It’s a tough decision what to choose for my picks of the week, but for two you may not have seen try the Our House review (it’s depressing) and the new wave of retirement interest only mortgages (the devil will be in the detail).
Tweet of the week
Surprise, surprise! New insolvency stats are showing the largest quarterly number of IVAs since they were introduced in 1987! Come on @insolvencygovuk & @TheFCA…lead generation and mis-selling are driving this, and there is a serious risk of detriment to ppl in debt. pic.twitter.com/PdmhGs36n2
— Jane Tully (@JaneTuls) April 27, 2018
- Insolvency Statistics: January to March 2018 Insolvency Service
- The TIP IVA Panel TIP announces who the initial IVA firms on its panel will be.
Rent to own:
- BrightHouse’s new TV ad inadvertently exposes true extent of sky-high fees Sun: The rent-to-own firm’s new TV advert looks like it’s showing off a good deal at first glance – but it actually reveals the true scale of all the extra fees it levies on customers.
- Our House – a review by End Furniture Poverty In order for Our House to become viable, the store would have had to extend credit to customers in the full knowledge that they could not afford to pay for the item whilst living any sort of decent life.
- New crackdown on loan sharks as Government pledges £5.5 million to tackle ‘nasty lenders’ Mail: An estimated 300,000 people are in debt to loan sharks across the country, although experts say numbers could be much higher.
- Loan sharks – a personal story MMHPI: Barbara’s story I hardly ate, didn’t use my car… cut back on electricity and gas and cancelled things like house insurance.
Car park penalty tickets at record high BBC: The number of parking tickets issued by car park management firms in Britain hit a record 5.65m last year.
Conversion of Support for Mortgage Interest (SMI) from a benefit into a loan, 2018 Latest statistics from the DWP at 18 April 2018.
‘My bank is saying it’s my fault’ – how one reader fell for the new loan scam that’s sweeping Britain and how you can spot them first Mirror: Loan-fee fraud is dangerous, new, distressing… and growing fast. This is how it works, what to watch out for and how one of our readers got trapped.
Pensioners stuck in debt and parents helping their children buy homes will be offered new wave of retirement interest-only mortgages Mail: Lenders are gearing up to offer retirement interest-only mortgages after the financial watchdog delivered on a promise to relax strict lending rules.
Student loans: mother threatens court action which could save graduates thousands Telegraph: According to pro-bono legal advice provided by law firm Leigh Day, the Teaching and Higher Education Act 1998 act stipulates that the rate paid by former students should be “lower or no higher” than the commercial market rate. Current benchmarks suggest this is 3.81pc.
Against metrics: how measuring performance by numbers backfires Aeon: the most dramatic negative effect of metric fixation is its propensity to incentivise gaming: that is, encouraging professionals to maximise the metrics in ways that are at odds with the larger purpose of the organisation.
Ten ways GDPR will help consumers Complaining Cow – guest post by me.
London housing crisis forcing workers to quit their jobs, says CBI survey Independent: More than a quarter of the leading firms in the capital who responded said some employees had been leaving because they cannot afford to live in the local area.
The road to regulating prepaid funeral plans Fairer Finance. Long, detailed and very, very sensible,