This is a bumper two-week round up as last week I published my review of 2018 instead.
And it’s a great start to 2019, with the news that the DWP is postponing the “managed migration” of 3 million people onto Universal Credit that was due to start this year.
Tweet of the week
Happy New Year debt advisory friends! We think we’ve found Britain’s worst debt advice article…https://t.co/7fwKVEoHWf
— Bright Oak (@Bright_Oak) January 4, 2019
That article is going to be hard to beat. But if you spot any other contenders for the worst debt advice article of 2019, post them on Twitter and tag me, @debtcamel.
Collapse of ethical lenders stokes fears over access to credit FT (£ paywall) Eight credit unions went out of business in 2018 while many others cut back on lending.
MP in call for crackdown on rogue bailiffs Express & Star: “There is a widespread problem of aggressive behaviour by bailiffs and of bailiffs breaking the rules,” Ms Reynolds said.
It’s tough after Xmas:
- Debt crisis: 3 MILLION Britons struggle to pay bills – 25% admit finances out of control Express
- IN THE RED How to clear your debt by Jan 31 in 9 easy steps Sun: The average Brit will have a Christmas hangover of £740 of debt and £323 on credit.
- How to cure a Christmas debt hangover Independent: Tired? Emotional? Painfully aware of a financial headache? Time to address the debt
- UK credit card debt soars to a record £73bn: Fears over family finances after epic borrowing binge in the run-up to Christmas Mail: Campaigners warn that ‘persistent credit card debt’ could become a major problem for households
Wonga collapse clears decks for US payday loan firms in UK market Guardian: US lenders emerge as big players despite customer complaints and high-cost credit clampdown.
Parking penalties run out of control, as councils rake in £376m – and fines soar by 8% Mail: …private parking tickets are being handed out at a rate of one every five seconds.
After the bankruptcy Money Box: Update on a case which publicised the extremely high costs added in bankruptcy and how these have since been challenged and reduced.
Temporary permission [for Claim Management Companies] FCA: Learn more about how to register for temporary permission before the deadline of 31 March 2019.
Forced marriage victims left in debt as government makes them pay for their rescue TalkRadio: Victims have to either pay for the price of plane tickets, basic food and shelter themselves or, if they are over 18, take out emergency loans with the department.
Warning for elderly borrowers as payback time approaches on interest-only home loans that were handed out in the 1990’s Mail: Thousands of elderly borrowers could be heading for financial disaster by burying their heads in the sand over their mortgages.
Threat of revolt forces rethink of ‘catastrophic’ universal credit Guardian: Amber Rudd delays vote on roll-out of new benefit to 3 million people, saying system must ‘work for every claimant’
Universal Credit rules are forcing Scots to use loan sharks The Herald: The research into unlicensed lending is the first to look specifically at Scotland since 2008.
Proposals for consumer protections when companies collapse unveiled Gov.uk: Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent – this will include Christmas savings clubs such as Park.
Social housing report calls for massive overhaul of tenants’ rights Guardian: Renters need better deal to prevent another Grenfell disaster, says the Social Housing Commission.
Why am I still charged for cards when I transfer money? Guardian: local trading standards are the authorities required to enforce [the surcharge ban] and with shrinking budgets and increasing legislation this is not a priority.
The Robinhood Checking Account Was Doomed To Fail Forbes: interesting article on a US innovation.