My picks of last week’s news are the FCA’s measures on persistent credit card debt and Vanquis having to refund £168 million to customers.
Tweet of the week
Today a visitor to the Foodbank walked 3 miles in the snow to get to us, as she’s waiting for the outcome of a Universal Credit appeal and is current living on £34 a week for her family of 3. #UniversalCredit #Foodbanks
— Waterloo Foodbank (@WaterlooFB) February 27, 2018
- the detailed rules: CONSUMER CREDIT (EARLIER INTERVENTION AND PERSISTENT DEBT) INSTRUMENT 2018 .
- StepChange: New FCA credit card rules welcome – but action needed to break cycle of debt build up
- Mail: Three million credit card customers struggling with debts could get help from their providers – including having interest written off
- and as background to this: UK Finance’s Update on Lending for January 2018
Vanquis to pay £168 million in refunds for ROP from 2003 My article. I’ve been helping people complain about ROP and get refunds since last summer. ROP makes PPI look useful and cheap – I am very happy there is no time bar on these refunds.
Calls for controversial mortgage scheme to be halted MoneyWise: The Department for Work and Pensions would not reveal how many people had successfully applied for a loan but did admit that 2% of the 135,000 people who receive SMI had yet to be contacted at all.
North Ayrshire CAB Closure Highlights Risk to Front Line Advice Services Advice Scotland blog: Both Wyman and the Scottish Government reviews miss the urgency and scale of the threat that free advice services are facing after 8 years of austerity and cuts.
How the government can help people build financially secure lives Citizens Advice: We’re calling on the government to protect people facing financial insecurity and cap the cost of high-cost credit.
Cap rent-to-own lending like payday loans, MPs told Telegraph: Credit firms, Brighthouse, a rent-to-own lender, cash-lender Morses Club and pawnbroker The Cash Shop, told MPs that their average borrower was on a low income of around £15,000 a year.
Government urged to give those with debt problems a year’s grace Guardian: Ministers are considering a ‘breathing space’ of six weeks – but campaigners want to go much further.
New research on debt advice and vulnerability launched Money Advice Trust: Working with the advice sector and other experts, findings from the survey will inform the development of new guidance and practical tools to help frontline debt advisers to further support their clients.
Pepper launches debt management plan mortgage range Financial Reporter Debt management plan must have been in existence and satisfactorily conducted for at least 12 months and affordability will be calculated based on the original contractual loan repayments rather than the agreed monthly arrangement. – don’t ask me what that means….
Are your savings safe if car sales plummet? Drivers’ debt bubble is tipped to burst as rates begin to rise Mail: clickbait headline, actually looking at investments not savings.
Landlords who say ‘no DSS’ breaking equality laws BBC: single mother Rosie Keogh won compensation for sex discrimination from a lettings agency that refused to consider her as a tenant because she was on state benefit.
Ministers have quietly shelved a plan to cut benefit sanctions, sending poorest to food banks Independent: A ‘yellow card’ warning system was announced in late 2015 – but there is still no date for introducing it.
Responsible Finance calls for credit reference agencies to do more to support financial inclusion: Politics Home: Current credit scoring approaches could be costing households £1,770 extra per year.