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Car hire deposits

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BBC Radio 4's Money Box
Saturday, 10th December 2011 at 1204 GMT On Radio 4 and Online

Anyone hiring a car can find themselves having to pay a hefty deposit, but what happens if you return the vehicle as promised and no money is refunded?

Money Box has been contacted by two listeners who found themselves in this position with the same company. One has had to wait six months in order to get £900 returned to her.

Bob Howard reports and Money Box speaks to Maurice Goodwin, director of St Leonard's based firm Car-Hire-UK.com and Rochelle Turner from Which?

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HIGH COST CREDIT

Last week we revealed that some high street banks are charging "eye-watering" rates of interest when their customers go over their overdraft limit.

A customer borrowing £100 for 28 days without the consent of Santander would repay £200, for example.

That is the equivalent annualised percentage rate, or APR, of 819,100%.

This week insolvency experts, R3 released a report saying that 3.5 million people will consider taking out a payday loan in the next six months.

Paul Lewis talks to Consumer Affairs minister Ed Davey about what the government will do about high cost credit and ask whether unauthorised bank charges will form part of any review.

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HSBC FINED

HSBC has been fined £10.5 million for mis-selling long term investments to 2,485 people with an average age of 83 by one of its subsidiaries, NHFA. Compensation will cost the bank another £29.3 million.

Those customers affected are those who invested in asset-backed products, typically investment bonds to fund long-term care, between 2005- 2010.

HSBC has said it will also consider claims by NHFA customers who bought investment bonds from NHFA before 2005.

Gill Cardy, from the IFA Centre and Tracey McDermott from the City watchdog, the FSA join the programme.

HSBC customer contact number: 0800 917 8072


VINCULUM

A new investment fund is being launched in January with what it claims is a zero per cent management fee.

The fund only earns money from investors if it grows faster than an index of 1600 shares in an index called MSCI World TR. If it beats that index then the managers get a fifth of the gains and the investor keeps four fifths.

Although it claims the fee is 0% there is an administrative charge of 0.25% that goes to a separate company.

Nigel Legge from Vinculum speaks to the programme.


BBC Radio 4's Money Box is broadcast on Saturday at 1204 GMT and repeated on Sunday at 2102 GMT.



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