My pick of last week’s news is the Wonga data breach. For an interesting read, try the FCA’s paper on misleading advertising.
Graph of the week
First reported fall in unsecured credit availability since 2012 in Q1 2017, with more to come in Q2. Mainly tighter credit scoring criteria pic.twitter.com/2zQPGoOGih
— Matt Whittaker (@MattWhittakerRF) April 13, 2017
245,000 Wonga customers told their details may have been stolen. This is really bad news as a lot of details were taken, leaving the customers very vulnerable to phishing scams. I hope this estimate One in ten Wonga hack victims face online theft proves to be too high.
Shamed loan shark [CFO Lending] goes bust after being ordered to repay £34m leaving 26,000 people still out of pocket (Mail) The £34m is the agreement with the FCA. In addition there are many people who have made other complaints – I know of people who have had the Finanical Ombudsman rule that they should be refunded hundreds of pounds.
You both have debts – but may need different debt solutions I wrote this after seeing that a couple had interlocking IVAs proposed because “they” didn’t qualify for a DRO. But one half of the couple did…
£4,429.58 of Council Tax arrears written off Case study from Z2K.
Fear and foul play Money & Mental Health Institute blog: Along with many other voices in the sector, we believe that fundamental reform of the bailiff industry is needed urgently, before more harm is caused.
Plastic fantastic? Why our debt frenzy may be catching up with us Telegraph: If another recession hits, banks will quickly come to regret Britons’ recent splurge on the plastic.
Lenders planning to tighten credit card borrowing criteria AOL The Bank of England’s Credit Conditions Survey found lenders expect to impose stricter credit scoring criteria for people trying to take out plastic in the coming months, although mortgage availability is predicted to increase.
Students face sharp rise in interest on tuition loans BBC: In England, the [total student debt] owed last year had reached £76bn, compared with about £34bn in 2011.
Santander fobs off fraud victims in just 24 hours: We expose loopholes that may explain why so many of the bank’s customers are being hit Mail: Santander says that [the rules requiring a firm to inform customers of their right to go to the Financial Ombudsman] don’t apply in these cases because customers are making ‘claims’ rather than ‘complaints’.
Work: it’s not just a job Guardian editorial: More people are employed in the UK than ever before. But the headline disguises a reality of low-paid, insecure work.
Economical with the truth. FCA Occaisional paper: Three ways behavioural science can help to spot a misleading advert.
Tenant charged £835 … to scribble a new name on a contract Guardian: But Winkworth didn’t bargain for the fact that a lawyer was on the receiving end of this outrageous set of fees.
50,000 disabled people ‘have adapted vehicles removed after benefits assessment’ Independent: Muscular Dystrophy UK says 900 cars are being taken away every week, as more people are rejected for PIP.
The 100-year-old volunteer ‘taking every day as it comes’ BBC: On his birthday Frank Chester will be working a three hour shift at his local foodbank.
Problem gambling ‘takes a £30bn toll on nation’s happiness’, says study Guardian: Survey identifies lower levels of wellbeing experienced by problem gamblers in the UK, who number as many as a third of a million people.