My pick of last week’s news is The problem is poverty, however we label it. On the undeserving poor … and the undeserving rich.
Tweet of the week
Another football club pushing gambling. 🤦🏻♂️ https://t.co/IDGWlouxBN
— Gary Lineker 💙 (@GaryLineker) January 23, 2021
Debt Relief Orders: what do we know, what should we do? Wearedebtadvisers: Debt advisers can register for event on Feb 1st – an opportunity for front-line debt advisers to reflect on the current Debt Relief Order scheme and ensure they are able to have their voices heard in the Government consultation.
Covid: Nine million people forced to borrow more to cope BBC: Those aged under 30 and those with household incomes of less than £10,000 were about 35% and 60% respectively more likely to be furloughed than the population as a whole.
Why reform of Support for Mortgage Interest (SMI) is needed now Money Advice Trust: the FCA can only do so much to address the challenge of Covid-19 mortgage arrears. The government needs to step in, urgently – starting with much-needed reform to the Support for Mortgage Interest scheme.
- Rising property prices force buyers into longer mortgages Times (paywall): Increasing the term from 25 to 35 years lowers monthly repayments but increases the total amount of interest on a typical mortgage by 40 per cent.
- New mortgage lender Perenna claims it will let you lock in your interest rate for THIRTY years – but is such a long fix sensible? Mail: interesting, but Perenna doesn’t yet have the banking license it needs to offer any mortgages.
FCA proposes CMC fee price cap FCA: My view – a cap is long overdue but this is not the right sort of cap. Fees for standardised complaints such as affordability should be reduced dramatically, just as they were for PPI.
Why we’re moving into the near prime market – Moneybarn Q&A Credit Strategy (must register to read) Moneybarn’s commercial director on the car finance provider’s recent expansion into the near prime market, and why it has “aggressive targets”.
Amigo – my series of articles on the proposed Scheme continues with Is Amigo allowed to delay paying refunds? Does it have a DISP waiver?
Virtual enforcement — a new era for bailiff practices? StepChange: “In many ways, the ruling raises as many questions as it answers.”
Benefits & other news
The problem is poverty, however we label it Guardian: The prefixes ‘food’, ‘child’ or ‘fuel’ make life for 14 million poor Britons seem easily fixable. In truth, radical action is needed.
Low-paid workers in UK more than twice as likely to lose job in pandemic Guardian: Job opportunities increasing for higher-paid staff in sign of growing inequality
A survival guide to pensions on divorce Advice Now: Adding pensions into the [divorce] mix can be daunting, but not dealing with pensions can be a huge mistake.
Thousands on Universal Credit payments may get £62 less this month Sun: People who lost their job because of the pandemic were given a nine-month grace period during which benefits would not be capped… This month the exemption ends for the first group of people who started claiming Universal Credit (UC) at the very start of the pandemic.