Benefits and overdrafts are the main themes this week. Debt news Problem debt and the social security system StepChange: "the social security system would not meet basic regulatory requirements of consumer credit firms to treat customers fairly." Detailed statistics about how UC creates debt problems. Overdraft: Lloyds, Halifax and Bank of Scotland introduce up to 50% overdraft … [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 that gambling on credit cards is to be banned. Tweet of the week Waiting for a funding decision today... everyone thinks clients with #deficitbudgets are a priority don't they? — Anna Hall Ⓥ (@Anna__Hall) January 17, 2020 Debt news Love Island stars promote buy now, pay later firm Klarna accused of pushing customers into debt Sun: Alongside … [Read more...]
My pick of last week's news for people interested in debt policy is the FCA's Journey into distress. And the Under the wage floor demonstrates how good regulations are not sufficient if the detection rate and the sanctions for breaking them are too small. Tweet of the week Yes! This ⬇️⬇️⬇️. We give employment rights to people to help offset the power imbalance between (low paid) worker … [Read more...]
My pick of the week is I Worked at Capital One for Five Years. This Is How We Justified Piling Debt on Poor Customers - American but relevant to all high cost lending in Britain. And a shout out to Torsten Bell for "You think your meetings are boring? The Bank of England’s Monetary Policy Committee has met 107 times since 2010, and on only three occasions has it actually done anything to … [Read more...]
Last news round up of the year from me, next one on 5 January. Debt news QuickQuid – the Casheuronet administrators’ Proposals & Voting my article. There are almost half a million people with a current balance, nearly two thirds are in arrears by more than a year. Plans for new debt advice service for Scotland unveiled BBC: The government has also pledged to hold roundtable meetings … [Read more...]
We all know what the main news was this week. If you want to read more about the election result, there are some interesting articles in Prospect. Tweet of the week Just lying with a feeding baby thinking of the rotten measures set to continue: two-child rule, natural migration to UC with no protection, bedroom tax, no social housing, sanctions, ubiquitous conditionality, lower payments … [Read more...]
My pick of last week's news is the two insolvency stories. The Accountant in Bankruptcy’s Shame: Bankruptcy Application Fees shows how £90 and £200 fees are causing hardship in Scotland. The Insolvency Service would find a worse situation if it bothered to look at the £90 and £680 fees it charges. And Fake or Fortune? The astounding saga of James Stunt just for fun. Tweet of the week Oh … [Read more...]
My pick of last week's news is the dull-sounding Consultation with the Advertising Standards Authority over Universal Credit adverts. Two weeks ago the story that DWP adverts had been found to be misleading was big news. This new article shows the DWP had been told this by the ASA before they ran the adverts. Debt news In Black Friday week, a couple of articles on shopping addiction: … [Read more...]
My pick of last week's news is the ASA ruling against an IVA lead generator. Tweet of the week I know this won't reach many due to my small amount of followers. But for any UK followers or anyone that sees this. If you are struggling with debt. Contact @StepChange and @CitizensAdvice. I buried my head in the sand for too long. These guys helped me out so much. Do it now — MechanicCraig … [Read more...]
My pick of last week's news is one you may have missed: Online broker launches free bad credit mortgage advice. Graphic of the week The breathtaking decline in child mortality across the world by @toddrjones pic.twitter.com/mkVXhL82gn — Matt Ridley (@mattwridley) November 16, 2019 Debt news Stella Creasy calls for inquiry into FCA over Wonga and QuickQuid Guardian: "The … [Read more...]