Podcast Summary
Staying Safe from Scams: Weight Loss and Lab-Grown Diamonds: Be cautious of weight loss scams and ensure consultations are with certified physicians. Enjoy affordable, authentic lab-grown diamonds from Blue Nile. Protect yourself from financial scams and save on energy bills by shopping around for deals.
Consumers need to be vigilant against scams, especially in the areas of weight loss medications and lab-grown diamonds. Blue Nile offers beautiful lab-grown diamonds that are identical to natural diamonds, while PlushCare provides online access to board-certified physicians for weight loss consultations and prescriptions. The UK has a new law to prevent scams, but the crackdown has not yet begun. Martin Lewis shares tips on how to protect yourself and discusses his own experience with a scam involving a fake ad featuring him. Additionally, listeners can save money on energy bills by switching to a cheaper deal. The podcast also addresses common financial questions, including ISAs, mid-contract price rises, insurance hikes, and credit card repayments. Martin Lewis, despite being a public figure, addressed concerns about his well-being and the demands placed on him.
Managing stress and mental health is crucial for financial wellbeing: Financial expert Martin Lewis, despite his own struggles, emphasizes the interconnectedness of mental health and finances, and advocates for addressing both for overall wellbeing. He practices daily cardio exercise to manage stress.
Martin Lewis, the well-known financial expert and founder of MoneySavingExpert, acknowledged the importance of managing stress and mental health, despite his own struggles. He emphasized that mental health and financial issues are interconnected and can significantly impact individuals. During the interview, he was labeled as the most trusted person in the country, but he admitted that he's not great at managing stress. He also mentioned the pressure he faced during the pandemic, putting political pressure on the government, and dealing with the media. Despite his personal struggles, Lewis remains an advocate for mental and financial health and has set up the Money and Mental Health Policy Institute Charity. He emphasized the importance of addressing both mental health and financial issues, as they can have a profound impact on individuals. He also shared his personal practice of starting every day with 50 minutes of cardio exercise to help cope with stress.
Balancing Intense and Less Intense Exercises for Mental and Physical Health: Regular walking, proper posture, and intense exercises contribute to mental and physical well-being. Be wary of online scams, especially those funded by tech companies, as they can negatively impact consumers.
Maintaining a balanced fitness routine, which includes both intense and less intense exercises, contributes significantly to both mental and physical health. The speaker, who deals with repetitive strain injury from long hours at a desk, emphasizes the importance of regular walking and proper posture for physical health, while intense exercises help manage stress and improve mental health. He also advocates for regulating scam ads online, particularly those paid for by tech companies, as they can negatively impact consumers without their consent. The speaker's personal experience with RSI and the importance of staying active, along with the potential financial losses from scams, underscore the significance of these issues.
UK's online safety law takes time to enforce against scam ads: Despite the new law, it will take months for enforcement against scam ads. Tech firms voluntarily commit to blocking them for 6 months but it's seen as insufficient.
The UK's online safety bill, which aims to regulate and ban scam ads and other online harms, is now in law but it will take around 12 to 18 months for the regulatory body, Ofcom, to gain enforcement powers. During this time, people will continue to be bombarded with scam ads, including deep fakes, despite the frustration of those affected. The tech firms, who have been criticized for not doing enough to stop these ads, have agreed to a voluntary 6-month commitment to detect and block fraudulent material from their sites. However, this is seen as too little, too late by some, as the problem of scam ads has been ongoing for years and has caused significant harm to individuals and businesses. The lack of action from legislators to address this issue earlier is also a source of frustration.
Tech companies' lack of responsibility leads to scam ads: Tech companies need to invest in human resources to vet ads and stop the spread of scam content, protecting users from financial loss and emotional harm.
While technology companies make billions from advertising, including scam ads, they often use technological complexities as an excuse not to employ people to vet their ads and remove fraudulent content. This leads to people losing significant amounts of money and suffering from the mental and emotional impact of falling for scams. The Advertising Standards Agency has limited jurisdiction over advertisers who do not cooperate with them, leaving publishers as the primary target. The government and regulatory bodies like Ofcom can help by denying scammers publicity and implementing voluntary codes that allow users to report scam ads easily. However, it's essential that tech companies take responsibility for their role in stopping scam ads and invest in human resources to prevent the spread of fraudulent content.
Scammers use small investments to lure people in, then groom them for larger investments: Be cautious of unsolicited investment offers and never share personal information with strangers online. Scammers can use small investments to gain trust, then ask for larger amounts over time.
Scammers often use small initial investments to lure people in, making them believe they're taking a small risk. Once they have you, they use various tactics, such as daily contact and encouragement, to keep you engaged and eventually ask for larger investments. This process, known as grooming, can take months. In this case, a listener named Lisa fell for a Bitcoin scam, investing £200 and eventually downloading apps like Anita and AnyDesk at the scammer's request. Over a period of two to three months, the scammer encouraged Lisa to invest more and share personal information. It's important to remember that sophisticated scammers can target anyone, regardless of their background or profession. The new law against scams is in place, but it will take two and a half years before it has any empowerment action. In the meantime, be cautious of unsolicited investment offers and never share personal information with strangers online.
Victims of Financial Scams Suffer Significant Damage: Financial scams can cause significant financial and emotional harm, often leaving victims liable for loans and believing their investments are doing well. Reporting to Action Fraud is important but under-resourced, and victims may need counseling to cope with the emotional toll.
Individuals can fall victim to sophisticated financial scams perpetrated by organized criminals, leaving them with significant financial and emotional damage. These scams often involve building a false portfolio and asking for more money, making the victim believe their investments are doing well. The criminals may even open loans in the victim's name and leave them liable for repayment. Reporting the scam to Action Fraud is essential, but it is often under-resourced and many cases go uninvestigated. The emotional toll of such scams can be devastating and may require counseling. It's important to remember that none of this is the victim's fault and they should seek support from their close family and friends. The scammers' actions pervert the trust placed in financial experts and authorities, making it crucial to raise awareness and advocate for better resources to combat these crimes.
Technology scams: A serious issue for anyone: Stay vigilant against tech scams, prioritize education, and support stronger systems to stop them. Save an average of £50 per year with EON's new tariff.
Technology scams are a serious issue, and even the elderly and unsuspecting can fall victim to these sophisticated psychological criminals. Lisa's story serves as a reminder that anyone can be targeted, and it's essential to spread awareness and education to prevent such incidents. The tech billionaires profiting from these scams should prioritize implementing more robust systems to stop the scammers, as the human cost of their inaction can be devastating. Additionally, EON Energy has introduced a new tariff, the EON Next pledge tariff, which tracks the price cap but offers a 3% discount, saving an average household around £50 per year. This variable tariff is now open to new customers, providing a potential savings opportunity for those looking to switch energy providers.
Consider EON Next Pledge for discounted price cap: Consider EON Next Pledge for discounted price cap vs price cap, apply online, pay by direct debit, have a smart meter, pay exit penalties, potentially save 1% over the year, or consider fixing tariff for certainty
If you're currently on the energy price cap and unsure about fixing your energy tariff, the EON Next Pledge discounted price cap could be a good option for you. This tariff offers a discounted price compared to the price cap, with the same standing charges. To qualify, you need to pay by direct debit, be dual fuel or electricity only, have a smart meter or agree to have one fitted, and apply online. The early exit penalties are £25 per fuel, which is not too expensive. However, it's important to note that this is not a definitive solution, and other variable tariffs like Octopus' tracker and agile tariffs could be more suitable for more sophisticated customers. The price cap is predicted to increase by 5% in January, but it might drop significantly in April. Based on these predictions, you might pay around 1% more over the year by staying on the price cap and switching to the EON Next Pledge. If you prefer the certainty of knowing exactly what you'll pay for your energy, you might consider fixing your tariff instead. The EON Next 1-year fix and British Gas 1-year fix are currently the cheapest open market fixes, but they come with the cost of less flexibility. Ultimately, the decision to fix or not depends on your individual circumstances and preferences. It's crucial to consider the potential savings, risks, and terms of each option before making a choice.
Nehal learns valuable lesson about financial transactions: Understanding the details of financial transactions is crucial as missing information could impact potential refunds, such as credit card purchases being protected under Section 75 of the Consumer Credit Act.
During Martin's mastermind sessions, Nehal has struggled with answering multiple choice questions correctly, but last week, he got two answers right on the podcast, much to Martin's delight. However, Nehal recently faced a challenge in his personal life when a key element was missed during the installation of his new kitchen. In the mastermind session, Martin presented a question about a £35,000 kitchen purchase where £20,000 was paid on a credit card and £15,000 was paid by bank transfer. The kitchen firm went bust, and the question was about how much of the total amount the purchaser could hope to get back. Nehal initially thought the answer was £35,000, but Martin clarified that the question was asking for a "decent hope" of getting the money back, and there could be other elements involved. Nehal then revised his answer to £20,000, but Martin explained that since some of the purchase was made on a credit card, the credit card company could be held liable under Section 75 of the Consumer Credit Act, meaning the purchaser could potentially get all £35,000 back. This was a valuable lesson for Nehal and a reminder of the importance of understanding the details of financial transactions.
Understanding Consumer Rights and Payment Protection: Knowing consumer rights and payment protection is essential when making purchases. Credit cards offer protection up to £30,000 under Section 75 of the Consumer Credit Act. Be cautious of scams and never share personal information with unsolicited contacts. Always verify the sender's identity and double-check their legitimacy before engaging.
When it comes to making purchases, knowing your consumer rights and the protection offered by different payment methods is crucial. In the discussion, it was clarified that Section 75 of the Consumer Credit Act applies to purchases between £100 and £30,000 made with credit cards. This protection ensures that consumers get their money back if there's a breach of contract or misrepresentation by the seller. However, if the purchase exceeds £30,000 or was made through a bank transfer or cash, this protection does not apply. Another important point highlighted was the danger of falling for scams, which can often involve unsolicited contact, suspicious emails or texts, or requests for personal information. To avoid becoming a victim, it's essential to be vigilant, never click links or call numbers in unsolicited communications, and always double-check the sender's identity. Additionally, if you receive a call from your bank or any authority asking for personal information, hang up and call them back using the official number on your account statement or a trusted source. In summary, understanding your consumer rights, being cautious of unsolicited communications, and verifying the identity of anyone asking for personal information are key to protecting yourself from potential financial losses and scams.
Stay Vigilant Against Scams and Protect Your Personal Information: Regularly check credit reports for fraud signs, verify communication from banks, be cautious of unsolicited calls/messages, never give out sensitive info unexpectedly, and report scams to Action Fraud.
It's crucial to be vigilant against scams and protect your personal information. Regularly checking your credit reports for signs of fraud is a good practice. Be wary of unsolicited calls or messages, especially those urging quick action or requesting financial details. Always verify the authenticity of any communication from your bank or other official institutions. Remember, your bank is on your side and will never ask you to transfer money or give out sensitive information in an unexpected way. Be skeptical of offers that seem too good to be true, and only use official sources for information about me or any other public figures. Scammers are constantly evolving, so stay informed about the latest scams and be cautious when using the internet, especially when clicking on ads or downloading apps. If you do fall victim to a scam, cut off all communication with the scammer, contact your bank, and report the incident to Action Fraud. Stay safe and protect your hard-earned money.
Understanding the difference between a Cash ISA and a Stocks and Shares ISA: ISAs are tax-exempt savings or investment accounts with annual limits. Cash ISAs offer guaranteed interest and safety, while Stocks and Shares ISAs carry risk but have potential for higher returns.
An Individual Savings Account (ISA) is a tax wrapper that allows you to save or invest up to a certain limit each year, protecting your savings or investments from tax. The choice between a cash ISA and a stocks and shares ISA isn't about the product itself, but about whether you prefer to save or invest. Savings offer guaranteed interest and safety, while investments carry risk but have the potential for higher returns. The tax wrapper doesn't change the nature of the savings or investments, but only protects them from tax. Another common question is about unexpected increases in phone contract costs. Providers may increase the cost of your contract due to various reasons, including changes in the market or your usage patterns. It's essential to read the terms and conditions carefully before signing up for a contract and regularly review your usage and costs to avoid any unwanted surprises.
Proposed regulation for broadband and mobile price transparency: Consumers struggle to understand and compare prices for services like broadband, mobile, and insurance. Transparency and regulation are necessary to ensure fairness, but it's challenging to determine fairness in insurance pricing.
Companies can increase prices in contracts, such as broadband, mobile, and insurance, without justification and often without transparency. For broadband and mobile services, Ofcom is proposing a new regulation that requires price rises to be pre-declared in pounds and pence, but some argue it should be limited to inflation. However, for insurance, the price you pay is not based on a commodity market, making it difficult to determine fairness. Price hikes in insurance can be significant, and while there are regulations against price walking, existing customers can still end up paying more than new customers if they use different channels to purchase their insurance. Overall, consumers face challenges in understanding and comparing prices, and transparency and regulation are crucial to ensuring fairness.
Debate over Charging Higher Rates to Existing Customers: Companies may not be legally obligated to offer same deals to new and existing customers, but charging higher rates to existing customers is a contentious issue. Banks have faced criticism for not passing on full savings rate increases to customers, benefiting from both borrowing and savings.
While companies may not be legally obligated to offer the same insurance deals to new and existing customers, the practice of charging higher rates to existing customers is a subject of ongoing debate. When it comes to interest rates, the Bank of England's decision to raise interest rates is intended to discourage borrowing and encourage saving. Ideally, mortgage and savings rates should increase at the same rate. However, historically, banks have been criticized for not passing on the full increase in savings rates to customers, resulting in increased profits for the banks at the expense of mortgage holders and savers. Regarding credit card payments, the general rule is that minimum payments are applied to the debt with the highest interest rate to reduce the overall amount of interest paid. However, there are complex rules surrounding minimum payments and the specifics can vary.
Finding joy and peace during the holiday season: Martin Lewis wishes a happy holiday season, Laura Whitmore and Ian Stirling invite listeners to explore true crime, and consider supplementing health care plans for out-of-pocket costs.
The holiday season can be a challenging time for some, but it's important to find joy and peace wherever possible. Martin Lewis, the founder of money saving expert.com, wishes listeners a happy holiday season and encourages those who find this time of year difficult to keep moving forward with a smile. In the spirit of true crime, Laura Whitmore and Ian Stirling invite listeners to join them on their new podcast, Murder They Wrote, for a deep dive into history's most atrocious crimes. And when it comes to health care, it's important to be "a little extra" and consider supplementing your primary plan with UnitedHealth Care's Health ProtectorGuard fixed indemnity insurance plans, underwritten by Golden Rule Insurance Company, to help manage out-of-pocket costs. So whether you're saving money, exploring true crime, or managing your health care, remember to find joy and peace in the little things this holiday season.
Breakshot Pool: Get Breakshot Pool on iOS or Android
