 |  | By Julia Kukiewicz Staff Writer Friday, 30 May 2008 |
Money News Roundup
If you only do one thing with your money this week...
Find out if you could save on helplines.
The consumer group Which? published a list of companies that use helplines to make extra cash from their customers this week.
Companies such as Tiscali, British Gas, Admiral Insurance and Sky use 0870, 0871, 0845 and 0844 numbers and take a slice of the profits prompting consumers to think twice before switching.
Which? also advised that people already with these companies should consider asking for a refund for their overpriced calls, especially when they’re calling to make a complaint.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (23 May 08)
Julia Kukiewicz glance back at this week's personal finance news, including how 18m families could be worse off next year, and shocking new research reveals the Pope may be catholic (also finds people spend more on themselves on the weekends).
Money News Roundup (16 May 08)
A look back at the week's most interesting money news from Julia Kukiewicz, with news of inflation rising to 3%, and why even responsible credit card users are being ditched by their card providers.
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MORE consumer woe news this week: energy suppliers continue their shambolic billing arrangements; new research reveals those most likely to be victims of card fraud and helpline costs continue to rise.
Energy Providers are Serial Overchargers
ENERGY providers are being accused of overcharging consumers as a result of shambolic billing systems.
Energywatch, the energy watchdog, has referred claims that the UK’s fourth-largest energy supplier npower has overcharged 2.2m customers to Ofgem.
Worse, Uswitch has reported that over 6.8m households are in debt to their energy supplier with the average debt at around £114 making it difficult for customers to switch to a cheaper rate.
Npower’s problems centers around how many units of gas they charge their customers for each year at the higher of its two rates.
Customers claim that npower is charging more than their annual maximum of 4572 higher rate units a year. The company claims that ‘year’ means the amount of time that tariffs stay the same.
Npower’s last ‘tariff year’ lasted just seven months.
26-45 Year Olds Victims of ID Fraud
YOU’RE at the highest risk of identity theft if you’re a high-earning professional aged 26-45, according to a new survey.
Experian found that those earning over £50,000 are almost three times as likely to become a victim and the incidence amongst those who live in rented accommodation is also high.
Forwarding address fraud, where the criminal redirects the victim’s post and picks it up later, accounts for 36% of identity fraud.
So far, so unsurprising. But identity fraud has risen by a shocking 66% this year.
Media Causes More Complaints
THE Financial Ombudsman Service has reported a 30% leap in the number of consumer complaints in the last financial year, driven largely by media and internet campaigns.
The Ombudsman revealed that the majority of the complaints concerned two consumer bugbears: overdraft charges and payment protection insurance.
That’s despite the fact that, as a result of the OFT freeze, 14000 overdraft charge cases have yet to be answered.
There are other reasons to think that approaching the FOS won’t always end in success.
The Ombudsman upheld the majority of decisions made by the financial services companies, only where current accounts and credit cards were concerned did consumers buck the trend, winning 84 and 79% respectively.
And finally, if you only do one thing this week…
AND finally, if you only do one thing this week why not find out if you could save on helplines.
The consumer group Which? published a list of companies that use helplines to make extra cash from their customers this week.
Companies such as Tiscali, British Gas, Admiral Insurance and Sky use 0870, 0871, 0845 and 0844 numbers and take a slice of the profits prompting consumers to think twice before switching.
Which? also advised that people already with these companies should consider asking for a refund for their overpriced calls, especially when they’re calling to make a complaint.
Before you start calling Choose, you’ll be pleased to know we’re in the process of dropping our 0870 number in favour of a mobile-free-minutes friendly local rate number!
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