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All the financial changes coming in February and how they might affect you

There are some big changes coming in February that could affect your bank balance.

From rising interest rates to increasing energy bills, there are a number of important dates for your journal next month.

There are some important financial changes coming in February 2022

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There are some important financial changes coming in February 2022Credit: Getty

Bills are expected to increase further this year and some important announcements will be made in February.

That includes information about how much your energy bill will increase this year and some skyrocketing cell phone contracts.

There will also be changes to General Credit for terminally ill claimants.

Meanwhile, a critical deadline is approaching for consumers who are sold on the wrong payday or on front-end loans.

They only have a few weeks to claim compensation that could be worth hundreds of pounds.

We explain what financial changes are coming in February and how they could affect your wallet.

Bank of England interest rate decision – February 3

The Bank of England is preparing to raise capital interest rate at a meeting this week after voting through the increase in December.

The bank raised interest rates 0.25% at the end of last yearfor the first time since August 2018.

Their monetary policy committee will meet on Thursday to vote on whether to raise rates a second time.

Raising interest rates is bad for anyone in debt – especially if you’re not tied to a fixed rate.

Credit cards, overdrafts, and mortgage rates may all be affected.

However, the increase will be good for savers, who can get improved rates on savings accounts and Isas.

Energy price cap – February 7

The energy price limit limits the amount suppliers can charge for default rates and it will increase this year.

It is reviewed every six months, with the next update set for February 7.

Millions of households applied a cheap flat rate when their previous suppliers went bankrupt, meaning they were protected by a price cap.

But the limit is expected to increase from £1,277 to £1,900 for an average household.

That means millions of Britons will pay an extra £600 a year for energy bill when the new limit was introduced in April.

General Credit rule change – February 15

Universal Credit claimants must agree to take certain steps in order to receive their benefit payment – this is known as claimant commitment.

From February 15, terminally ill claimants will not have to prove that they are taking certain measures to get paid.

Anyone currently receiving benefits under the special terminally ill rules is exempt from looking for work.

But they are not automatically exempted from the claimant’s other commitments.

This will change next month, meaning those near the end of life won’t have to hit specific goals to receive their payments.

Last year, it was also announced that terminally ill patients would have quick access to benefits.

Claimants in the last year of their life will have their applications take precedence.

Previously, those rules only applied to people with a life span of six months or less.

O2 price increase- Feb 17

Retail Price Index will be revealed on February 17th – may be of interest to you if you are an O2 customer.

The network uses the index to set its price by adding an additional 3.9% regardless of the RPI announced in February.

Other companies have revealed How much will phone and broadband bills increase from April?

BT, EE and Vodafone is increasing in price by 9.3% in April – amounting to £74 a year.

These companies calculate their prices by adding 3.9% to January’s Consumer Price Index (CPI).

CPI is a measure of inflation, and it hit 5.4% earlier this month.

Loan deadline – February 28

Consumer mis-sold by Satsuma or Supplier have until the end of the month to file a claim.

More than four million loan customers early and payday may be eligible for a refund – even if they’ve already paid it off.

Several front-end loans from Provident and Greenwood, payday loans provided by Satsuma, and guarantor loans from Glo were mistakenly sold to underfunded borrowers who could not afford to pay.

If you took out a loan from one of those companies between April 6, 2007 and December 17, 2020, you might get paid.

There are only a few weeks left to claim a share of the £50m settlement as the application deadline closes at the end of February.

You’re not likely to get the full amount you owe back – but your refund could still be worth hundreds of pounds.

Bad marks can also be removed from your credit record.

Applications should be received by 5:00 p.m. on February 28.

Visit Scheme.providentpersonalcredit.com or call 08000 568 93 to request.

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https://www.thesun.co.uk/money/17493320/financial-changes-february-how-they-could-affect-you/ All the financial changes coming in February and how they might affect you

JACLYN DIAZ

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