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.
“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 Interest Loan Scheme (NILS) pilot Fair4All Finance: The scheme will kick off with proof of concept loans in Autumn 2021, followed by a wider two year pilot in up to six areas of higher deprivation starting in Autumn 2022.
When business is not usual Money Advice Trust: Our Vulnerability Lead Consultant, Chris Fitch discusses suicide intervention in essential services.
Mortgage lenders to relax rules on income from overtime and bonuses Times (paywall): The bonus, commission and overtime income [Halifax] uses in this affordability assessment will double from 30 per cent to 60 per cent, having been cut during the pandemic.
The £20 UC cut
How much must you earn to replace the £20 UC cut? a guest post on Debt Camel from Gareth Morgan, a benefits expert.
Universal Credit: The Challenge Ahead BBC “Briefing Room” podcast.
UK ministers braced for ‘catastrophic’ end to welfare uplift FT (paywall): Analysis shows homelessness and poverty will rise when universal credit boost finishes.
Why the government’s argument for cutting Universal Credit isn’t credible New Statesman: Ministers’ claim that cutting benefits incentivises work ignores how many claimants are in work already.
Marcus Rashford urges government to keep £20 universal credit top-up Guardian: Footballer and poverty campaigner says ministers should focus on efforts to end the ‘child hunger pandemic’
Entrepreneur accused of preying on hard-up mums after attempting to launch business which will profit from their child benefit payments Mail: His plan is to offer families all their future child benefit payments in one go – at a price. In return for the cash up-front, parents – mostly mothers – will then transfer their right to future benefit payments to CCB, via its app. It will take an 8 per cent cut.
- Post Office card accounts closure extended until November 2022 gov.uk: The Post Office Card Accounts (POca) scheme was previously set to end in November this year. Following the disruption caused by the pandemic, it has now been extended for 12 months.
- Outrage as banks shut customers’ accounts and freeze payments as small as £50 in panic over fraud threat Mail: The complaints website Resolver says that in the past year, more than one complaint in four about an account issue involved such closures or freezes.
All the major energy firms confirm massive price hikes from October – act now to avoid huge bill shock MSE: virtually all of the big-name energy suppliers are pushing their standard rates to the max allowed under the new energy price cap.
The man struggling to breathe in a council flat ‘unfit to house humans’ ITV: the conditions Mehdi has to live in, including a leak running down his walls found to be contaminated with faeces – the flat has been declared to be “unfit for human habitation”.
Out of interest is anyone actually defending the principle of a National Insurance rise that means:
– the landlord with hundreds of properties pays exactly zero pence, while workers foot the bill
– the 66 year old on £50k pays nothing, the 25 year old on £20k coughs up £100
— Torsten Bell (@TorstenBell) September 5, 2021
- Betting firm caps losses for young gamblers… at £500 a month: Paddy Power giant becomes first bookmaker to limit the amount younger clients can lose Mail: the UK’s biggest online gambling firm said around 35,000 under-25s sometimes lost more than the cap in the UK and Ireland.
- TfL plans to ban gambling ads following Sadiq Khan request Evening Standard: Between April and June this year, TfL ran 49 advertising campaigns related to gambling across its networks, almost as many as the entire 2018/19 financial year, when there were 61 gambling ad campaigns.
News round-ups are published every Sunday.
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