For debt advisers, the UC cut dominates all other stories. But the NILS pilot start up (at last!) is good news. And the “Payment revolution” article is very interesting. Debt news “A payment revolution that is killing off credit cards “ Times (paywall): Monzo, Barclays, Apple, Goldman’s and other banks are looking looking at launching BNPL products. Plans announced for new UK wide No … [Read more...]
Recent Weekly News Round-ups
Every Sunday I publish my selection from the last week's news about debt, debt advice, debt regulation and policy issues.
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My two picks from last week's news are We all pay the price for narrow thinking on social protection and (for debt advisers) Court and Tribunal Fees which are increasing. Debt news Non-Standard Finance chief John van Kuffeler resigns before latest funding drive Times (paywall): The departure was regarded as a necessary step as Non-Standard Finance tries to raise about £80 million in cash … [Read more...]
The proposed £20 a week cut to Universal Credit is the biggest story this week. Debt news Financial quicksand is popping up everywhere Citizens Advice: a dark combination of nudge and sludge.. online spending that’s easy to slip into but difficult to get out of. Klarna Continues Rapid Expansion but Losses and Customer Defaults Mount Money Expert: While Klarna's credit losses are … [Read more...]
My two picks of last week's news are Duty calls: will the FCA's proposed consumer duty be effective? and Paypal scraps late fees for buy now, pay later customers. Debt news Duty calls: will the FCA's proposed consumer duty be effective? Money Advice Trust: An enhanced supervision and enforcement regime would also allow the FCA to better monitor firms to identify poor practice and intervene … [Read more...]
My picks this week are Second-hand car sales soar amid shortage of new models and, for podcast fans, Big Little Ideas. Tweet of the week Bumper edition of @InstituteMA Quarterly Account... with @DebtCamel @ColinTrend @TaxAidUK @MegvanRooyen @Shelter specialist debt team & @DebtWe amongst others - and a scorching critique of @MoneyPensionsUK debt advice contracts... 👀 … [Read more...]
Two major pieces of news this week: the Provident Scheme being approved and Energy price rises. At the start of 2020, the debt advice sector was wondering how to cope with 40% of clients having a "negative budget" - less than they need for priority debts, essential bills and living expenses, leaving no money at all for non priority debt repayment. This may be rising to 75%... And with so … [Read more...]
My pick of last week's news is 'We've paid £3k but could've wiped debt for just £180'. Tweet of the week Instead of making offenders wear high viz jackets in chain gangs, how about helping them get a real job instead? In my shops we employ lots of ex offenders and they wear a shirt and tie. Same people, different approach, a much better outcome. — James Timpson (@JamesTCobbler) July 27, … [Read more...]
My pick of last week's news is FCA takes action against debt packager firms. Three major consultations have also been announced. Expect more next week about the proposal for a new Enforcement Conduct Authority, trailed in Families face 'tidal wave' of debt, warns think-tank with a plan to protect them from the bailiffs - the CSJ will be launching its report on this on 26 July. Debt … [Read more...]
My pick of last week's news is Almost 400,000 more UK homes heading for fuel poverty. Tweet of the week Good morning @debtwe Advocating for free, independent, quality debt advice as always. ✊ pic.twitter.com/XTFgjR8bMo — Ames Taylor (@PeakyAmes) July 16, 2021 Debt news The great bank account shutdown The Times (paywall): Financial firms have been told to get tough on fraud, … [Read more...]
The decision that the UC £20 a week uplift is being removed in October is the biggest - and worst - news possible for the debt advice sector. Debt news UK banks bolster debt collection teams ahead of first Covid loan repayments City AM: Britain’s four largest banks have hired over 750 workers in their debt collection units in an effort to manage a wave of potential defaults. “Should I … [Read more...]