My pick of last week’s news is ‘Don’t ignore’ credit card warning letters.
Tweet of the week
But will science ever find an answer to Anne Widdecombe? https://t.co/p19Lsx1bJd
— Stephen Fry (@stephenfry) June 2, 2019
‘Don’t ignore’ credit card warning letters BBC: Rules set by the City regulator mean that many people will now be receiving a second reminder suggesting they speed up repayments. Providers could suspend cards if borrowers do not act by March 2020.
Lender Amigo hails soaring profits as it fights to dispel guarantor loans ‘myths’ City AM: Profit before tax soared 68 per cent to £111m year on year in the 12 months to the end of March, the lender revealed, as customer numbers rose 23 per cent to 224,000.
Tesco Bank can’t guarantee customers’ home loans will be sold to an active lender, as MPs express fears over ‘mortgage prisoners’ Mail: Tesco Bank has refused to guarantee that its mortgage customers will not be sold to a ‘vulture fund or inactive lender
Banks draw out the agony of financial abuse victims Times (paywall) She hoped to save money when the fixed-rate mortgage with Santander came to an end recently, but the bank would not let her switch because her husband’s name is still on the mortgage and he refused to sign the paperwork.
Augar Report on student finance:
- Martin Lewis: The Augar report heralds the end of student ‘loans’
- Give worse-off students £3,000 to stay in education, says Augar report Guardian: In a turnaround from Cameron’s scrapped maintenance grants, May says move ‘has not worked’
Benefits & other news
- Z2K Formal Complaint to Advertising Standards Authority Z2K: we consider that the DWP adverts are deliberately misleading and propagandist.
- Universal Credit cuts hit-list revealed as DWP claws back benefits with penalties BirminghamLive The debt management guide – shown to Birmingham Live by the DWP and detailed below – indicates how the Department for Work and Pensions has made clawing back cash through sanctions its No 1 priority.
- 120,000 people on Universal Credit have fallen behind on rent – and 500 have been evicted Sun: Universal Credit claimants owe a combined £84.5million or £681 on average in rent – more than twice the amount people on the old housing benefit system owe at £285.
- Monopoly Money: How consumers overpaid by billions Citizens Advice: We re-ran the figures based on the actual cost of these essential services rather than regulators’ forecasts. We found people have been overcharged the difference of £24.1 billion.
- The Commission for [energy] Customers in Vulnerable Circumstances Final Report 2019 A long report on the failings of voluntary codes, price comparison websites and slow-to-act regulators which mainly seems to call for more voluntary codes and sharing of best practice.
Edinburgh food bank users ‘on brink of starvation as supplies run low amid soaring demand’ Independent: Benefit payment delays one of most common reasons why food banks are only choice.
Destitute children unlawfully denied support by local councils Guardian: Campaigners say policy affecting hundreds of families stems from excessive focus on parents’ immigration status
Scam victims to be refunded by banks BBC: The largest banks have established a fund to immediately reimburse customers who are in the “no blame” category.
Facebook’s new currency is an attempt to create a platform we never leave Open Democracy: ‘GlobalCoin’ will allow Facebook to harvest data about transactions that would previously have occurred outside its ever expanding walls.
The tyranny of merit RSA: short animation. We live in an age of winners and losers, where the odds of success are stacked in favour of the already fortunate.