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By Julia Kukiewicz Staff Writer
Friday, 3 April 2009
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Previous Money News
See our other recent Money News Roundups and other related news stories:
8 serious ways to look after your money during the recession
This personal finance guide aims to offer some real advice as Claire Stevenson looks at 8 ways you can recession-proof your finances.
Five reasons why bankruptcy is NOT your first option and the alternatives
Despite the economic uncertainty that lies ahead, there are options other than bankruptcy if you're struggling to repay your debts, says Claire Stevenson.
Money News Roundup (27th Mar 09)
JULIA Kukiewicz looks back at the personal finance news and finds out how the credit crunch is dangerous for pets, what voucher code websites are doing wrong and how much the UK could save with 0% balance transfer deals.
Money News Roundup (20th Mar 09)
JULIA Kukiewicz rounds up the personal finance news and reveals how you can make money from broken jewelry, why credit cards are changing and what is so confusing about insurance renewal forms.
Money News Roundup (13th Mar 09)
JULIA Kukiewicz finds out if you can really save at Asda, whether or not Friday the 13th is unlucky for insurers and how does dishonesty make Brits over half a million quid a year, in this week's money news roundup.
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The personal finance market in G20 week, getting the most out of your credit card and how to make money from nothing in this week's money news roundup.
You and me and the G20
OF course the biggest money news story this week - the biggest news story full stop - was the wrangling of the G20 summit.
Even as the talks were taking place, the Bank of England's more day-to-day predictions for the next three months began to look up.
15% of banks expect there to be a small increase in lending to households, the first rise since September 2007. Moreover, unsecured lending through credit cards and loans is expected to stabilise.
The relative security of the personal finance market isn't indicative of greater economic stability, of course, but it does offer hope that the banks are at least beginning to get back on their feet and offer real security for our finances again.
Let's just all hope that it doesn’t prompt them to go back to their irresponsible ways as well.
Fancy £4,500?
IF you'd rather make money than borrow it, however, you might be interested in a Russian scheme which offers $6,500 - around £4,500 - in return for you doing precisely nothing. For three months.
The job is taking part in an experiment for the Russian equivalent of NASA. Participants will be locked in a small, metal container, denied communication with the outside world and eat only frozen baby food and cereal bars in order to simulate the pressures which would be faced by astronauts during a manned mission to Mars.
The six volunteers due to start the experiment this week beat 6,000 candidates from 40 countries. That's despite the warning of Sergi Ryazansky, commanding the mock spaceship that, "it definitely will not be fun."
And if all goes well with this experiment there are plans to recruit another crew, to stay in isolation for 520 days, early next year. Better get your application in quick then.
Is Section 75 Pie in the Sky?
Here at Choose we often recommend credit cards to consumers on the basis that they offer greater protection to consumers for purchases over £100.
The law that protects credit card owners is called section 75 and ties credit card companies into refunding customers if the goods they've bought never turn up or the supplier goes bust.
With more small businesses failing every day this law is more important than ever so it's shocking to hear reports this week that credit card companies are attempting to ignore their obligation.
The Financial Ombudsman Service has revealed that complaints arising from section 75 nearly doubled in 2008 compared with the previous year.
The message is to not accept any excuses. You have a right to be refunded if you make the claim within six years (five in Scotland and within 120 days if you have a Visa debit card) and the claim is dependent entirely on the bank, not the company you bought from.
More than this, you can claim for costs you have incurred as a result of the problem. "You must be put back in the same financial position you would have been in if the breach had not occurred," say Which? If you've had to buy replacement plane tickets that cost more than the original ones, for example, you can claim the extra costs back as well.
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