POUND NOTES

Gloucestershire Echo - - YOUR MONEY -

TECH­NI­CAL GLITCHES CAUSED CARD CHAOS FOR MIL­LIONS IN PAST YEAR

MORE than seven mil­lion peo­ple are es­ti­mated to have been left un­able to use their pay­ment card due to IT prob­lems in the past year, ac­cord­ing to Which?

One in seven (14%) peo­ple sur­veyed for the con­sumer group could not use their debit or credit card due to an out­age in the last year – equat­ing to 7.3 mil­lion peo­ple if the fig­ures were pro­jected across the UK.

Nearly half (49%) of those af­fected said they could not pay for goods and ser­vices at the point of sale as a re­sult. One in 20 (5%) ex­pe­ri­enced the prob­lem more than once.

AV­ER­AGE PROP­ERTY PRICE TAG MOVES CLOSER TO NEW RECORD

THE av­er­age ask­ing price on a home across Bri­tain is less than £100 away from reach­ing a new record, ac­cord­ing to Right­move. Across Bri­tain, the av­er­age ask­ing price on a home in June stood at £309,348. Av­er­age prices were clos­ing in on a record high of £309,439 seen in June 2018, Right­move said.

‘BANK OF MUM AND DAD’ EX­PECTED TO HAND OUT £6.3BN THIS YEAR

PAR­ENTS are pre­dicted to hand out £6.3 bil­lion-worth of loans this year, mak­ing them equiv­a­lent to the UK’S 11th big­gest mort­gage len­der, ac­cord­ing to Le­gal and Gen­eral and the Cen­tre for Eco­nom­ics and Busi­ness Re­search (Cebr).

The ‘bank of mum and dad’ is also be­com­ing more gen­er­ous, hand­ing out £24,100 on av­er­age, which will help younger gen­er­a­tions onto the hous­ing lad­der.

This is more than £6,000 higher than the av­er­age con­tri­bu­tion last year of £18,000.

FI­NAN­CIAL FACT: A to­tal of £35.3 bil­lion in com­pen­sa­tion has been paid back fol­low­ing PPI (pay­ment pro­tec­tion in­sur­ance) mis-sell­ing claims since Jan­uary 2011, the Fi­nan­cial Con­duct Author­ity (FCA) has re­vealed.

Some £334.3 mil­lion was paid in April 2019 alone. The dead­line for mak­ing a com­plaint about PPI is Au­gust 29, 2019 – and those who miss it face not get­ting their money back.

Tech glitches can cause card chaos

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