Check your accounts.

It all started as a side hustle.

It could end up costing you £10,000s.

The cap for a typical household in England, Scotland and Wales will rise by 2% from today as cooler temperatures see many switching on their central heating.

These 5 pieces of advice will leave you feeling more secure in your investing ability

‘I was always happy renting but you are so restricted with what you can do.’

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‘I was done losing my money on rent.’

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Want to save up to £1,300 per year? Listen up…

‘I’m at my wit’s end – how can I get this sorted?’

Companies rely on people not knowing their rights and often, it’s the vulnerable most at risk. 

‘Many people spend far more chasing the reward than the reward is actually worth.’

Are the ‘offers’ made by big coffee chains really worth it?

With the UK retirement age set to rise to an oh-so-miserable 68 by 2046, saving for a pension may feel like the last thing on your mind.

But, according to experts, putting away just £21 a month could land you with £26,000 more in your pension pot when the day finally rolls around. 

That’s the cost of a bottle of gin, and cheaper than a takeaway, a round of pints in central London, or a last-minute train from London to Brighton. 

It makes you think, doesn’t it?

It’s all thanks to the power of compound investment growth over time, aka, the snowball effect that occurs when the occasional saving grows into a bigger return.

Putting just 1% more from an annual salary of £25,000 into a retirement account could see someone’s ultimate savings go from £210,000 to £236,000, according to the experts at Standard Life. 

That’s provided they’ve been contributing the base auto-enrollment of 5% of their earnings since the age of 22, with their employer paying 3%.

If you go even further and increase your payments by £42 per month (7% of your overall salary), your pension could amount to a juicey £262,000 – an uplift of £52,000.

According to the pension experts, only 31% of UK adults pay over the minimum contribution into their pension.

Young people in particular have other money woes on their mind, but making this small difference could result in a sizable payout when it is time to retire, even if that feels a million miles away. 

Dean Butler, from Standard Life, urged Gen Z and millennials to think ahead, saying: ‘Starting early and contributing consistently is key, and some employers will match additional contributions, giving your savings an even greater lift. If you’re able to save more, your future self is likely to thank you.’

It’s worth remembering that not all people are destined to rely solely on their state or company pension. Savings can significantly bring down your retirement age.

According to advice from investment management company Fidelity, financial freedom after retirement is possible if people are able to have their annual earnings in the bank by the time they are 30.

For example, if someone earning £30,000 also has £30,000 in savings by the time they are 30, they are well set up for a life of financial freedom after they finish working.

Easier said than done, of course. And, with the average Londoner spending nearly half of their income on rent, this amount of saving will come with having to skip dinners out, holidays and a whole lot more.

But, some see that as a small price to pay for being able to live comfortably after a life of hard work. 

Electric cars are far better for the environment, but Ben from Gloucester’s Nissan Leaf hasn’t been quite as beneficial for his bank balance.

The 39-year-old purchased the EV three years ago, only for it to break down earlier this year after doing 50,000 miles.

Now, he’s stuck with a mechanic bill of over £9,000 – and the manufacturer says it’s out of their hands as the vehicle’s warranty has expired.

So, in this week’s Money Problem, Metro consumer champion, Sarah Davidson, goes digging to try and find a solution.

The problem…

Three years ago I bought a second-hand Nissan Leaf, believing that going electric would save me hundreds of pounds a year on fuel – and I’d be doing my bit for the planet.

I bought it on a personal contract purchase plan with monthly payments of £380, which I have reduced by overpayment to £186 a month. There is now £9,241 owing on the car and the agreement ends in April 2026, at which time there is an optional balloon payment of around £7,500.

I’ve made sure it’s serviced on schedule all the time I have had it, by the main Nissan dealer in Gloucester. In July it began to make a whirring noise and all the dashboard warning lights started flashing. Having taken it to in independent garage, I’ve been told the drive unit has failed and needs to be replaced, which will cost up to £9,000.

The car has done 50,000 miles, which is pretty low, and I’m a careful driver. Still, it’s gone down in value very fast and is currently worth around £6,000.

The situation is a nightmare – I don’t have £9,000 to spend fixing a car worth a lot less than that. I can’t give the car back to the finance company for another eight months and in the meantime I can’t drive anywhere. I have to be able to drive for work.

A friend suggested I contact Nissan customer service to see if they’d make a good will contribution towards fixing it, even though it’s out of warranty. I’m now facing serious financial hardship but they’ve said there’s nothing they can do.

It’s completely unacceptable that Nissan are seemingly happy that their flagship EV has failed after just 50,000 miles. It is 160,000 miles off what the estimated lifespan should be, according to VehicleScore.

Morally, I really feel this shouldn’t be happening but what can I do?

The advice…

You’ve bought a sensible, well-reviewed family car with the expectation that it’ll see you through for a good few years without having to spend a fortune on it.

So it pains me to say it but you don’t have a lot of options. In 99% of cases, car insurance won’t cover mechanical failures like this unless they’re caused in specific ways, such as being involved in a road accident.

You’re on a Personal Contract Purchase finance agreement (PCP), which allows you terminate the finance agreement early and give the car back, though there are conditions. You must have paid off at least half of the amount you borrowed to pay for the car – including the monthly payments and the balloon payment. The car also needs to be in good working order.

For you, Ben, this isn’t going to work. Currently the car’s undriveable and you can’t give it back unless it’s in good repair.

I contacted Nissan on your behalf and put the problem to them.

A Nissan spokesman said: ‘This is a seven-year old car that is out of warranty, has not been taken to a Nissan dealer and we are unclear on its service history. We would encourage the customer to take the car to their nearest authorised Nissan dealership to be checked by Nissan technicians who can advise on any next steps.’

That’s fair, I thought. Until I spoke to Nissan in Gloucester and got a rough quote for a diagnostic.

Firstly, there wasn’t an appointment available for another four weeks.

Secondly, the chap in repairs told me the diagnostic would have to be carried out by an EV specialist at £162 an hour plus VAT, with the tests taking anything between two to four hours.

In order for Nissan to consider contributing to the repair costs Ben, you are personally looking at another bill of around £780 – with zero guarantee that Nissan will give you any money towards getting the car back on the road afterwards.

Thirdly, Nissan Gloucester repairs told me that if the drive unit – the electric motor in the engine – had failed as you’ve been told, it would cost between £4,000 and £9,000 to replace.

Whatever you do, you’re going to be thousands of pounds in debt as a result. It’s not a great look for Nissan’s flagship EV, is it?

In another twist to your tale, Nissan got in touch with you directly after I had spoken to them. You received a letter saying you had been selected for a ‘considerable financial support package to upgrade to a brand new Nissan or approved used model at a significantly reduced price’.

Well, isn’t that convenient. Oh and by the way, you’ve got one week to decide or the offer’s off the table.

You said: ‘This can’t be a coincidence and if I was to take it up it would mean taking on even more debt to finance the new car. After my experience with the Leaf, I’m hardly likely to want another Nissan either.’

Nissan claims it’s an accident of timing, I couldn’t possibly comment. I can say that a seven-day deadline to make such a significant financial purchase decision seems a little hurried.

After months of me going back and forth with Nissan, we’re at a deadlock.

They won’t consider your case without you spending another £800 on a new diagnostic. This leaves you with a few choices:

Talk to your car finance provider ASAP

Explain the situation and what you can afford financially. They should be supportive in finding a way to get you through this.

They may agree to take the car back early without you doing the repair and then continue to pay the outstanding balance back at a lower monthly amount for longer, freeing up money for a second, cheaper car.

Sell the car as it is and accept the financial hit

You may find selling the car yourself nets you slightly more than the finance company will write off your outstanding loan. You could then pay off slightly more of the balance and still negotiate a lower monthly repayment with them over a longer period for the rest of the loan.

There are three ways to sell a car where the cost of repairs is more than the car is worth: for scrap, at auction or through a resale platform. There are various online comparison tools, including Scrap Car Comparison, We Buy Any Car, Cash for Cars and the Car Salvage Group.

Consider credit

I cannot say this emphatically enough. Do not be tempted to pay for the repair on a credit card unless you have an absolutely rock solid repayment plan.

There are some credit cards offering 0% interest on spending over a fixed period, sometimes up to 25 months. If you qualify for one and pay for the repair on it, you could find this the cheapest option.

If you go over the 0% period, though, you’ll start being charged interest at anything up to 40%, which would be a disaster.

Also avoid using your overdraft as almost all banks and building societies charge interest at 40% for this type of borrowing.

Consider refinancing your loan

Currently personal loan rates are between around 6% and 8%.

If you’re eligible, you might want to consider taking a bigger personal loan to pay for the repair and to help cover the cost of buying another car.

Use the equity in your home

If you are a homeowner you could also consider either taking a second mortgage or speaking to your existing mortgage provider to see if you can refinance and take a further advance. This is likely to be the most financially sensible route.

Rates on second charge mortgages can be anywhere between around 6% up to 18% or 20% depending on your credit history and income.

But a further advance on your existing mortgage would probably cost around 4% APR, making this the cheapest option if you need to keep monthly outgoings down.

Get some mortgage advice from an independent broker before you make any decisions.

Accept it and move on

I asked a specialist car trading platform whether it was reasonable for your Leaf to have failed at such a low mileage. They didn’t want to go on record but told me if the car had been carefully maintained, you have been just really unlucky. Most Nissan Leafs go on an awful lot longer than seven years and for many miles more than yours.

Not much of a comfort, I know, but sometimes things just break.

Sarah Davidson is an award-winning financial editor and head of research at WPB.

Got a money worry or dilemma? Email sarah.davidson@metro.co.uk

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