MONEY MORSELS

Car cover fear

SOArING numbers of motorists are being stopped by police because their insurer has unexpectedly stopped their cover, due to admin errors. Complaints about motor insurance rose to 8,585 in the year to April; 17 pc more than the previous year. the financial Ombudsman says this surge in complaints is a result of the shock cancellations.

Savings risk

LOW savings rates have led thousands of pensioners to gamble their nest eggs. City watchdog the Financial Conduct Authority says criminals are luring savers into putting their money in overseas property, airport car parking spaces, diamonds and wine.

Mortgage boom

BUILDING societies approved 109,600 mortgages in the first three months of the year; a third of the 347,000 loans given to homeowners. this is a 40 pc increase on the same period last year, according to the Building Societies Association.

Energy bill shock

FAMILIES could see an average £132 rise in energy bills after 12 gas and electricity tariffs ended yesterday and customers were put on their supplier’s variable deal. The GoCompare website says four groups of customers will see bills drop by up to £59 because the tariff they were on was more expensive.

Credit card perk

PeOPLe with a tSB Classic Plus current account can earn up to £200 a year if they take out a tSB MasterCard which will pay 1 pc cashback on the first £500 spent on it every month.

School premium

A HOUSE near a school rated ‘outstanding’ by Ofsted costs an average £43,773 more. Online estate agent HouseSimple says those near St Luke’s Primary School in Brighton & Hove cost £151,121 more than the average for that postcode.

Cold-caller ban

PeOPLe can stop unwanted sales calls on their mobiles with a text under a new service from the telephone Preference Service. text tPS and your email address to 78070, for your standard message rate. It will not stop spam texts however.

Top home loan

YORKSHIRE Building Society has launched a 1.14 pc two-year fixed mortgage for borrowers with a 35 pc deposit. Monthly repayments on a typical £150,000 home loan are £575, and the cost, including a £1,345 fee, is £15,145.

Complaints soar

COMPLAINtS about payday loans rose 178 pc to 3,216 in the 12 months to April. the financial Ombudsman Service says it is because people are more aware of their rights.

Long print

TRAVEL insurance policies have some of the longest terms and conditions (26,392 words on average), says GoCompare.