My pick of last week’s news is Can’t Pay? We’ll Take it Away! bailiff entered house unlawfully.
Tweet of the week
Child poverty and hunger thread
1. In the mid 70s my mum and dad were separated, I was the youngest. Mum was exhausted with life, crap at managing money and addicted to Valium/ opiate pills – I was 14 at Eastbank Academy school
— Janey Godley (@JaneyGodley) June 28, 2019
Aperture – no longer taking new IVAs my article. Aperture were the second largest IVA firm in 2018.
- MPs say FCA must widen scope of new mortgage prisoner affordability test Financial Reporter: The APPG said that the regulator’s proposals “will not help everyone and many mortgage prisoners will remain trapped with their existing lender”.
- Mortgage customer responsible lending rules Money Advice Trust’s response to FCA consultation: it remains to be seen how many lenders will offer new mortgages to borrowers in these circumstances with interest-only mortgages. We wonder if these new rules will therefore be sufficiently effective in addressing the harm identified.
PAY DELAY NatWest launches new interest-free way to pay off large shopping purchases with credit card repayment plan Sun: NatWest will offer credit card customers an interest-free repayment plan for expensive goods
which sounds good, but… Customers will be notified via the banking app if an item qualifies for a payment plan only after they’ve bought it.
- Have you been caught out by an unfair parking charge notice? Which? Private parking fines by post are on the rise, and so is the number of appeals… if you get a demand for payment from a private firm: a quarter or more of appeals to the adjudicators are successful.
- The hotel lunch that left me with a £100 parking fine Mail: I received a penalty notice saying I did not have permission to park there. Since then, the car park sign has been changed.
- Councils Are Set To Make £1 Billion In Parking Charges This Year HuffPo: councils have underestimated the money they will make from parking by between 9% and 10% over the past three financial years.
High cost credit:
- Cash Converters complete deal to take over The Money Shop Punchline Gloucester: actually CC are buying 28 pawnbroking books, not the whole company.
- Loans2Go’s interest rate – “outrageous” – how to complain an update on my previous article with details of a FOS decision.
Can’t Pay? We’ll Take it Away! bailiff entered house unlawfully BBC: The couple involved did not owe money. Their address had been given to a collection company by the real debtor… Mr Brown remains a certified high court enforcement officer.
Martin Lewis advises woman whose abusive boyfriend built up £26,000 debt in her name on This Morning Sun: “I called the creditors and explained the situation, but they said that it was in my name so there was nothing they could do.”
Klarna and fintech peers fuel fears of fresh wave of retail debt FT (paywall) The main motivation for paying a finance provider to extend credit to consumers is reducing “friction” at the checkout — anything that might cause customers to abandon a purchase.
Benefits & other news
When poverty means living without soap BBC: Almost every person experiencing destitution seen by CAP described feeling socially isolated or lonely when in debt.
Two-child benefit limit pushes families further into poverty – study Guardian: Parents report stress and strained relationships as a result of benefit cut.