My pick of last week’s news is the Guidance to support the IVA protocol for existing protocol complaint IVAs.
Guidance to support the IVA protocol for existing protocol complaint IVAs Insolvency Service: It has been agreed that reductions will generally be accepted by creditors of up to 50% of current contributions, or £75, whichever is higher. – I am writing an article on this.
High cost credit:
- Provident Scheme to pay 4.25p in the £ my article
- Update on New Business Scheme – Amigo plans new lending proposition under different brand RNS: My comment – they aren’t the first lender to incorporate rate reductions, see Lower interest if your credit score improves? for another firm that is doing this.
- More UK households are turning to high-cost lenders, says charity Guardian: Warning comes as Amigo plans lending comeback offering loan with annual interest rate of 49.9%
Creating a funding model for the future Financial Ombudsman Consultation on its fees charging.
Drivers handed record 8.6 million parking tickets by private firms over 12 months Sky: Between April 2021 and March 2022, the rate of tickets being issued reached an average of 23,000 every day
Low-income households in UK living in ‘year of financial fear’ Guardian: More than 2m households already going without ‘heating or eating’ says Joseph Rowntree Foundation
Struggling broadband customers will be able to move to cheaper deals without paying a penalty Sun: Telecoms bosses … promised to support struggling customers with payment plans and raise awareness of cheaper social tariffs offered to those on Universal Credit.
Energy bills:
- Plan to cut energy bills if you avoid peak-time use BBC: National Grid hopes to roll out a scheme where people can save cash if they avoid high-power activities, such as cooking or charging electric cars, when demand is high. The move follows a trial where Octopus Energy offered incentives for 100,000 customers who reduced consumption.
- Struggling with energy bill debt? Check if you can get a grant of up to £1,500 from British Gas – even if you’re not a customer MSE
- Worst customer service on record from energy companies Citizens Advice: Energy companies’ customer service standards have fallen to a new record low. This is according to the latest Citizens Advice star rating table published today.
Mortgages:
- Idea for extra-long term mortgages passed on to children considered ITV: extra-long term mortgages on family homes that could be passed on from parents to their children are being considered within government.
- ‘Mortgage prisoners’ trapped in expensive Co-op Bank home loans anxiously awaiting court decision Mail: A series of four disputed mortgage rate rises between 2009 and 2012 saw Jarrett paying interest of up to 6.5 per cent, or nearly £500 a month extra, for the next decade while most households paid historically low rates.
Hardship by design? Stepchange report on UC deductions: We found that these rates were completely misaligned with the real budgets of our clients, with claimants out of work and on the lowest income in severe financial difficulty
New curbs for online gambling ‘catastrophe’ as Premier League clubs escape sponsor ban Times (paywall): The curbs will include maximum stakes of between £2 and £5 for online casinos, a ban on free bets and VIP packages for those who incur heavy losses, and “non-intrusive” affordability checks.
Tempted to cut your pension saving? Here’s why it can lead to long-term pain… Mail: One in 10 adults had already cut contributions or stopped paying into a pension altogether by early spring, before the cost of living crisis had really set in, according to a new survey.
News round-ups are published every Sunday.
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Chris Sykes says
I remember reading a few years ago, about Japan having ‘multi-generational mortgages’. You take out a mortgage now and it will be either your children, or even grandchildren, that pay it off. It was deemed a remarkable failure at keeping property prices low, and was often used for tax advantages (Japanese inheritance tax is high, I believe) rather than helping first-time buyers.
The fact that the idea is being considered here shows how broken the property market is.
Kate197595@gmail.com says
Hi
I have received £350 from loans 2 go as a goodwill payment. I’m happy with that so have accepted the offer. I am still waiting on an outcome from Safety Net Credit, they have until tomorrow which is the full 8 weeks. Not holding much hope tbh that they make any offer so could be going to the FOB.
Timmy says
Protocol complaint IVAs should perhaps be “compliant”? Although, working in social housing, I’d have to say that most of the IVAs I’ve seen deserve complaints for mis-selling.
Kate says
Hi Sara
How do I go about making a complaint against a rental company? Thanks
Sara (Debt Camel) says
what sort of complaint?
Kate says
A company called Switch Rentals that I have rented a T.V from
They did not let me know that I surpassed my minimum 18 month contract in September 2021 and are still taking the money out of my account ever week. They are saying after the 18 month contract is surpassed it’s a rolling contract and my responsibility to contact them???
Sara (Debt Camel) says
Do you still have the TV?
What did you think would happen at the end of the 18 months?
Kate says
Yes I do still have T.V. I thought they would contact me to say that the contract was ending or what options I had.
Sara (Debt Camel) says
You can talk Citizens Advice’s consumer helpline 0808 223 1133 about your options.