My pick of last week’s news is the demise of another big payday lender: Wageday Advance.
Tweet of the week
We are outraged by this. Yet another client subject to wholly unnecessary reassessment for their #Disability #benefits . In ’16 the tribunal awarded our v disabled client 65 points WITH recommendation never to be reassessed. Last month, she was reassessed + awarded ZERO points. pic.twitter.com/0l3dVL2Bgd
— Zacchaeus 2000 Trust (@Z2K_trust) February 26, 2019
- Wageday Advance (WDA) goes under – sale to Morses Club my article. WDA had given loans to 650,000 people.
- Over 10,000 Wonga customers will miss out on compensation of up to £1,000 for mis-sold payday loans Sun: My comment – it’s a LOT more than 10,000!
- A fraudster took out a loan in my name and made my life a misery: One man’s cautionary tale of how his credit rating was left ‘so toxic I’d struggle to buy a sofa’ Mail: My comment – fraud happens, but this is a story of how appalling Lending Stream’s complaints handling is, ignoring FOS decisions.
A takeover bid for Provident (PFG) by much smaller NSF my article: between them these 2 companies own: Provident, Loans at Home, Vanquis, Everyday Loans, George Banco and Juo guarantor lending, Moneybarn car finance.
Charity loans cash to the needy who are shunned by big lenders Mirror: The Purple Shoots charity, which works across South and West Wales, offers small loans to hard-up individuals and hopes to go nationwide.
Tully receives FCA license to help improve financial capability of consumers Open Banking Expo: Tully will increase capacity in the debt advice sector with its unique and free to consumer online service. Using new Open Banking technology Tully will give people a fast, accurate and realistic picture of their financial position in minutes.
Lloyds overdraft fees ‘fly in face of’ transparency push FT (£ paywall) Tiered structure difficult to understand and could be banned under the FCA’s new rules.
Disabled teen with mental age of two is fined £100 by NHS over dental check-up Mirror: The NHS threatened to send debt collectors to Aimee Morrow, from Gateshead, after she ‘wrongly’ claimed a free dental check-up.
Experian deal scrapped amid fears over competition Times (£ paywall) Experian has scrapped its planned £275 million takeover of Clearscore.
HMRC’s Loan Charge:
- Paul Lewis: Why HMRC’s latest clampdown goes way too far Money Marketing: “I cannot see how a law passed in 2017 allowing HMRC to recover money back to 1999 is anything but retrospective.”
- We can’t force loan charge victims to pay up, says taxman Times (£ paywall) “in cases where people had given HMRC complete and correct information about tax schemes and it had not been acted upon, “HMRC is out of time” to make further inquiries.”
Universal credit & other benefit news
Hundreds of computers removed from Jobcentres as online-only Universal Credit rolled out Independent: This year, 6,409 terminals are in place for job-hunters – down from 6,761 last year.
‘Universal credit is a nightmare – the stress is overwhelming’ Guardian: Jacqueline Widick, 47, on how osteoarthritis has left her struggling to pay her bills.
Thousands face incorrect benefit cuts from automated fraud detector Sky News: Cash-strapped councils say the system could save London’s local authorities around £15m a year.
How COULD a charity that campaigns for the elderly let its insurer rip off my 91 year old mum? Mail: The insurance branch of Age UK has been accused of ripping off a loyal customer aged 91 after hiking her premium by 80 per cent in just two years.