Sorry for anyone that got the previous incorrect link!
My pick of last week’s news has to be the FCA’s proposals for temporary financial relief.
You have until 9am Monday morning to respond to the FCA consultation if you want to comment on it. I hope a lot of debt advisers will! Well, you weren’t planning to go out anywhere this afternoon or evening, were you?
Debt Advice Handbook CPAG: now free access online!
FCA proposes temporary financial relief for customers impacted by coronavirus FCA: “However, given the national emergency and the significant impact on consumers’ finances right now, we have asked all stakeholders to respond within a much shorter timeframe than normal – with a deadline of 9am Monday 6 April 2020. If confirmed the measures would start to come into force by 9 April 2020.”
- FCA ‘right to step in’ on consumer credit – but measures must cover all forms of borrowing Money Advice Trust response
- Once again, the poorest people have been shafted in the latest coronavirus plan Canary: highlights the bizarre omission of payday loans from the proposed three month payment holidays.
- Coronavirus – more help for people with debts is coming my article. Also covers the DWP stopping most debt recovery & CIVEA saying most bailiff enforcement is stopping.
Covid-19: Call for freeze on personal debt payments Jubilee Debt Campaign: full text of letter to the Chancellor. I am one of 80 signatories.
Coronavirus – good news about protecting your credit score My article – the CRAs have agreed a policy for reporting on payment reductions/holidays and it’s a good one.
The economic effects of coronavirus in the UK Resolution Foundation: if you like graphs, this is for you.
StepChange Statistics Yearbook 2019: as StepChange tweeted, “Our Statistics Yearbook reveals just how vulnerable people are to changes in personal circumstances. A wakeup call to policymakers, firms and the Government in light of the #Covid-19 crisis”
- Coronavirus and money: What if I can’t pay my bills? BBC: Citizens Advice experts talk to BBC’s Newsbeat about utility bills and benefits.
- How much will your household bills rise by today? Mail: From council tax to broadband – why outgoings are set to ROCKET for many.
- BENEFITS BOOST Universal credit and benefit debt repayments paused during coronavirus crisis giving extra cash to millions Sun: the DWP has temporarily paused reclaiming overpayments of Universal Credit (but not payment advances), tax credits, social fund loans, and legacy benefits.
- Millions in UK ‘could slip through virus wage safety net’ Guardian: Some self-employed workers and high earners at risk despite subsidy plan, warn thinktanks
IVA court case – RBS v Michael Sloper and Creditfix (no link): Judgment handed down on 4 April. Neutral Citation Num
ber:  EWHC 786 (Ch). My very simplistic summary: Creditfix proposed fixed IVA fees, RBS (with 75%+ of the votes) proposed modifications to fees which were rejected. Judgment ends:
Virus lays bare the frailty of the social contract FT (paywall) The UK published the Beveridge Report, its commitment to a universal welfare state, in 1942… Beyond the public health war, true leaders will mobilise now to win the peace.