There are a number of money changes coming into force in July, with some important dates to note in your diary.
From energy bills to mortgage rules, there is a lot to keep track of in the coming month. Tax Credit households will be impacted by upcoming deadlines with anyone using old stamps to send mail also required to take note.
Economists will also continue to keep a close eye on inflation figures in the coming month, with keeping on top of finances as important as every throughout July as the cost of living crisis continues.
To make sure you are prepared for the changes set to be rolled out in July, The Mirror explained how your money may be impacted.
Ofgem price cap falls - July 1
Typical energy bills are set to fall on July 1, in good news for many households.
The typical yearly direct debit bill will decrease as the Ofgem price cap falls to £2,074, meaning typical energy consumption will fall from its current £2,500 a year under the Energy Price Guarantee.
Of course the decrease is positive news for many, but the drop will feel far less in reality as the £400 energy discount received last winter has come to an end.
The price cap limits the cost for every unit of gas and electricity used, as well as the maximum daily standing charge. It does not mean that your yearly bill is capped as this depends on how much energy you use. You may pay more of less depending on usage.
Last day to receive £150 cost of living payment - July 4
Many people across Scotland and the rest of the UK in receipt of certain disability benefits currently receive a £150 cost of living payment.
The latest payment is due to arrive in bank account between June 20 and July 4, with those eligible required to have been claiming a qualifying benefit on April 1, 2023.
However, a number of payments may be made after July 4 if you are currently waiting for a benefit claim to be either approved or backdated.
The qualifying benefits are:
Disability Living Allowance
Personal Independence Payment
Attendance Allowance
Scottish Disability Benefits (Adult Disability Payment and Child Disability Payment)
Armed Forces Independence Payment
Constant Attendance Allowance
War Pension Mobility Supplement
New mortgage rules - July 10
There is much concern over mortgages at the moment with interest rates skyrocketing.
In light of the increases, new rules are set to be introduced that allowed those approaching the end of their fixed-rate deal to lock in a new deal up to six months in advance.
The measures come as part of the changes delivered through the mortgage charter, coming into force on July 10.
Some lenders already allow their customers to lock in a new deal six months before their current one ends, but the new rules mean that all mortgage lenders who have signed up to the mortgage charter will have to offer this, with more than 30 lenders signed up.
Advice on repayments, changes to mortgages - including a switch to interest only or extension to current term - will also be provided without risk of affecting your credit score.
Inflation rate - July 19
A new inflation rate for the 12 months to June will be released by the Office for National Statistics (ONS) on July 19.
Consumer Price Index (CPI) inflation is a figure is used to explain the level in which prices of goods and services have increased over time.
When inflation is high, as it is at the moment, it means that prices have increased at a greater rate, with your money not going as far as it did before.
In the 12 months to May, CPI was 8.7 per cent, as it was in April, despite experts expecting the rate to fall.
Inflation has decreased from the 41-year high of 11.1per cent, recorded in October 2022, but is not dropping as fast as economists had hoped.
Deadline to renew tax credits - July 31
You have until July 31 to renew your claim if you are in receipt of Tax Credits.
You should have received your renewal pack as HMRC have finished sending them out. However, if you have not received this in the post, you can call up and ask for one to be sent out.
Claims must be renewed every year to remove the risk of the benefit payment being stopped.
You can do it online through your GOV.UK account or you can use the HMRC app.
You can also call the HMRC Tax Credit helpline on 0345 300 3900 or post back the renewal pack you are sent by HMRC.
Stamps - July 31
Classic stamps have been replaced by Royal Mail with new ones containing barcodes. You have until July 31 to use up any of the old stamps you have lying around.
Originally, the deadline was set for January 31 this year but Royal Mail since introduced a six month "grace period".
After the July cut off, mail sent with the old stamps will be treated as having insufficient postage and you may be charged a fee.
Currently the charge for sending a letter or large letter without postage is £2.50.
The only stamps you can continue to use after July 31 are “special stamps” the were released to celebrate anniversaries and events, as well as Christmas stamps.
Consumer duty - July 31
New Consumer Duty rules are set to be introduced by the Financial Conduct Authority (FCA) on July 31.
The change will impact new and existing products and services that are open for sale or renewal. putting more pressure on firms to deliver good outcomes for customers.
The new measures mean that customers should only be offered products suitable for them, with terms are conditions required to be simplified.
Consumer Duty will also mean firms are required to prove they are offering fair value in regards to pricing of products and the benefits of any offers.
Clearer communication between companies and customers will also be needed in order to allow consumers to make informed decisions about the products.
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