My picks of last week’s news are Harrington Brooks being sold to Gregory Pennington in a pre-pack administration and New debt guidelines [SFS] could force unnecessary personal insolvencies.
Tweet of the week
This week’s #StatOfTheWeek highlights an alarming figure from this year’s Homelessness Monitor: 78,000 households – equivalent to a city the size of Wolverhampton – were placed in temporary accommodation in England #HME2018 https://t.co/6eLai5Exqa pic.twitter.com/Au2mcT1xUY
— Joseph Rowntree Fdn. (@jrf_uk) April 14, 2018
Harrington Brooks bought out of administration Credit Strategy: The transfers were announced on Harrington Brooks’ website, confirming that the debt management plan (DMP) portfolio has now transferred to Gregory Pennington Ltd from HB Financial Solutions Limited. It also confirmed Freeman Jones Limited has taken over the running of the IVA portfolios from One Advice Limited.
Wonga 2.0? Meet the new breed of payday lenders Guardian: A new wave of credit firms is offering ‘medium-term’ loans at hefty APRs of up to 1,421%
New debt guidelines [SFS] could force unnecessary personal insolvencies Credit Connect: in a recent meeting of the SFS Governance Group, which includes the CSA, members were presented with a set of revised ‘trigger figures’ that in some cases were 30 percent or more greater than those published last year.
Lending falls at fastest rate since credit crunch, Bank says Guardian: Unsecured consumer loans drop by 38.7% in first threes months of 2018, largest fall since 2007, according to new figures from the Bank of England
Debt-laden Britons face crunch from rising rates, City watchdog warns Telegraph: This is a particular hazard as the UK has an ageing population with limited resources to pay for retirement.
- Don’t be a victim of ‘Insolvency Service’ telephony scam Insolvency Service: Members of the public are being warned not to fall for a scam which asks you to make unnecessary and premium-rate calls to the Insolvency Service.
- Action Fraud issues warning over new debt-collection scam iNews: a new financial scam in which fraudsters claim to be collecting debts from legitimate bailiff companies over bogus magazine advertising subscriptions.
Struggling to save a deposit? Post Office launches a mortgage allowing you to buy your first home without one Mail: The deal – known as the family link mortgage – works by giving the first-time buyer a 90 per cent loan-to-value mortgage secured against the property they’re buying plus an interest-free five-year loan secured on a close relative or parent’s home.
Debt management bosses banned after transferring half-a-million from own companies Insolvency Service: The real victims here are Brooke and Gregson’s clients who sought genuine assistance to help manage their debts but many received little or no benefit at all from instructing the companies to act on their behalf.
Slough loan shark couple ‘targeted Filipino community’ Slough & South Bucks Observer: the Gutierrez couple issued over 150 loans ranging from £500 to £20,000. The typical loan was for a period of ten months, and a flat rate of 50 per cent interest was charged.
‘I bought two TVs from Currys on a buy now pay later plan – so why is it starting to collect payments now?’ Mail: Creation did send me a copy of what it said was your credit agreement, but every figure had been blacked out. So had your name, address, phone number, bank details and signature. It might just as well have been Mickey Mouse borrowing £1 million for all it proved.
Martin Lewis issues warning over financial regulator’s PPI adverts MSE: When we tested the search term “FCA PPI” on different search engines, including Google, we found multiple instances where paid-for claims firms came above the official FCA website in the search results, such as the one below.
Meet Loqbox – the new way build up your credit score WITHOUT getting into any debt Mirror: there’s now a way to demonstrate to lenders you’re reliable and build up your score, by saving money instead of borrowing it.
Benefit sanctions inquiry launched Commons Select Committee: Sanctions are an important part of any benefits system but they need to be applied proportionately and fairly and to account for individual circumstances.
750,000 tenants in unsafe or dirty homes as landlords defy regulations Times (£ paywall): tens of thousands [of HMOs] are thought to remain unlicensed, allowing landlords to avoid the prospect of inspection.