It’s in America and it’s unlikely to become law, but my pick of the week’s news is Sanders, Ocasio-Cortez want to cap credit card interest rates at 15 percent.
Tweet of the week
As #MentalHealthAwarenessWeek begins (13 May) it’s important to remember nearly half of all people in debt said they also faced a mental health problem. A strong correlation. It’s key information for when we, government, and businesses design solutions https://t.co/xZAGS5QDJs pic.twitter.com/t0GLLnRn7J
— Fair by Design (@FairByDesign) May 11, 2019
Fairness Group Joint Public Statement Gov.uk The aim is to continually improve how government interacts with people in debt, particularly those in vulnerable circumstances and/or experiencing financial hardship.
- MAT’s blog: Debt charity welcomes government commitment to improve fairness in debt collection: The next step will be to translate this commitment into real action for the people our debt advisers help day in, day out.
Can churches challenge class inequality? The case of debt advice St Pauls Institute Since 2000 there has been rapid growth in a specific form of debt advice: run by and housed in local churches, provided by volunteers.
British families are being driven to ruin by ruthless American firm MPs call the ‘Hound from Hell’ selling them loans by trusted names like Lloyds and RBS before chasing £20billion debts Mail: Many borrowers – mostly small-business owners and mortgage holders who originally took out loans with trusted high street names such as Northern Rock and Lloyds Bank – are being forced into complex legal battles to avoid bankruptcy.
Sanders, Ocasio-Cortez want to cap credit card interest rates at 15 percent Washington Post: “There is no reason a person should pay more than 15% interest in the United States,” she said on Twitter. “It’s a debt trap for working people + it has to end.”
Lenders and loan companies take record number of individuals and SMEs through courts in Northern Ireland says Registry Trust The Irish News: GUARANTOR loans firm Amigo took a judgment through the courts in Northern Ireland last year the equivalent of every single working day and claimed back £1.9 million from defaulters.
FCA to start supervisory crackdown on CMCs FT Adviser: the FCA has vowed to tackle any “frivolous, vexatious or even fraudulent” claims.
Camden Council to trial debt clinics after criticism over ‘intimidating’ parking fine letters Ham&High In March 2016 20-year-old courier Jerome Rogers killed himself after two parking fines in Camden spiralled from £65 to more than £1000… According to council statistics, in 2017/2018 only 22.46 per cent of PCN debt was ever paid off.
Slow response to universal credit errors ‘bizarre’, says council Guardian: DWP officials took months to correct payment mistakes, says Tower Hamlets council.
Pensioner, 81, leapt 40ft to her death because she was too proud to admit she had just £5 in bank after her state pension was stopped by accident Mail: The heartbroken son of a pensioner who killed herself after her payments were frozen due to an ‘administrative error’ says the Department of Work and Pensions ‘have a case to answer’.
Benefit cuts ‘have made private renting unaffordable’ BBC: in 85 areas the gap between the cheapest third of rents and LHA was more than £50 a month for a two-bedroom home and in 32 it was more than £100.
Is competition enough? Competition for consumers, on behalf of consumers Gov.uk: Speech by Andrew Tyrie.
Fraud victim’s two-year fight with bank ends in victory BBC: After a two-and-a-half-year fight, a fraud victim has forced her bank, Santander, to return more than £100,000 stolen from her account.
Financial problems force major legal charity to close doors Legal Futures: Advising Communities (previously known as Blackfriars Advice Centre)’s funding came primarily from the London Borough of Southwark, the Money Advice Service and the Big Lottery Fund.