review your chosen policy, paying attention to coverage limits, excess and add-ons. At Multitrip.com, we offer three levels of cover with optional add-ons, allowing customers to tailor their policy to suit their needs.”

Multitrip.com offers a range of policies to suit different needs and budgets. The Annual ‘Essential Cover’ policy, starting from just £19.99****, includes up to £1,000 per insured person for cancellation or curtailment and £1,600 for baggage or baggage delay. For those seeking more comprehensive protection, the ‘Premier Cover’ provides up to £3,000 per insured person for cancellation or curtailment and up to £2,000 for baggage. The ‘Premier Plus Cover ‘ offers the most extensive protection, with up to £5,000 for cancellation or curtailment and up to £3,500 for baggage or baggage delay.

December 27th, 2024 | Andrew Hagger | News

New research released today has revealed Britain’s biggest money concerns for the new year, with 45% of people saying they are anticipating a bad year financially.*

The survey, carried out by Go.Compare Money, asked Brits about their feelings towards their finances as the new year begins, as well as their top money worries. It found that more women (47%) than men (43%) admitted that they are anticipating a bad year financially in 2025, with the rising cost of living coming out as the top concern (46%) and three in 10 saying they were worried about not having enough savings.

The data also reveals that, across the age groups, 18-24 year olds are most worried about maintaining mortgage payments in 2025, with 14% citing it as a top financial worry – 5% higher than the average of 9%. While those aged 55 to 64, say that the top concern was saving for their retirement, with (26%) saying it was their top financial worry.

Looking across the UK, 50% of those in the South West say they are anticipating a bad year financially in 2025, followed closely by those in the South East and East Midlands (49%) and in Wales (48%). On the other end of the scale, it’s Londoners with the most optimism, with two-thirds anticipating a good year financially, followed by Northern Ireland (63%) and those in the North East (59%).

Matt Sanders, money spokesperson at Go.Compare commented:  “The new year is a great time to sit down and evaluate your finances. Take a look at what you are paying for – is there anything you don’t use anymore? Can you shop somewhere cheaper for groceries? Are you spending too much on lunch? With so many people worried about what 2025 will have in store for them financially, taking a look at your current outgoings and where you can make some savings is always a good place to start.

“Identify those opportunities to reduce your spending and then think about the next steps. At Go.Compare we want to help people save money wherever they can so we have put together our top money-saving tips:

• Use cashback sites: There are lots of cashback websites out there to help you make a little bit of money back when you are spending. From fashion to beauty, holidays and takeaways it’s a great way to put a bit of extra cash back in your pocket.
• Change banks: Switching your bank could make you a bit of cash. Some banks and building societies offer an incentive to move your account to them and with the Current Account Switch Service, it’s easier than it has been before. To find out more visit here.
• Cut your energy bills: Your energy bill is likely one of your biggest bills each month so it’s a good place to see if you can make any savings. With the market opening back up, it’s a good time to take a look at your tariff and see if you are on the best deal for your energy needs. Learn more about switching here.

“No matter what your financial situations look like it’s important to never bury your head in the sand. There is no shame in reaching out if you need a bit of extra support –  StepChange, Turn2us, British Red Cross or Mind are just a few organisations that could help you, and they don’t charge either.”For more money saving tips visit here: https://www.gocompare.com/savings/money-saving-tips/ 

December 21st, 2024 | Andrew Hagger | News

Boosting mental health is a key driver for adopting good saving habits, with one in three (31%) people in the UK confirming that they are less stressed when they are saving regularly. 

As we see the back of the festive season, many Brits will be using the ‘Twixmas’ period to lean into saving habits and plan for the year ahead, with nearly a quarter of Brits (23%) saying they do identify as having a ‘frugal’ mindset when it comes to saving and spending. 

Even amongst those who don’t necessarily think of themselves as frugal, nearly nine in ten people said they frequently applied at least one regular money saving habit. Those ranged from skipping takeaway drinks for 40% of UK residents, to cancelling unused subscriptions (40%), not going out to pubs, bars and on nights out (37%) or for meals (34%) more than once a month, and ‘meal planning’ meals carefully to reduce spend on office lunches (35%).

People were indeed so serious about developing good financial habits that nearly four in ten said they’d considered using the services of a qualified financial advisor – with this trend most prevalent in younger age groups. Indeed, 47% of 18-24 year olds and 53% of 25-34 year olds have considered using this service.

Spending trends range from doom spenders to yo-yo savers 

Although most people are keen to apply good money habits, savers across the country did admit to behaviours that got in the way of setting a regular habit, with those most prevalent amongst younger age groups. One in four (24%) of 18-24 year olds admitted to ‘yo-yo spending’, a trend where periods of overspending are followed by a complete ban on buying even basic essentials, with one in five (19%) 25-34 year olds also admitting to this habit.

Another prevalent trend was amongst ‘saving dippers’, where people save up a lump sum but then can’t resist the urge to dip into savings once they’ve reached a certain amount – this impacted one in five (20%) of 18-24 year olds and nearly three in ten 25-34 year olds (29%)

People aged 18-24 year olds were also twice more likely (17% vs 8%) than the national average to ‘doom spend’, a trend where people are more inclined to live in the moment and not prioritise saving for the future because they feel morose about the current climate and future prospects.

However on the whole, most people reported positive habits and close to half (46%) were satisfied with their financial situation. The most common reasons to save were to set up a rainy day or emergency fund for 52% of respondents in the event of a loss of income, while planning for unexpected expenses (51%) and planned goals such as holidays, house renovations and events (39%) also key saving priorities. On average, people aimed to save 23% of their income. 

HSBC UK’s Head of Everyday Banking, Pella Frost, commented: “The run-up to January is a great time to review your finances and set some goals for the year ahead.

“Planning your financial future can be easier if you start by mapping out your goals, whether that’s the holiday of a lifetime, or boosting your rainy day fund. There are a number of tools people can use to support them with saving better, for example our Savings Goals feature, which helps customers make a plan and stick to regular saving habits and improve their financial resilience over the long-term.”

HSBC UK’s Savings Goals feature is helping customers create almost 20,000 goals every month on average, with more than 100,000 goals already created since the tool launched earlier this year. More than one in ten goals set has already been achieved by HSBC UK customers.    

On top of this, HSBC UK also offers Investment Goals, which helps customers make a plan for achieving their long-term financial goals and set aside money each month to invest. 

Finally, customers and non-customers alike also have access to a range of tools to help them plan for their financial future, including a Financial Fitness Tool, Savings Calculator, account comparison tool, and free 1:1 financial health checks. 

December 20th, 2024 | Andrew Hagger | News

As the new year approaches, it’s time to start thinking about your financial goals for the upcoming year to budget effectively.

Christie Cook, head of retail at Hodge Bank says:

“Financial stability shouldn’t be scary or off-putting, it should be accessible to everyone, which is why starting the New Year with a strong budgeting plan is essential for achieving your goals.

“By implementing even a few of these techniques, people can feel confident taking control of their finances and working towards whatever their goals may be for the New Year.”

Christie has also provided five essential savings tips for the new year:

Harness the Power of the 50/30/20 Rule

“One of the most effective budgeting strategies is the 50/30/20 rule, which encourages people to allocate 50% of their income to essential needs, 30% to discretionary wants, and 20% to savings and debt repayment.

“This simple framework empowers consumers to manage their finances while ensuring a balanced approach to spending and saving.”

Set Achievable Savings Goals
“I recommend setting specific and measurable savings goals to provide direction and motivation.

Whether aiming to save for a holiday, a new home, or an emergency fund, clear targets can make the savings process more achievable and rewarding.

Automate Savings for Success
“Automating savings transfers is a proven method to enhance saving habits. By establishing automatic transfers from checking to savings accounts, individuals can make saving a consistent and effortless part of their financial routine, ensuring they reach their goals without added stress.

“By opening a fixed savings account, it ensures you can’t touch your savings for a set amount of time. For example, the Hodge one-year saver means you can’t touch your savings for at least twelve months. However, at the end of the 12 months, you’ll have accumulated interest.

“As has become popular on social media platforms such as TikTok, those looking to save as much as possible have engaged in “No Spend” months, whereby the challenge is to curb impulsive spending for an entire month and instead only focussing on spending when it is essential.

“It is worth trying to challenge yourself with this type of trend. Or, if you think this may be too difficult, it may be worth cutting something out of your spending that you feel you can’t live without, but definitely can, such as takeaway coffees or meal deal lunches for work.”

December 16th, 2024 | Andrew Hagger | News

Car buyers in the Mid Ulster area of Northern Ireland will pay an average of £689 extra tax next year as a result of Vehicle Excise Duty (VED) rises, a new study finds.[1] The increased first-year rates, also known as showroom tax, were announced in the Autumn Budget and are due to arrive in April next year.

While location doesn’t directly impact the amount of tax charged, the study shows which areas will be most affected by the changes due to the cars bought there. VED rates are based on CO2 output, meaning drivers of heavily-polluting cars will pay the most when the changes come into effect. Based on this, Mid Ulster motorists will see the highest average increase per car due to the rise.

The research comes from Go.Compare car insurance, which reviewed Department for Transport figures on the number of new private vehicles registered in each region in the first half of the 2024 tax year. It applied the existing and upcoming first-year rates for VED to these vehicles to estimate how much more new car buyers will pay next year in each part of the UK, if buying habits stay the same.

Mid Ulster wasn’t the only part of Northern Ireland that ranked in the most impacted areas. Fermanagh and Omagh, as well as Newry, Mourne and Down also placed in the top 10. The study says that if 2024 trends continue, drivers in these locations face average VED increases of £502 and £494 respectively.

Mid Ulster was also one of only two places facing an average rise above £600. The other is inner London, where the average tax paid is set to rise by £625 – almost £100 per car more than the next most impacted area.

This suggests that drivers in Inner London are opting for vehicles which emit some of the highest CO2 levels, despite the city operating an ultra-low emissions zone. Based on this, drivers may be choosing to pay the ULEZ charge rather than opt for a greener car.

These figures were also reflected on a regional level, as London and Northern Ireland are the two regions where the average cost per car is set to rise the most. Across all of London, the average tax increase will be £475 per car, while those in Northern Ireland will pay an extra £454.

In contrast, drivers towards the north of the UK will be less affected due to the vehicles they buy. Motorists in the North East will see the lowest VED rise, working out as an extra £384 per car on average. Welsh and Scottish drivers will also notice some of the lowest fees, with increases per car of just £397 and £404 respectively.

Tom Banks, car insurance expert at Go.Compare, said: “The increased VED rates mean most new car buyers will be paying a lot more than they were expecting in 2025. If you live in a region where buyers tend to go for high CO2 cars, then drivers in your area will be the most impacted by the rise. But, if you’re worried about how the changes will affect you, there are ways to minimise the impact on your finances.

“For instance, consider purchasing a low-emissions car that will place your vehicle in the cheaper tax bands. If you can’t purchase a suitable hybrid or EV, you could opt for a nearly new motor instead. This gives you that new car feeling for a fraction of the price, and will allow you to dodge the increased tax.

“Otherwise, see if there are any other ways you can reduce your motoring spending to make up for the increased tax costs. For example, comparing car insurance policies might allow you to find a provider that offers the same level of cover for a lower price, and driving in a way that minimises your fuel usage could help to reduce costs further.”

To find out more about the rise in first-year rates for VED, go to Go.Compare’s website.

December 12th, 2024 | Andrew Hagger | News

Over half (57%) of UK adults don’t have a will in place, including a third (32%) of over-55s, reveals new independent research* conducted on behalf of Handelsbanken Wealth & Asset Management, highlighting a critical gap in estate planning across the nation.

Handelsbanken Wealth & Asset Management’s study shows that this figure rises to four out of five (79%) of 18-34 year-olds, putting families at risk of undue stress, potential legal disputes, and unintended inheritance and guardianship outcomes, should someone die intestate.

A lack of knowledge around how to put a will in place was cited as the main driver for people not having one – selected by 11% of respondents – followed by concerns around the expense involved (10%), and the thought of it causing too much emotional discomfort (6%).

The research also suggests a level of unease around discussing wills with their family – another potential hindrance. Just over half of Brits feel comfortable talking about their will with their partner (55%) and children (50%), with far fewer feeling able to broach the subject with their parents (17%) or siblings (20%).

Christine Ross, Head of Private Office (North) and Client Director at Handelsbanken Wealth & Asset Management, comments:

“While these conversations can sometimes be very difficult to have, avoiding the topic won’t make it go away. Putting a will in place can help you protect both your assets and your loved ones during a difficult time. Having an open and frank dialogue can give your family much-needed peace of mind that the right plans are being put in place.

“There are plenty of avenues people can explore for getting started. As with most areas of life, taking good, professional advice is usually a good place to begin, but there are also reputable public resources such as the government’s “Making a will” page^[1]. Whatever your approach, the outcome should be a will that best suits your needs and situation.”

The study reveals that for those who do have a will in place, the primary reason is to have control over who should receive specific assets. This was selected by over a third (36%) of respondents, followed by a desire to minimise familial disputes (25%) and life changes such as a marriage, divorce, or birth of child, prompting them to (22%).

“While it’s encouraging to see that major milestones and events are triggering people to put a will in place, it’s equally important to remember that wills should be regularly be reviewed as well, to ensure they remain both relevant and legally sound”, adds Christine Ross.

“Our research shows that over half of UK adults (53%) have no set plan to do so, and this could make them vulnerable to changing tax laws and inheritance regulations, as well as shifting family dynamics, to name just a few.”

December 12th, 2024 | Andrew Hagger | News

Ahead of the January 31st tax return deadline, Alastair Douglas, CEO of TotallyMoney urges people to act now, or risk long waiting times on hold to HMRC. Including those who’ve sold on Etsy, Ebay and Vinted:

“For many, January means tax return season. And usually, that involves getting everything in order, finding out you’re not quite sure about something, and then holding a phone to your ear while in a queue and waiting for HMRC to answer your query.

“And it’s estimated that each year, taxpayers spend around 7 million hours on hold to the tax office, with wait times peaking every January. And as the deadline approaches, time spent on hold gets longer, and in particular during the afternoon.

“So while you might not be planning on sorting out your tax return over Christmas, it might actually save you time in the long run — while making January a little less stressful. HMRC’s phonelines are only closed on Christmas Day, Boxing Day and New Years Day, and open the rest of the time. That means there’s plenty of opportunities to speak to somebody, and the chances are, not many other people will be busy sorting their finances either. So you should get through quickly.

“Although HMRC aren’t always quick to answer your calls, they can be when it comes to handing out fines for late filing. So don’t get caught out. And remember, if you’ve earned more than £1,000 by selling items on sites like Etsy, Ebay, Vintend and Depop, you’ll need to declare this and file a return too.”

#ENDS

HMRC contact centre availability (call 0303 1234 500):

December 4th, 2024 | Andrew Hagger | News

With only a few weeks until the Christmas holidays commences, parents are looking for ways to keep their kids entertained without breaking the bank.

Hodge reveals the potential costs of family outings and shares tips on having fun while staying in budget.

Christie Cook, managing director of retail at Hodge said:

“The Christmas break is a great opportunity for families to enjoy both indoor and outdoor activities.

“However, with the current economic climate, it can be challenging to afford regular days out. Mixing more affordable home-based activities with occasional outings can help balance the costs.”

Cost breakdown of popular family activities over six-week holiday

Based on a family of four (2 adults, 2 children aged 2-15 years, except Go Karting for ages 8-12 children and 13+ adults)

Three budgeting tips from Christie Cook, Head of Retail at Hodge Bank:

Board game nights

“Spend time playing classic board games like Scrabble, Guess Who, or Kerplunk. These games not only entertain but also encourage family bonding at home without hefty costs.”

Budget-friendly movie nights

“Skip the expensive cinema tickets and create your own movie night at home. Subscribe to streaming services like Disney+ or Netflix (monthly fees range from £7.99 to £10.99) or rent films on platforms like Rakuten. Enhance the experience by buying cinema-style snacks from the supermarket, such as popcorn, sweets and nachos. This not only saves money but also means you can enjoy a film in your pyjamas, in the comfort of your own home.”

Local events

“Use platforms like Facebook Events to discover free or low-cost local events. From community fairs to cultural festivals, these events often provide entertainment options that are budget-friendly and enjoyable for the whole family.”

November 28th, 2024 | Andrew Hagger | News

As Brits prime themselves to take advantage of Black Friday broadband offers, new research from Go.Compare broadband has revealed how we choose our Wi-Fi providers – and for more than two thirds of people, it’s the money that matters most.*

The comparison site asked over 2,000 people for their insight into how they choose an internet provider – weighing up the value of speed, customer reviews, area coverage and more – and found that cost is by far and away the most important factor. 68% of people said price would be a determining factor affecting their decision, while half of people (50%) said their choice would depend on the average speed offered.

Just under a third of people (31%) said that coverage in the area was an important consideration, while less than one in ten (9%) would consider customer reviews as a top factor.

Matthew Sanders, Go.Compare broadband spokesperson, said: “With the cost-of-living still at an all-time high, it’s no surprise that price is a top consideration when it comes to Brits choosing their broadband package.

“If you are nearing the end of your broadband contract, we always suggest taking a look at the offers out there – particularly as we approach Black Friday, when you may be able to get an even better deal.

“In the run-up to Black Friday, we see a 33% increase in people purchasing broadband deals so it’s worth noting how important it is to compare the broadband packages out there.** Shopping around on a comparison site can help you compare broadband packages side by side and make it easier to spot which one offers the best service for you – at the right price.

“While our research shows that less than a third of people consider the area coverage as a top factor in choosing broadband, this can have a big impact on the quality of your internet connection – so make sure to do your research before you buy.

“Customer reviews were another aspect that didn’t rank highly in people’s priorities. However, detailed, recent reviews can give you an excellent insight into the level of service you’re likely to receive, so we do recommend taking a look before you make your decision.

Matthew added, “Something else to be aware of is that the price of your broadband could be subject to change – as many deals allow mid-contract price rises from your provider. So, if cost is an important factor to you, it may be wise to opt for a broadband deal that guarantees a fixed price.

“It’s also worth noting that haggling on your broadband deal could be well worth your time – you could negotiate a lower price on your contract, or even get your provider to throw in additional perks for free.

“To learn all about haggling and how you can save money on your broadband, visit: https://www.gocompare.com/broadband/how-to-haggle-and-get-the-best-deals/.”

For exclusive broadband offers, visit: https://www.gocompare.com/broadband/.