So no last minute reprieve for Universal Credit claimants. It’s going to be a grim winter.
Let’s save face to face debt advice We are debt advisers meeting on 4 November to discuss concerns about the proposed new MaPS debt advice contracts.
Regulating for better outcomes – next steps in consumer credit FCA speech: We expect the Government to consult on a proposed [BNPL] regulatory framework in the next few weeks. After that, we will follow with our own consultation on the relevant FCA rules. My comment – lots of good promises for the future, we will see what happens.
Outrage over £125m bonuses for staff at UK’s ‘failing’ financial watchdog Guardian: Financial Conduct Authority accused of failures ‘from top to bottom’ after a string of scandals.
Polling shows public support for writing off pandemic debts as Universal Credit cut Jubilee Debt Campaign: Debt cancellation could help households reset their finances and avoid a ‘long covid debt crisis’ holding back the economic recovery.
Barclays’ error has trashed our credit ratings Guardian: “The bank has offered you £500 in redress, which doesn’t seem enough to me. I would be asking for double that, given that the bank has in effect labelled you a bad bet to other institutions. In the meantime, like you, I wonder how many other Barclays mortgage customers have this problem.”
Is this the new Help to Buy? Deposit Unlock scheme offers new-build mortgages with 5% deposits to first-time buyers AND second steppers Mail: But unlike Help to Buy, where 20 per cent of the purchase price is borrowed from the Government and the rest from a mortgage lender, Deposit Unlock sees buyers borrow the whole balance from their lender.
Benefits & other news
Universal credit reduction: ‘I feel overwhelmed’ at financial impact BBC: We asked three women how the reduction will affect their lives.
Marcus Rashford says it was ‘bittersweet’ to collect his honorary degree for tackling child poverty just one day after the £20-a-week Universal Credit uplift was withdrawn Mail: “Yesterday, millions of families across the UK lost a lifeline and a means of staying afloat. A move that could see child poverty rise to one in three children…It’s time that representatives got out into communities like mine.”
‘Cancer means I can’t work, but government is taking my Universal Credit anyway’ Mirror: Kevin Smith has cancer, heart arrhythmia, stress and anxiety, and so is unable to work – but he is still losing the £20-a-week uplift to Universal Credit that so many rely on.
Firms warn of price rises as energy costs soar BBC: Cornwall Insight forecasts that the energy price cap will rise to about £1,660 by next summer. That is about 30% higher than the record £1,277 level for the cap set for winter 2021-22, which began at the start of October.
Omni Energy controversially transfers customers to rivals as it can’t afford to provide power Sun: Shocked customers have been emailing Omni after getting emails from firms including Scottish Power and Bulb welcoming them as new customers.
Spent over an hour today trying to submit applications to 2 different local authority hardship funds. Both timed out multiple times so I couldn’t submit. Looking forward to many more hours applying for vouchers on terrible council websites because UC isn’t enough to live on
— Anna (@anna94_el) October 6, 2021
Contactless card limit rises to £100 next week Mail: Which banks will let you lower the cap or have one that is not ‘tap and go’ enabled?
Shaping the future of health and disability benefits MMPHI paper: The Green Paper predominantly focuses on encouraging people with health problems and disabilities into employment, with limited consideration of the role of the DWP to support people into good work, suited to their abilities and needs. It also fails to adequately provide for people who are unable to work.
The hidden risks of being poor: the poverty premium in insurance Fair By Design report: One of the main drivers of the poverty premium in insurance is a shift away from a pooling of risk across many different people towards more granular pricing based on an individual’s specific risk factors.
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