MONEY MORSELS

Bills warning

FAMILIES could see their annual energy bills soar by nearly £600 next year, according to Cornwall Insight. The analysts estimate that regulator Ofgem will hike its energy price cap — currently £1,277 for the average household — by 46 pc to almost £1,865.

Christmas cutback

ALMOST a quarter of families will spend less this Christmas compared to last year amidst rising household bills. One in two say the pandemic has affected finances and they cannot afford what they usually could, according to comparethemarket.com. A third of families will either dip into their savings or use a credit card to pay for Christmas.

Extra car fees

ALMOST half of car insurers now charge motorists a set-up fee, up from 14 pc in 2016. A quarter ask for between £20 and £39.99, while one in ten charge £60 or more, according to ratings site Defaqto. Four times as many policies now also apply a renewal fee compared to five years ago.

Insolvency curbs

VICTIMS of unscrupulous insolvency practitioners will be able to seek compensation under new plans. Ministers are consulting on a new independent regulator for the industry, which has been branded a ‘Wild West’ by MPs.

Gift resales

ALMOST two million items were listed on eBay on December 27 last year, making it the auction site’s busiest day of the year. The firm estimates that ten million items will be listed by the end of this week as families try to make money from unwanted gifts and pay off debts.

Cash charges

STARLING Bank customers will be charged a 0.7 pc fee from March 1 if they deposit more than £1,000 cash via the Post Office each year. Paying in money via bank transfer and cheque will still be free. Starling says the changes reflect the cost of it offering this cash service as a digital bank.

Property prices

HOUSE prices in Taunton, Somerset, have risen by almost 22 pc in the past year compared to an average 6.2 pc across the country. This represents an average increase of £56,546 to £315,759, according to Halifax. Just five of the top 20 fastest rising areas were in the south of England.

Debt help

FINANCIAL abuse victims who rack up debts could have fees waived under new guidance. Banking trade body UK Finance’s newly updated Financial Abuse Code says banks should help victims prevent further debt from accruing. A total of 39 banks have signed up to the code so far.