Image of the week from Sky News: ‘Black Lives Matter’ painted on road next to White House and street renamed by mayor:
Renters & Coronavirus:
Ban on evictions extended by 2 months to further protect renters gov.uk: “The Master of the Rolls, as head of civil justice, has convened a judiciary-led, cross-sector, task-and-finish working group to consider and to address so far as practicable matters affecting litigants and the courts when the present stay on possession proceedings is lifted.”
- Third of renters on furlough worried they won’t be able to pay rent when lockdown ends Sun
FCA confirms support for customers who are struggling to pay their mortgage due to coronavirus FCA: confirms proposed extension for another 3 months payment break.
One in seven Help to Buy homes lose value despite local house prices soaring Which: Selling at a loss makes it near-impossible to move up the property ladder.
Regulators have blacklisted NINE unauthorised debt advice companies since April as record numbers of worried Britons look for financial help Mail: While six of the blacklisted ‘debt advisers’ have had their websites taken down, those of ‘Step Changing’, ‘Step Debt Support’ and ‘Step Clear to Change’ are still active.
‘Sales reps marched into our house during lockdown. It was very scary’ Times (paywall): an expose of Nationwide Corporate Finance that targets SMEs. With an original loan of c.£20,000 “Kyrensa was put in touch with a law firm, which explained that the new agreement would entail repaying a minimum of £92,500 over five years, plus a final payment of £38,500.” and it’s secured on her house.
Civil Justice Statistics Quarterly, England and Wales, January to March 2020 (provisional) gov.uk: CCJs dropped 17% compared to same period last year. More claims defended, more weren’t to trial. The mean time taken for small claims to go to trial was 39.7 weeks, up 2.8 weeks.
Redress payment to Money Shop, Payday Uk and Payday Express likely to be 3-4% my article – latest Scheme reports suggests likely to be paying out less than even Wonga did… after initially saying it hoped for 80%.
“We survived – and thrived – after bankruptcy – here’s how to do it” Moneywise: With more people facing bankruptcy as a knock-on effect of the pandemic and government lockdown, we hear from three entrepreneurs who decided to go bankrupt.
UK lenders warned about high levels of debt Guardian: Financial ombudsman upheld 70% of complaints against payday lenders over past year and 89% of complaints about guarantor loans.
Ruthless Scots landlord now running ‘threatening’ debt collection service Daily Record: David Love and his heavies wear bodycams and protective gear during the visits and the Record has obtained footage of his intimidating methods.
Cancel ALL debt, or we will be slaves to banks, DARIUS GUPPY tells his old Oxford pal, Boris Johnson Mail: “if the politicians remain unwilling to write off debt, there is still, happily, a solution: Carry on defaulting.” (Before anyone takes this too seriously, read the mini biog about the author at the top of the piece.)
Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions Looms National Public Radio: The problem is that these efforts aim to create a financial bridge to the future for people who’ve lost their income in the pandemic — but the bridge is only half-built.
Benefits & other news
German stimulus package hands families €300 for each child BBC: As well as a cut in VAT and cash for families with children, the measures include new incentives for buying electric cars.
Discriminatory Government excuses are leaving 2.5 million people without vital support Z2K: It prioritises new claimants who have recently become unemployed, over those that have been relying on the welfare state for some time. The welfare state is supposed to be a safety net for everyone, not just new claimants.