My pick of last week’s news is Yes we can by Fair for You.
Tweet of the week
The UK’s #welfare system is currently undergoing fundamental reform in the transition to #UniversalCredit alongside other major & largely untested reforms like #benefitsanctions & #benefitcap. Give us YOUR views on the #social #safetynet here by Dec 14: https://t.co/nT6u7kTx3d
— Work & Pensions Committee (@CommonsWorkPen) November 26, 2018
Yes we can – Address Material Poverty Through Affordable Credit Fair For You CEO: I am most proud of the progress we have made in showing that you can collect effectively whilst maintaining support to consumers through difficult situations.
Banking challenger Chetwood builds the world’s first dynamic loan as fintech startups look on City AM: Built in collaboration with credit rating firm Clearscore and launched under its brand Livelend, the loan uses technology to monitor a customer’s credit score and reduce its rate at three-month intervals as the risk of the loan improves.
Voices from the frontline of debt advice – new research on supporting clients in vulnerable situations MAT: It takes time, money and resources to provide the right support, and in many cases advisers felt these are severely constrained.
- Cambridge City Council denies pushing people into bankruptcy Cambridge Independent: it would have been good to hear a debt adviser’s view as a counterbalance between the Councils’s spokesman who didn’t understand IVA fees and Creditfix’s marketing.
- IPA Announces Continuous Monitoring of High-Volume Individual Voluntary Arrangement Providers IPA: IVA providers may expect up to four visits per year, up from just the one they receive currently, with far greater investigations into particular targeted areas which will enable the IPA to closely scrutinise any specific areas of concern.
UK student debt sales make little economic sense FT editorial (£ paywall): Offloading assets to private investors for an illusory short-term gain stores up trouble.
Shoppers switch to credit card use BBC: credit card spending saw a sharp rise of 12.1% in October compared with the same month in 2017.
Beware the equity release exit fee trap: Mail: Homeowners hit with charges of up to £23,000 if they suddenly need to sell.
Universal credit news
Working single mothers forced to use food banks to feed their kids because of Universal Credit Sun: Danielle Johnson, who worked part-time as a dinner lady, and three others are drowning in debt after going onto the new welfare system.
CMA proposes major funerals probe after identifying serious concerns CMA: …above inflation price rises for well over a decade – both for funeral director services and crematoria services. The scale of these price rises does not currently appear to be justified by cost increases or quality improvements.