Taking a 'butchers' at contract small print
Money Box
BBC
4.2 • 825 Ratings
🗓️ 29 June 2019
⏱️ 30 minutes
🧾️ Download transcript
Summary
Tens of thousands of people are using two new apps which let them access their wages as they earn them. With no more waiting around for monthly pay days is this new tech helping people’s financial health or putting them at more risk of going into debt?
Some of the people who lost money with the collapsed investment firm London Capital and Finance have been given a glimmer of hope they may be eligible for compensation. The Financial Services Compensation Scheme says some people may have been given advice about investing which would mean they could make a claim to get some, or all, of their money back. We hear the latest from the administrators and those who could benefit and those who are worried they might miss out.
Counting down to the end of a five year loan agreement, one small business couldn’t wait to make the last payment. But the owners didn’t read the small print. It said they needed to give three month’s notice before they could stop paying the loan. We speak to a contract law specialist to see what people should do to avoid any similar nasty surprises.
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. |
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| 0:33.5 | in your life, Check out BBC Sounds. |
| 0:41.3 | BBC Sounds, music, radio, podcasts. Hello, in Moneybox today, the loans you repay on payday, just don't call them payday loans. |
| 0:47.3 | Is there a glimmer of hope for at least some of the people who entrusted their savings to the collapsed firm London Capital and Finance, |
| 0:59.7 | and the five-year loan that's still being paid for long after five years has passed. |
| 1:03.7 | Now, does your month last longer than your money? |
| 1:06.8 | That was the slogan behind one payday loan in the past, |
| 1:13.2 | but now a new kind of loan has been devised to keep you going in those bare days before your pay arrives. |
| 1:15.7 | They're called salary advance schemes. |
| 1:18.8 | They're run for employers by third-party technology firms, |
| 1:21.7 | and one of several offering this technology is wage stream. |
| 1:23.7 | It's been operating for barely a year, |
| 1:27.3 | but has already signed up firms employing around 100,000 people, |
| 1:32.5 | firms like Rentakil, Key Security, and casual dining group, which owns Bella Italia Restaurants. |
| 1:33.5 | Hannah-Mote is a deputy restaurant manager in York. |
| 1:36.5 | With us getting paid on a monthly basis, obviously sometimes the months are a little longer |
| 1:41.2 | and money's a bit more stretched, especially when we have to go for like |
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