Top Other Money News

Derin Clark

Derin Clark

Online Reporter
Published: 23/09/2019

The news today that Thomas Cook has collapsed has left thousands of holidaymakers stranded abroad and thousands more wondering how they are going to get their money back on holidays for which they’ve already paid.

Those who have booked a holiday package through the company will likely have their holiday ATOL-protected, meaning that their money should be covered and repaid in full.

Those who have booked their flight and hotel separately, however, will likely find that they are not ATOL-protected. Fortunately, for those who booked using their credit card, they can still apply to get their money refunded under Section 75 of the Consumer Credit Act. To be able to claim under this, consumers must have booked using a credit card and made a payment of between £100 to £30,000. To make a claim, the consumer needs to contact their credit card provider.

Consumers who paid for their Thomas Cook flight or hotel using a debit card (or used a credit card for a payment under £100) can also apply for a refund under chargeback rules. It should be noted that claims must be made within 120 days to receive a refund and that there is no legal requirement to refund money under chargeback rules.

The number of British consumers who are struggling with debt is growing, as a record number of people contacted StepChange for help with their debts in the first six months of 2019, the debt charity has revealed.

According to StepChange, 331,337 people contacted the charity seeking help for their debt and of these, 190,484 were new StepChange clients who received full debt advice. As well as this, the charity revealed that the average level of unsecured personal debt is growing, with the average at £13,799, which is a 2% increase in the past six months and a 6% rise since 2016.

With Wednesday's CPI (Consumer Price Index) figures showing that inflation has fallen to 1.7% during August – its lowest level for nearly three years – we take a look at how this impacts consumers’ finances.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

With August seeing a 127% rise in demand for bullion coins year-on-year, the Royal Mint has released a new coin into its the Queen’s Beasts range.

The White Lion of Mortimer was released on Monday and provides another option for investors looking to invest their money into precious metals. As is common during times of economic uncertainty, there has been a rise in people looking to invest in precious metals and, according to the Royal Mint, August was one of the most popular months on record for precious metal sales.

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