Car finance firms could be seeing an issue "on par" with the PPI scandal, according to one consumer compensation expert.
14.03.2024 - 13:13 / manchestereveningnews.co.uk
The MoneySavingExpert Martin Lewis is urging people of a certain age to pay money into a special bank account soon if they want to get additional help purchasing their first home.
People born between 1985 and 2006 stand to benefit from a special long-term savings account that could help them save up enough money to get on the property ladder - but there is only a limited amount fo time left to take advantage of the saving opportunity.
This means that, if you're between 18 and 39 years old and you don't have your own home yet, Martin Lewis says you should be able to save large sums of money in a Lifetime ISA (LISA) account, which was made to help individuals save up to buy a house, reports Yorkshire Live.
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Back on TV with his consumer finance programme the Martin Lewis Money Show, on March 12, he talked about how to help young people save up to buy their own home. Specifically, the savings scheme from the government that can help you purchase a home worth up to £450,000.
Martin Lewis had even tried to get the Chancellor Jeremy Hunt to raise this amount, but it didn't change. He explained: "I think it's unfair and it's not your fault house prices have gone up since 2017 but the LISA hasn't and you were encouraged to do what you were encouraged to do. And he didn't do anything."
Big banks like HSBC, Natwest, and Halifax all have these accounts. They give different amounts of interest but they all come with a bonus from the government. However, you must be under the age of 40 to claim this boost.
You can give up to £4,000 each year into this tax-free account until you turn 50. But remember, you need to make your first payment into
Car finance firms could be seeing an issue "on par" with the PPI scandal, according to one consumer compensation expert.
Despite a huge £238 fall in the energy price cap at the start of April, millions of households will remain in debt or abject fuel poverty, according to Ofgem data. Poverty charity National Energy Action has said the ongoing energy crisis 'cannot be the new normal'.
Households feeling the strain from the past few years of eye-watering energy prices should soon feel some of that financial pressure lift as energy bills fall by around 12 per cent from April. But not everyone will feel the full effect of this price drop if they forget to do one important thing this weekend.
Personal finance guru Martin Lewis has spoken out on his podcast about the 'moral hazard' of increasing standing charges on energy bills from next month, which he likened to a modern-day 'poll tax' on ordinary people.
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Martin Lewis has given his latest expertise on the likelihood of motorists getting a big payout.
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Good Morning Britain's Susanna Reid had a strong message about Kate Middleton during a heated debate on today's show. Susanna and co-host Martin Lewis led a discussion about the new video of Kate and Prince William as they visited a farm shop in Windsor at the weekend.
Financial expert Martin Lewis has criticised a key part of the modern tax system that has ballooned in recent years and can affect the poorest households the most, Council Tax. Despite the tax being based on bad data, some of which was collected by two people driving around in second gear and guessing the value of each property, most homes are still taxed based on their value more than 30 years ago.
Stamp prices are set to rise by by 10p from next month. The Royal Mail confirmed it will increase the price of first-class stamps to £1.25 and second-class stamps at 86p.
Martin Lewis is warning Brits to stock up on a household staple before in the next two weeks.
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Martin Lewis has explained the 'frustrating' reason energy billpayers are not likely to see standing charges fall anytime soon.
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Around one in five people across the UK are set to receive a massive cash boost from next month, as the new State Pension rates are set to increase by as much as £902 each year for people on the full benefit.
Martin Lewis is urging millions of people to take action as they risk missing out on more than £1,000.
Martin Lewis has issued a word of advice to everyone born between 1985 and 2006, telling them to put £1 in a savings account quickly.
Millions of workers across the UK will get a boost to their wages worth hundreds in less than a month.
Martin Lewis has issued a warning to parents who may be confused over the changes to Child Benefit.
This Morning viewers have been flocking to social media as they begged new host Cat Deeley to change one habit. The presenter returned for her second stint at the helm of the ITV daytime show as the new permanent co-host on Tuesday (March 12).