My pick of last week's news is PayPal takes aim at Klarna. Debt news Mortgages: 'Mortgage timebomb' warning: Fears lenders are set to crack down on remortgaging and first-time buyer loans as economic gloom worsens Mail: Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances. The return of the interest‑only mortgage (Times … [Read more...]
Weekly News Round-ups
Every week on a Sunday I publish my selection from the last week's news about debt, debt advice and policy.
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My pick of last week's news is Boris Johnson wants 25-year fixed-rate mortgages (behind a paywall but if you register you can see a few free articles a month). Tweet of the week While there is a lot of controversy about the drop in furloughing support from 80% (the blue line) to 67% (the green line), the far bigger drop from a living standards perspective is for those not entitled to new … [Read more...]
My pick of last week's news is the FCA confirming that payment holidays are ending. Most newspapers seem to be reporting this in surprisingly positive light... Debt news FCA confirms next stage of support for consumer credit and overdraft customers FCA: as expected the FCA has confirmed its proposals that Covid-19 payments holidays will be ending and forbearance in future will mean … [Read more...]
A bumper edition today - 2 weeks worth (I have been on holiday for a week!) and they have been two very busy news weeks. Debt news FCA confirms the next stage of support for mortgage borrowers FCA: As expected the FCA has confirmed its proposals that no mortgage payment breaks have to be offered after 31 October, largely disregarding debt advice agency feedback. FCA proposes the next … [Read more...]
The government announcement on support for renters over the winter is the top news - and my pick of the articles on it is Shelter's response. Tweet of the week The two-child limit is certainly the worst social policy enacted in my lifetime. Unique to UK. If anyone can identify the mendacious bastard that came up with the idea. Please tell me. He/she will surely rot in hell. … [Read more...]
My pick of last week's news is the Emerging from Lockdown survey. Tweet of the week Appalled at how hard it still is for our poorest communities to withdraw their hard-earned low wages from cash machines w/o incurring a charge. £1.50 might not seem much to some but can you imagine trying to withdraw your last £10 for electricity and seeing it reduced to £8.50.😢 — Father Grant Naylor … [Read more...]
My picks of last week's news are Mum found dead beside starving baby and My working week: 'I advise a client on universal credit who can't pay their bills or support their kids' Tweet of the week Am reading @GlasgowCC proposals for funding cuts to law centres & advice agencies. Proposed cuts range from approx. 40% to 100% (i.e. zero funding). At this point in the pandemic I cannot … [Read more...]
The big news this week was the eleventh-hour extension of the eviction ban in England for one month. My pick of the articles is the Toynbee Hall report on what needs to be done to resolve the problem, not just postpone it: Understanding relationships between landlords and their tenants during COVID-19. Tweet of the week Just over 1 in 3 adults who were unable to afford an unexpected … [Read more...]
My pick of last week's news is MAT's response on Ongoing support for consumers affected by coronavirus. But anyone interested in high-cost lending should also read my summary of Kerrigan v Elevate. Tweet of the week Their defence is literally: we gave all the right grades, just not necessarily to the right people pic.twitter.com/d7T8DVZ9k3 — Chris Cook (@xtophercook) August 14, … [Read more...]
Another busy week with a wide variety of articles. Tweet of the week The no of newly benefit capped households on #universalcredit rose by a massive 665% between Feb & May; at a time when the things people can do to escape the cap (get a job; move to a cheaper house) were basically impossible https://t.co/v0JvzWKzxy — Ruth Patrick (@ruthpatrick0) August 6, 2020 Debt … [Read more...]