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By Mark Lewin Staff Writer
Friday, 31 July 2009
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Related Guides
Read more in our related money guides
How to Switch your Energy Supplier
Find out how you can switch your energy supplier and why now is the perfect time to do it with Julia Kukiewicz.
Maximise Your Chances of Getting a Credit Card
If you have been turned down for a credit card then you'll want to know why ... and what you can do to maximise your chances of being accepted next time. Mark Lewin explains how.
Why there is no time like the present to get an ISA
Two things you didn't know about ISAs: One, they're not complicated at all. And two, there is no time like the present to put your money into one. Lorrie Kelly takes a closer look at ISAs and presents a simple-to-understand and easy-to-use guide to ISAs.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (24 Jul 09)
In this week's money news: holiday booking fees go through the roof, wine prices continue to increase, credit card fraud is at an all-time high and what type of driver are you? By Mark Lewin.
Money News Roundup (17 Jul 09)
The week in money with Mark Lewin: find out when bills cost you £1million, the proposed 90% tax on city bonuses and how babies can help you to keep your wallet.
Money News Roundup (10 Jul 09)
The week in money with Julia Kukiewicz: find out why Barclays objects to changes to PPI, how a fine for E.ON has mades no change for consumers and why Brits are in denial over savings.
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ENERGY bills are unintelligible say teachers, savings providers are only seeking new money and consumers chop up their credit cards in this week's money news roundup.
Want to Understand Your Energy Bill? Get a GCSE in Maths
RELAX: it's not just you that finds your energy bills impenetrable. According to education experts EdExcel, you'll need a good pass in GCSE Maths to have any hope of understanding your bills.
EdExcel evaluated bills from each of the big six energy suppliers and found them complex and lacking in explanation. Its Chairman and Head of Mathematics said that consumers were not stupid, just confused.
EdExcel blamed an unintuitive layout (typically spread over several pages), multiple rates and missing information (such as the fact that the units used for charging are often different to those displayed on the meter.)
Consumers have been complaining about over-complicated bills for a while, says bill comparison site uSwitch.com. Over 75% of respondents to their survey found their bills confusing and over half (57%) could not understand how they were calculated.
New Money Helps Customers Bag Savings Accounts
Savings companies are saving all their best deals for "new money" and leaving existing customers out in the cold, says a new survey by financial research company Defaqto.
The company claims that many providers have introduced new accounts with attractive incentives that do not allow internal transfers from savings accounts already held with them.
"One worrying trend that has started to emerge is the launch of a number of savings accounts on the market that discriminate against existing customers by restricting funds deposited to 'new money' to the provider," says David Black, banking specialist at Defaqto.
Recent rate hikes are unlikely to benefit many consumers unless they change to new accounts with a different provider.
Compare savings accounts for a better deal.
Poor Service Costs EDF £2m
EDF Energy Networks, which supplies electricity to 8 million customers across London, East Anglia and southeast England, has been fined £2m by Ofgem the energy regulator for poor customer service.
The company failed to provide over 100 homes and businesses with connections within the contracted deadline, despite warnings from Ofgem dating back to 2006.
Sarah Harrison, Ofgem's MD of Corporate Affairs, said: "Customers should not have to accept poor service in any part of the energy market. We recognise that EDF Energy has now taken steps to improve its connections service, but they should have taken this action some time ago.
"All energy companies should be in no doubt that, if they are failing to offer good customer service, Ofgem will take tough regulatory action."
Ofgem stated that the £2m fine would have been considerably higher had EDF not already made 'goodwill' payments of £450,000 to those affected.
If you're unsatisfied with your energy supplier's service, or you want to save more money on your bills, learn how to switch your energy supplier in our guide.
Consumers Say Goodbye to Credit Cards
Nearly two million Britons have cut up, burned, or otherwise disposed of their credit cards over the past year to avoid getting further into debt.
Careful analysis of spending patterns in the £52bn UK credit card market suggests that 6% of all cardholders have taken this drastic action, fearing that the temptation to overspend will be too much.
Many more have simply stopped using their cards. A recent uSwitch poll demonstrated that as many as 10 million consumers have kept hold of credit cards for emergency use only.
Need a 0% balance transfer credit card?
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