It seems we’re not letting lockdown get in the way of our dreams of a summer holiday abroad. “Since the start of May millions of pounds have been spent on holidays that may not take place,” says Marianna Hunt in The Telegraph. With travel firms offering big discounts, people have rushed to grab a bargain.
The problem is it may turn out to be a hellish experience rather than a holiday. The government has warned that it is unlikely Britons will be able to holiday overseas. People travelling abroad from 8 June will have to quarantine for 14 days when they return, a system that is also being enforced in several European countries.
“Holidaymakers aren’t going to be able to take trips where the quarantine period at both ends totals 28 days,” says Rory Boland, editor of Which Travel.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The problem for people who have been busy booking holidays is that if they have to cancel, they are going to find themselves at the back of a very long queue for a refund. And they are “unlikely to be able to buy travel insurance that would cover them for disruption caused by coronavirus, as many insurers have added Covid-19 restrictions to their policies”, says Hunt.
Book a package holiday and you are entitled to a full refund by law. Pay with a credit card and you can also seek a refund from your credit-card provider under Section 75 of the Consumer Credit Act. But as we’ve already seen, many firms are dragging their heels when it comes to refunds. The best advice is not to book until you are sure the borders will have reopened and your trip can go ahead.
“Airlines and holiday companies must be given clear... guidance on what dates [they can] sell flights and holidays for,” says Boland. Don’t be tempted by great deals from holiday firms that may never actually deliver that trip.
-
Investing in a dangerous world: key takeaways from the MoneyWeek SummitIf you couldn’t get a ticket to MoneyWeek’s summit, here’s an overview of what you missed
-
Autumn in Crete, the Greek island of cultureMoneyWeek Travel Katie Monk reviews the InterContinental Crete, Grecotel LUXME White Palace and the adults-only Asterion Suites & Spa
-
Act now to bag NatWest-owned Ulster Bank's 5.2% easy access savings accountUlster Bank is offering savers the chance to earn 5.2% on their cash savings, but you need to act fast as easy access rates are falling. We have all the details
-
Moneybox raises market-leading cash ISA to 5%Savings and investing app MoneyBox has boosted the rate on its cash ISA again, hiking it from 4.75% to 5% making it one of top rates. We have all the details.
-
October NS&I Premium Bonds winners - check now to see what you wonNS&I Premium Bonds holders can check now to see if they have won a prize this month. We explain how to check your premium bonds
-
Bank of Baroda closes doors to UK retail bankingAfter almost 70 years of operating in the UK, one of India’s largest bank is shutting up shop in the UK retail banking market. We explain everything you need to know if you have savings or a current account with Bank of Baroda
-
How to earn cashback on spendingFrom credit cards and current accounts to cashback websites, there are plenty of ways to earn cashback on the money you spend
-
John Lewis mulls buy now, pay later schemeThe CEO of John Lewis has said the retailer will consider introducing buy now, pay later initiatives for lower-priced items.
-
State pension triple lock at risk as cost balloonsThe cost of the state pension triple lock could be far higher than expected due to record wage growth. Will the government keep the policy in place in 2024?
-
Paragon raises rate on one-year fixed cash ISA to 5.75%Paragon Bank ups its one-year fixed cash ISA rate to 5.75% - is it enough to top the table?
