Today the National Audit Office has published Rolling out Universal Credit. This is the NAO's first report on Universal Credit (UC) since 2014. It makes grim reading for everyone: the DWP; taxpayers who are funding a huge bill for changes which may not achieve any useful purpose; local authorities, housing associations, food banks, benefits and debt advisers who are having to support … [Read more...]
Debt news and policy
Debt Camel articles on what's happening in the world of personal debt in Britain.
For my collections of other news items, please see Weekly News Summaries.
This page brings together news items about various types of high-cost lending in Britain, including payday loans, guarantor loans, doorstep lending, logbook loans, rent to own and other forms of high-cost credit. My comments on the latest FCA High Cost Credit Review reports in June 2018, which cover many of the different types of lending covered on this page with the notable exceptions of … [Read more...]
The FCA published two High Cost Credit Review consultation papers published yesterday: rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit; overdrafts. Although these got some great headlines - the word crackdown appeared frequently - I think it is fair to say that most debt policy campaigners have been disappointed by the proposals … [Read more...]
Vanquis has now admitted that the timetable for making the Repayment Option Plan (ROP) refunds, ordered by the FCA in February, has slipped. And Vanquis credit card holders are getting texts and letters saying their minimum monthly payments will be increasing as the calculation is being changed. This is happening in July 2018 for some customers. These two facts are not connected, but the … [Read more...]
A couple of readers have asked about a letter they have received from ClearDebt about their IVA which finished years ago, so I guess a lot of people are getting a similar letter. Here is one of the comments: I started IVA in 2007 and completed it in 2012, getting my completion certificate. I've just had a letter from Clear Debt who was one of many companies handling the IVA as we were being past … [Read more...]
Today's announcement that the Government is restricting the maximum stake on FOBTs to £2 is brilliant news. At the same time, the government has announced a range of other measures, some to come in now and some that may be introduced in the future. And yesterday Monzo talked about what is going to be doing to help its customers self-exclude from gambling. Restricting FOBT stakes to … [Read more...]
Yesterday the government announced that it was dropping the proposed new logbook loan legislation. This is a very disappointing move, the bill would have had all-party support. I agree with these comments on Twitter: Strange one - never spoken to anyone who didn't think it was a good idea and the current legislation causes huge problems for some people. Joe Lane. Pretty odd decision. These … [Read more...]
With mortgage rates so low, 2018 should be a great time if you want to remortgage or move house. But the Financial Conduct Authority (FCA) has published research showing there are 800,000 people in the UK who could benefit if they switch to a cheaper mortgage. Most of these are people whose fixed rate has ended but who have stayed on their lender's variable rate for more than six months. And … [Read more...]
In June 2018, you may be able to get a 0% balance transfer deal lasting three years if you pay a fee. Or you can get a 27-month deal with no fee to pay! These are the table-topping deals. If you don't have a very good credit rating you probably won't get one of them. It's annoying but if you desperately need to move some credit card balances to 0% you may well not be able to get one. But if … [Read more...]
Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]