Airlines breaking the law

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Refund rip-off

Airlines and holiday companies are breaking the law by withholding refunds for cancelled flights. By law, companies must pay out within 14 days. But consumer group Which? has found that they’re being slow to pay, or offering vouchers or credit notes instead. The travel industry has estimated it owes passengers up to £7 billion for cancelled trips.

Cheaper fuel and clothes

Inflation fell 0.2% last month thanks to cheaper prices at the pumps and in clothes shops. The Consumer Price Index (CPI), which measures the rate of inflation, fell to 1.5% in March. Analysts say a dip in inflation was inevitable as coronavirus took its toll on oil prices and consumer spending - and the decline is likely to continue.

Virtual valuations

Homeowners looking to switch their mortgage deal had been stumped by social distancing, as lenders couldn’t get out to value properties. However, some banks have now started offering virtual valuations (paywall) to estimate the value of the property, allowing them to offer remortgage deals to more people.

Do-over for students?

The National Union of Students (NUS) says students should be allowed to repeat the academic year at no cost. They’ve faced huge disruption to teaching and exams since lockdown started. The NUS is also calling for a £60 million hardship fund, after a survey found that 85% of members are struggling financially after losing part time jobs.