 |  | By Julia Kukiewicz Staff Writer Friday, 6 June 2008 |
Money News Roundup
If you only do one thing with your money this week...
Check your loans, credit cards and mortgages to see if you could get back £1000’s in mis-sold Personal Protection Insurance.
It’s likely because the competition commission confirmed this week that not only is PPI mis-sold on a massive scale it’s also a massive rip off, overcharging by about £1.4bn a year.
If you've got PPI you may have a claim for compensation so send a request to the company that sold you the policy.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (30 May 08)
Julia Kukiewicz glances back at this week's personal finance news, with stories of energy provider over-charging, and how 26-45 year olds are most at risk for ID fraud.
Money News Roundup (23 May 08)
A look back at this week's personal finance news with Julia Kukiewicz, including: 18 million families out of pocket, and how to beat the recession with some credit-friendly freebies.
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IT’S all about saving this week: Bikers trying to save on petrol; celebrities trying to make us save and Bradford & Bingley being… oh wait.
Bikers Block Roads
HUNDREDS of bikers blocked roads around Manchester on Thursday in protest at the ever-rising cost of fuel.
Despite the tailbacks, other motorists were broadly supportive of the bikers, unsurprising since more protest are being planned around the country – including a peaceful ‘driving protest’ planned for on June 22nd.
The bikers hope that the demonstration will force Gordon Brown to scrap plans for a 2p increase in fuel duty this autumn and further reduce the taxes on petrol.
The RAC estimates that 67.2% of the price of every litre is tax and VAT.
Save with Celebrities
THERE’S been a noticeable gap in the aggravating-celebrity endorsement market since Kerry Katona stopped gurning on a giant sofa made of prawns.
Lucky, then, that National Savings & Investments have stepped into plug the gap, appointing Bob Geldof, Germaine Greer and Stephen Hawking (Stephen Hawking!) as the new faces of their TV commercials.
The government-backed NS&I hopes that the personalities’ “integrity and straightforwardness” will encourage more people to save. Well it worked for jumpsuits.
Oh Mr Bingley!
BOTH pride and prejudice sent Bingley (and Bradford) tumbling this week as shares fell 24% after recording a £8m pre-tax loss.
Shareholders were worried earlier in the week as the company attempted to raise £300million by selling off shares for just 55p each and outraged later in the week when the FSA announced that it was investigating insider trading at the bank.
Bradford & Bingley initially blamed the snowball effect of the deteriorating economy - which was forcing more people to fall behind with their mortgage repayments – for the deficit.
Plus, Citigroup and UBS walked away from their promise to guarantee a critical rights issue on Monday.
The City just never seems to learn its lesson does it?
And Finally, if you only do one thing this week…
AND finally, if you only do one thing this week check your loans, credit cards and mortgages to see if you could get back £1000’s in mis-sold Personal Protection Insurance.
It’s likely because the competition commission confirmed this week that not only is PPI mis-sold on a massive scale it’s also a massive rip off, overcharging by about £1.4bn a year.
PPI is often sold as an 'add-on' to a loan or other credit product so that you can’t compare the deal you get with other suppliers or not as an option at all.
If you've got PPI you may have a claim for compensation so send a request to the company that sold you the policy.
If the business has already been fined this should be fairly straightforward - Land of Leather, HFC bank, Capital one and Loans.co.uk are amongst these businesses.
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