My pick of last week’s news is one you may not have read Have retirement interest-only mortgages flopped?
Tweet of the week
I have absolutely zero sympathy for banks. They brought it on themselves. Had they dealt with PPI when concerns were first raised about sales process, then dealt with complaints properly, then didn’t fight tooth and nail against payouts…they mightn’t be in this mess pic.twitter.com/KBLmSSw2qz
— James Coney (@jimconey) August 2, 2019
What independent regulation of bailiffs should look like Citizens Advice: It’s vital that the MOJ creates a body with the necessary powers to be effective. It must avoid partial interventions that won’t be enough to clean up the bailiff industry.
Ombudsman – Amigo did not check properly that a borrower could afford the loan My article – a write up of an important recent decision.
- Debt bosses’ failings lead to £7.6 million shortfall in funds Insolvency Service: After the Varden Nutall IVA firm collapse, both Varden and Nuttall have been banned as directors.
- Individual Insolvency Statistics: April to June 2019 Insolvency Service: Total individual insolvencies decreased in Q2 2019 for the second consecutive quarter, following an 8year high in Q4 2018… despite this decrease, individual insolvencies remain high – the last 3quarters have been the highest since Q4 2010.
Lloyds now receiving over 190,000 PPI queries a week BBC: “However, the extent at which it’s happening has caught us by surprise. We’re getting upwards of 190,000 requests a week, with only 10% being converted into claims.”
Thousands of payday loan customers ‘tricked’ out of full refunds after using claims firms with ‘misleading’ ads Sun: two of the four top results on Google for “payday loan compensation” were adverts for claims management companies – but neither said in their ads that they would charge a fee.
The FCA’s proposed roadmap for vulnerability: are we there yet? MAT blog by Chris Fitch: Critics might argue that if the current guidance were a roadmap, it would certainly tell you the names of the towns and places the FCA thinks you should, could, and may need to visit. However, it wouldn’t be able to tell you how to actually get to these places in the first place.
Have retirement interest-only mortgages flopped? Just 80 people a month take one out, despite claims they will be ground-breaking Mail: It’s therefore equity release advisers who are in the best position to tell customers whether to take a lifetime mortgage or a retirement interest-only mortgage – but they aren’t financially incentivised to do so.
‘Stop bullying carers’: Government must stop chasing carers for old debts, warn MPs Moneywise: Even just earning £1 over the threshold could cause the carer to lose their entire week’s allowance of £66.15, or considered to owe it back to DWP as a debt.
Panic as Nationwide BS emails 1.3m customers to tell them they have no money! Mail: One of the recipients – Don McBeth from Sussex – rushed to his nearest branch of the mutual in a panic after receiving the email last month.
Benefits & other news
What’s it like to have much less money than other people? You and Yours: 40 minute phone in.
More than 4m in UK are trapped in deep poverty, study finds Guardian: Austerity has undermined two decades of anti-poverty policy, campaigners say
Fury as new figures show majority of parents hit by DWP’s ‘cruel’ two-child benefit cap are in work Politics Home: 156,540 households have so far been refused benefits in the two years since the clampdown came into force – with 592,000 children living in homes hit by the cap.