Credit at 18 - getting the right deal for you

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 5 October 2019

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Competition in the home and insurance market is not working and loyal customers are being penalised, according to the Financial Conduct Authority. The FCA estimates that six million people pay on average £200 too much - totaling an overpayment of £1.2bn a year. We hear from Huw Evans the Director General of the Association of British Insurers and Matthew Upton, Director of Policy at Citizen's Advice.

Last week Money Box listener Sade emailed us saying she wanted to celebrate her 18th birthday by getting a credit card. So where should she begin? Helen Saxon from Money Saving Expert runs her through some of the options.

And why are so many freehold houses sold with covenants which restrict everything from what vehicle you can park in your drive to whether you can put up a satellite dish? One homeowner told us hers was "not worth the paper it's written on".

Presenter: Paul Lewis Reporter: Dan Whitworth Producer: Alex Lewis Editor: Emma Rippon

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.2	BBC Sounds, music, radio, podcasts.
0:44.6	Hello, Paul Lewis here with this week's Moneybox podcast,
0:48.0	and I'm honoured to have with me our producer, Alex Lewis,
0:51.3	who's normally behind two sheets of glass away from us.
0:54.8	But Alex, just tell us what's in the program, how you've got there.
1:02.2	Well, it's a good mix of items this week, Paul. We've got something for everybody, I like to think.
1:08.5	That's what we always do. I know, aren't we? Good. So the big story of the week that came out yesterday was the FCA report looking at insurers, whether they're ripping off customers.
1:13.8	So this is six years after you originally featured it on this programme.
1:17.9	Before my time, I have to say, but the regulator is saying that it's going to step in now to make some changes.
1:22.9	It was still a good programme before you were here.
1:25.1	I like to think it's better now.
1:26.9	And we're also going live to Amsterdam.
1:29.4	Yeah, we are speaking to the lovely Charday, whose birthday.
1:33.4	It is today.
1:33.9	She turns 18 today and she wrote to us wanting to have some advice and what kind of credit
	...

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