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.
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 stop paying Amigo?” – the pros & cons – my article.
- Thousands locked out by NatWest Times (paywall): Bank accounts are frozen without warning and for no apparent reason.
- City watchdog intervenes after Pockit freezes client accounts Times (paywall): Which?… asked the Financial Conduct Authority to look into the suspensions amid concerns that duties to look after vulnerable customers might have been breached.
- In Praise of Cash Cash facilitates budgeting, access for the elderly and homeless, charity giving, tip giving – you may not care but “You not carrying cash is not an argument to stop everyone else from using it and importantly to stop people from accepting it“.
- Homeowners turn to equity release ahead of retirement FT Adviser: The average age those who said they would consider releasing equity was at 66 years old, two years before their pension age.
- Half a million have tapped cash from homes via equity release – but those who did it 8 years ago are paying TWICE as much interest as today Mail
Benefits & other news
A Twitter thread on why cutting UC is such a bad decision. “Is it expensive to keep the £20/week? Yes. But the costs of taking that money away from millions of families are much higher.”
Universal Credit: what it is, why it matters, and what cutting it by £20/week in October means… a long thread…
— Karl Handscomb (@karlhandscomb) July 8, 2021
Mothers lose fight against two-child benefit limit BBC: “This is a hugely disappointing judgment which fails to give any meaningful recognition to the reality of the policy on the ground and its desperately unfair impact on children.”
PhD student hit with £17,000 bill by DWP after universal credit error Guardian: “I acknowledge that you did supply evidence with respect to your student income in an appropriate time but due to an administrative error, your student income was not calculated and included in your UC award.”
Sludge and transaction costs CUP: Examples of sludge include unnecessarily complicated form-filling, hidden add-on fees, long and confusing fine print, unfavorable default settings, inconvenient cashback and refund conditions, messages that induce negative emotions, subscription traps, and red tape.
Diversity and inclusion in the financial sector – working together to drive change FCA: a discussion paper.
Domestic Abuse and Priority Need Nearly Legal: “a person who is homeless as of result of domestic abuse against them is in priority need for the purposes of Part VII Housing Act 1996… This is unarguably a good thing.”
Charity’s undercover probe finds many councils fail people who cannot afford to pay for funerals Mail: a secret investigator posing as a bereaved nephew met with numerous obstacles and a ‘shocking’ lack of compassion by staff when contacting several dozen councils, according to the report by Quaker Social Action.
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