A right old Saga: The last issue contains an interview with Sigourney Weaver
Saga, that beautiful organization founded 72 years ago by Londoner Sidney De Haan to meet the needs of the over-50s, is showing its dark side.
In recent days, it has told one of its longtime clients, Graeme Forsyth, that it is no longer willing to communicate with him. This is due to its refusal to accept the company’s decision to stop providing hard copies of the monthly Saga magazine to those who purchased lifetime subscriptions in the 1990s and early 2000s – with the understanding that life sentence meant to death.
Saga says it’s not viable for the company to continue placing the magazine with lifetime subscribers unless they start paying an annual fee. But they can get a free digital version (the latter includes an entertaining interview with Sigourney Weaver). It also says that the ‘vast majority’ of customers are understanding of its decision and have readily accepted it.
But not Graeme, nor for that matter many other MoS readers who have written to complain about the decision since I first raised the issue in these pages in early June.
John Marrs, from Bangor in North Wales, is one of the latter, saying he doesn’t own any of the ‘modern stuff’ (mobile phone, computer) needed to access a digital version.
While he says an annual subscription of just under £30 wouldn’t break the bank, when he paid for his £75 lifetime subscription 25 years ago, he thought he’d paid for life. He feels a little cheated.
It’s exactly how Graeme, from near Manningtree in Essex, feels. He launched one petition asking Saga to keep his promise to provide lifetime hard copies (a creditable 1,001 signatories so far). Despite breaking ten ribs falling down the stairs at home, Graeme has managed to send a barrage of correspondence to Saga’s CEO instructing him to make a reputational damage. It didn’t work.
Last week, Saga wrote to him: ‘You and your wife have taken out a lifetime subscription to Saga magazine and by switching from a print to a digital version we continue to fulfill our subscription obligation. We therefore do not consider it necessary to correspond with you further about this.’
bolje. I’m not sure the likes of John Marrs – and many other lifelong subscribers who have been digitally banned – would agree with Saga’s view that it continues to “stand by” its commitments.
For the life of me, I don’t know why Saga dug in on this issue.
If I were boss Euan Sutherland, I would step back and respect the original deal that customers signed for. Saga’s intransigence on this point will cost the company more reputational damage than any savings it gains by denying customers a print copy of the magazine they love and paid for years ago.
One last point about Saga. Countless readers have reached out to me in recent weeks, incredulous about the raises Saga is demanding for renewals of three-year, fixed-price insurance policies.
Yvette Van Lierde drives a 12-year-old Toyota, has an equally long no-claim bonus and drives no more than 3,000 miles per year. For the past three years she has paid an annual premium of £322. Now, to renew for another three years, Saga wants £776 a year – two and a half times more.
“No convictions, no accidents, no speeding tickets,” she says. “Maybe the fact that I’m 75 now contributes to the price increase.” Another reader, Derek Brown, from Rushenden in Kent, has been told that his three-year fixed price home insurance policy with Saga will be renewed at an annual cost of £558 – up from £254 previously.
“What really struck me,” he says, “is that Saga included a pamphlet with the renewal announcement explaining what a good deal it was.”
Insurance premiums are currently shooting through the roof – 26 percent a year for homes (Pearson Ham) and 34 percent for cars (Consumer Intelligence). But for some Saga customers, they go to the stratosphere.
Not even the Royals can keep this bank branch open
In the coming days, several Barclays branches will close their doors for good – unnecessary, according to the bank.
Among them is the branch in my hometown of Wokingham, which closes at 12pm on a Friday and does not open again. It will leave the city with one less outside ATM and follows in the footsteps of both Santander and NatWest, who have been tearing up the high street since I lived there.
Close shop: Barclays is closing several branches, including the one in Windsor (pictured)
The Barclays branch in nearby Windsor also closes a few days later. Unlike its Wokingham counterpart, which is rather battered and bruised, the Windsor branch is housed in a magnificent four-storey Victorian building.
Close to the entrance to Windsor Castle, it is often part of the setting for special royal occasions – and is passed by thousands of visitors to the city every day.
Apparently not enough come in to use the bank’s services. What a pity. Another stab at the heart of face-to-face banking.
Stay put if you get caught up in a car loan lawsuit
It was good to see our story from a week ago about car finance misselling being followed up by rival newspapers. As we said at the time, if the legal action taken against the country’s three biggest car finance companies – Lloyds, Santander and MotoNovo – is successful, it could lead to payouts of up to £1bn, split between one million motorists.
The action stems from motorists being overcharged for car loans between 2015 and 2021 – a result of car dealers selling financing at higher interest rates in exchange for higher commissions from the lenders. The practice – discretionary commission – was banned in 2021 to protect consumers.
Those who have been harmed by this unfair practice have nothing to do but wait. The case will be taken to the Competition Appeals Tribunal via an ‘opt-out’ action, meaning all eligible borrowers will be included.
For now, MotoNovo (part of Aldermore Bank) and Santander remain cautious about the action, brought by consumer lawyer Doug Taylor (ex Which?) and litigation specialist Scott+Scott.
As for Lloyds, the response has been astounding. It said: ‘We are committed to ensuring that customers have clear and transparent information so that they can make informed decisions about the products they choose.
Following the FCA’s car financing market analysis, new rules were set for the industry in 2021, which we have implemented. We will continue to comply with applicable legal requirements regarding the payment of commission and the disclosure of commission to clients.”
Fine, but this has nothing to do with what Lloyds planned in the car loan market between 2015 and 2021. Anyone who thinks they will benefit if the claim is honored can follow the progress by registering at carfinancingclaim.com.
Premium Bonds are rising again
I am pleased to see the premium rate for Premium Bonds increase again from September next year, this time from four to 4.65 percent.
While avid reader Edward Browne responded to the rate hike by thanking me for persuading the National Savings & Investments boss to take this kind action (Edward likes Premium Bonds), he’s mistaken.
While I did indeed call Dax Harkins (CEO of NS&I) several times to raise the fare – especially after a base fare increase – and he has responded, I did not make such a call seven days ago.
So dear Edward, thank Mr. Harkins this time, not Mr. Prestridge.
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