The item that isn’t in this week’s debt news – no announcement yet from the Insolvency Service about changes to DRO limits.
Tweet of the week
In a world of Wetherspoons, be a Timpsons.
(Congrats Jack) https://t.co/HUL2Xrwt43
— Mitten d’Amour (@MittenDAmour) April 1, 2021
MILLIONS of drivers whose cars were towed away since 1991 could claim back fines because laws were left off the statute book for 30 years Mail: Powers to charge motorists for removing and impounding vehicles were introduced in 1984 but were ‘inadvertently removed due to a drafting error’ in 1991 – and no one noticed until now. Those who paid the penalties may be able to take legal action.
- Amigo’s Scheme – how to vote & timetable for approval my article.
- Amigo Loans will ask 1m borrowers to vote on a scheme which could pay out just 10% of compensation claims after High Court approves it Mail.
- FCA publishes letter of concerns in relation to Amigo Loans’ proposed scheme of arrangement FCA
Woolard Review of unsecured credit: preliminary thoughts Academic blog: Media coverage of the recent Woolard Review here of unsecured credit has focused primarily on its recommendations for regulation of the buy now pay later sector. Here are some initial reactions to other suggestions in the Review.
Credit loophole Times Money column (paywall): Readers should beware of this gaping hole in Section 75 protection… if you use your credit card to buy a present, a holiday for a group of friends or a car that is registered in your child’s name, you will not be able to claim a refund under Section 75 if the item malfunctions or is not delivered.
Buy now, pay later – when you’ve sent it back? Resolver: Of the more than 17,500 complaints Resolver has seen about ‘Buy Now, Pay Later’ credit arrangements, more than one in 10 referenced issues when returning items.
- Furlough fallout: Big banks refusing mortgages to workers Eastern Daily Press: The country’s biggest mortgage lender, Lloyds Banking Group, as well as Nationwide and NatWest, will refuse mortgage and remortgage applications from people who were furloughed in the month prior to application.
- ‘It’s like having a brick tied around your neck’ Mail: If passed, legal changes currently going through Parliament could ease the financial burden for those who took out mortgages with lenders that went under during the financial crisis of 2008.
MPs call on govt to pay rent arrears for struggling tenants FT Adviser: the Housing Communities and Local Government committee … suggested helping tenants pay rent arrears as the “simplest and most straightforward” way to avoid evictions and help landlords receive income, with the potential cost of up to £300m.
Benefits & other news
- Workers on Universal Credit urged to check payslips or they could risk losing benefits next month Sun: complications arise when people were paid early because of the long weekend.
- Benefit cap: number of households capped to November 2020 gov.uk: At November 2020, 180,000 households had their benefits capped… The London region had the highest proportion of UC households affected by the benefit cap, with 6.1% capped… benefits capped by an average of £55 a week
- Benefits stigma decreased after pandemic support measures The Big Issue: Fewer people feel embarrassment about claiming benefits now compared to before Covid-19 hit the UK.
How do we fix the UK housing crisis? Guardian: 6 experts give their views.
Mastercard fined £31m for breaching competition law BBC: The Payment Systems Regulator was set up in 2015 to oversee the market for electronic payments. It alleges that from 2012 to 2018 the card providers agreed not to try and poach each other’s clients, or compete when bidding for local authority contracts.
Betting group Entain promises to set limits for problem gamblers FT (paywall): UK gambling group Entain has said it will limit betting for problem gamblers and impose automated credit checks as the industry rushes to improve customer protection and fend off tighter regulation.