All of the financial changes arriving February and how they could affect you

THERE are a few big changes coming in February that could have an impact on your bank balance.

From interest rate hikes to rising energy bills, there are several important dates for your diary next month.

Bills are going to rise further this year and many key announcements will be produced in February.

That includes information on how much your time bills will rise with this year and some mobile phone contract hikes.

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

Meanwhile, an essential deadline is approaching for consumers who were mis-sold payday or doorstep loans.

They have just a few weeks to assert compensation that could be worth hundreds of pounds.

We explain what financial changes are coming up in February and just how they might affect your pocket.

Bank of England interest rate decision – February 3

The Bank of England is preparing to raise rates of interest at a meeting now after voting through a increase in December.

The bank raised rates to 0.25% at the end of last year, for the first time since August 2023.

Its monetary policy committee will come across on Thursday to vote on whether to hike rates for a second time.

Rate rises can be harmful for anyone with debt – particularly if you aren't locked into a fixed interest rate.

Credit cards, overdrafts and home loan rates could be affected.

However, a rise could be good for savers who are able to get improved rates on savings accounts and Isas.

Energy price cap – February 7

The energy price cap limits how much suppliers can charge for default tariffs, and it's set to go up this year.

It's reviewed twice yearly, with the next update set for February 7.

Millions of households have come off cheap fixed tariffs when their previous suppliers go bust, meaning they're protected through the price cap.

But the cap is anticipated to go up from lb1,277 to lb1,900 for an average household.

That means millions of Brits will be paying an extra lb600 annually for energy bills once the new limit is introduced in April.

Universal Credit rule change – February 15

Universal Credit claimants need to accept taking certain stages in order to receive their benefit payments – this is known as the claimant commitment.

From February 15, crictally ill claimants won't have to show that they're taking certain measures to get their debts.

Anyone currently getting benefits under the special rules for terminal illness is exempt from having to look for work.

But they're not automatically exempt using their company claimant commitments.

This will change next month, meaning those nearing no more their lives won't need to meet specific targets to have their payments.

It was also announced last year that terminally-ill patients will get fast-tracked use of benefits.

Claimants within the final year of their lives will have their applications prioritised.

Previously, those rules were only in place for people with six months or less to reside.

O2 hikes prices- February 17

The List price Index is going to be revealed on February 17 – that could constitute interest to you if you're an O2 customer.

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

Other firms have already revealed just how much phone and broadband bills will increase by from April.

BT, EE and Vodafone are hiking prices up to 9.3% in April – that amounts to around lb74 extra every year.

Those firms exercise the prices by adding 3.9% to January's Consumer Price Index (CPI).

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

Loan misselling deadline – February 28

Consumers who have been mis-sold loans by Satsuma or Provident have until the end of the month to file for a claim.

More than 4 million payday and doorstep loan customers could be eligible for a refund – even when they've already paid it back.

Some doorstep loans from Provident and Greenwood, pay day loans given by Satsuma and guarantor loans from Glo were mis-sold to cash-strapped borrowers who couldn't afford them.

If you took out financing with one of those companies between April 6, 2007 and December 17, 2023, you can get a shell out.

There's just a couple weeks left to assert a share of the lb50million compensation pot as the application window will close at the end of February.

You're unlikely to obtain back the full amount you're owed – however your refund could be worth hundreds of pounds.

Bad marks could also be wiped from your credit score, too.

Get your application in before 5pm on February 28.

Visit scheme.providentpersonalcredit.com or call 08000 568 93 to make a claim.