My top picks from last week’s news are: Hush money: Provident Financial accused of helping customers to hide debts from spouses and Why it’s time to fight back against parking madness (and how to beat a ticket).
I’ve decided to add a new Universal Credit section to this weekly roundup. I look forward to the weeks when it won’t be needed.
Tweet of the week
Residents of low-income neighbourhoods told us that they were willing to travel to wherever job opportunities are located. But the availability and affordability of public transport is constraining their options #youandyours #cutoffcommuters https://t.co/tJRsKD5NJ3 pic.twitter.com/ZXVgdYyOHi
— Joseph Rowntree Fdn. (@jrf_uk) August 9, 2018
Hush money: Provident Financial accused of helping customers to hide debts from spouses Mail: “Parkinson said Provident was ‘systematically ignoring affordability considerations’, paying no attention to whether customers could manage the loans.” Statement made to an employment tribunal by Parkinson, the former managing firector of it home-credit department, who has a claim for unfair dismissal.
- Home equity release may cost pension firms billions BBC: At least one firm assumes house prices will rise 4.25% a year. If they don’t, firms face losses – or even bailouts.
- Cash-strapped pensioners are offered a new mortgage by Legal & General to refurbish dilapidated housing Mail: The company’s lifetime mortgage department, which sells loans to a wide range of customers looking to free equity in their properties, did £500million of business in the first six months of 2018, up 23 per cent on a year earlier.
- Response to Mortgages Market Study – Interim Report from Financial Services Consumer Panel. Some excellent points being made.
Student Loans Company reviews processes after ‘spying’ scandal Guardian: Company reviews anti-fraud methods that led to vulnerable students losing their funding.
Sainsbury’s Bank to change ‘confusing’ new credit card statements MSE on the old statements, it used to be that the total shown at the bottom of the transactions page was the total outstanding balance on the card but on the new statements this figure shows the total transactions you’ve made in the past month.
- QuickQuid is sending out some extra refunds my article – people are surprised to receive a prepaid debit card in the post.
- Payday loan customers could be due MILLIONS in compensation as lenders drag heels over payouts Sun: Basically an advert for a claims company but it’s not wrong! If you have never heard of Curo, it is the parent company of Wageday Advance.
- Payday loan compensation could be due to ONE MILLION Brits as lenders drag heels over payouts Mirror: Financial Conduct Authority ordered lenders to make amends to borrowers who had been dragged into further debt. Same advert.
Why it’s time to fight back against parking madness (and how to beat a ticket): This is Money podcast Mail If you don’t want to listen to a podcast, here is the print version: Received an unfair parking charge from a private firm? Hold your nerve, fight it like I did and win (using a little know-how), says Lee Boyce.
Universal Credit news
Universal credit flaws leaving families in debt Guardian: Low-income households being wrongly benefit-capped, Child Poverty Action Group says.
Third of UK’s universal credit claimants hit by deductions from payments Guardian Cuts to pay rent and utility bill arrears drive people into poverty, warn campaigners.
Paul Gray: On universal credit, ministers were wrong to ignore us Guardian: Former top civil servant says his committee raised genuine concerns about the controversial new benefit that weren’t listened to.
Energy bill hike to hit more than 4 million households as Ofgem increases price cap Independent: Energy watchdog raises safeguard tariff but extends its reach to include additional 1 million households on poor-value deals.