My pick of last week's news are the articles about Universal credit and the benefit cap. Debt news High coast credit; ‘Loans firm emptied my accounts’ Times (paywall): High-cost lender Safetynet Credit uses pioneering banking technology to take cash as soon as you are paid. Amigo Holdings Interim results for the six months ended 30 September 2020 RNS: No clarity on recent complaint … [Read more...]

My pick of last week's news are the new FCA payment deferral rules and the Low income consumers pay a poverty premium equivalent to thee months' worth of food report. Debt news We finally have the new FCA payment deferral rules on Mortgages and Other Consumer Credit. The latter have been changed from the original proposals so they are now similar to mortgages - people can have up to 6 months … [Read more...]

My pick of last week's news is the optimistic Fiver on the Nose Love? Debt news Tackling the coronavirus personal debt crisis StepChange: the number of people affected by coronavirus in severe problem debt has almost doubled since the beginning of the outbreak to 1.2 million people. The number of those affected who have fallen into arrears or borrowed to make ends meet has increased from … [Read more...]

In amongst a lot of bad news, my pick of the week is Marcus Rashford: PM climbdown over free meals in school holidays. Tweet of the week US president-elect @JoeBiden reads the words of Irish poet Seamus Heaney pic.twitter.com/kWADRBFstw — RTÉ News (@rtenews) November 7, 2020 Debt news FCA proposals to extend payment breaks for some people: Mortgages and coronavirus: … [Read more...]

My pick of last week's news is Money Advice Trust's Debt Options in the New Normal. Tweet of the week Shame on me, given my job, but only since the pandemic have I really started to understand how threadbare the UK's safety net has become. Take statutory sick pay. The UK is now at the very bottom of all OECD countries. Even Trump's America is doing more. pic.twitter.com/PIRLAsiLGs — … [Read more...]

A lot of articles this week on payment breaks ending at the end of the month. Tweet of the week i don’t know how anyone can watch this video and still not want free school meals for children who are literally STARVING ???? pic.twitter.com/GK6gvEUEyE — georgia🪐 (@georgixlouisex) October 21, 2020 Debt news Payment breaks ending: DEADLINE DAY Five massive financial changes … [Read more...]

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...]

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...]