Main content

Energy bill discounts and the pitfalls of equity release

Personal finance news. Paul Lewis looks at the pitfalls of equity release. Plus changes to Warm Home payments, and why politicians say banks treat them like pariahs.

Paul Lewis hears from some of the people who are taking a record amount of money out of the value of their homes. 拢1 billion was released in the first nine months of the year - almost as much as the total for 2013. But is equity release always a good idea? What does it cost? And what restrictions are there?

Banks are imposing tough new rules on politicians ahead of EU laws which will treat with suspicion all banking activity involving public figures. Members of the House of Lords seem to be first in the frame with reports of members' children being refused bank accounts or access to ATMs.

British Gas has confirmed to Money Box that it will be paying 拢55 less warm home discount to its low income pensioners and other customers this winter. The warm home discount is 拢140 off one winter electricity bill. Last winter, British Gas paid 拢195 to most eligible households, adding 拢60 to the standard amount. This winter it will not do so, bringing its discount down to the level paid by other suppliers. So who can get the discount? And what do they have to do?

HSBC has been forced to pay compensation to a customer who transferred his pension to the bank but got no ongoing service or advice, even though he was charged for it. The decision opens the possibility of others making a claim. Find out if you can too.

Available now

30 minutes

Last on

Sun 26 Oct 2014 21:00

Broadcasts

  • Sat 25 Oct 2014 12:04
  • Sun 26 Oct 2014 21:00

The Death of Retirement

The Death of Retirement

Money Box explores what retirement might look like in the future,

Download this programme

Subscribe to this programme or download individual episodes.

Podcast