My pick of last week’s news is the increase in the number of second charge mortgages.
Graph of the week
Downgrade in Bank’s real-terms pay forecast in the near-term – fall of 0.8% in average pay 2017 – followed by some pick up in 2018 and 2019 pic.twitter.com/nd0OvB3h68
— Matt Whittaker (@MattWhittakerRF) May 11, 2017
This man tried to use an ancient legal loophole to avoid paying council tax… but did it work? Spoiler alert – no it didn’t – 40 days in prison. Manchester Evening News: Mark McKenzie announced himself a ‘Freeman-on-the-Land’ and refused to accept he was liable for almost seven years’ worth of payments on his home in Moss Side.
Millions on the brink of financial disaster – thanks to credit cards Mirror: We now owe more on credit cards than ever before – with millions of people needing them simply to make ends meet.
Drive carefully – I can see a credit car crash up ahead Guardian: The car industry has driven the UK’s recovery from the 2008 financial collapse – but will it cause the next one?
How new mayor Andy Burnham plans to help people battling depression, anxiety and eating disorders – especially teenagers Manchester Evening News: “What I want to pioneer here is a social [GP] prescribing scheme that’s really ground-breaking. First port of call, people should be getting counselling, exercise referral, debt advice, bereavement support.”
Payplan study shows link between debt and depression Credit Strategy: One in six debtors seeking help from PayPlan experience depression because of debt.
Mortgage arrears continued to fall in first quarter Council for Mortgage Lenders. All arrears bands except the most serious showed a fall. However, the stock of cases with arrears of over 10% of the mortgage balance rose to 26,500.
Number of second charge mortgages leaps to nine-year high Guardian: StepChange sounds alarm after £93m worth of second mortgages were taken out in March
I’m an ex-MP . . . get me out of debt Sunday Times (paywall) The Lib Dem high-flyer and I’m a Celebrity star Lembit Opik faced ruin after losing his seat but says he’s getting back on track.
One in three tenants borrow money to pay rent, says Shelter Guardian: Low earners have turned to credit cards, overdrafts or family and friends to keep the roof over their head in the past year.
Poor children being ‘fed diluted milk’, report finds BBC on a Royal College of Paediatrics and Child Health report. One doctor said it was “not unusual” for families of up to seven people to live in one-bedroom flats.
Election 2017: what we’re asking for on …. welfare Chartered Institute of Housing calls for the benefit cap and LHA freeze to be scrapped.
Taylor Wimpey compensation offer is PR con, claim victims of leasehold scandal Guardian: Some homeowners believe they will still be left in the clutches of ground rent companies and have to pay excessive charges.
Families forced into ‘death poverty’ and debt as funeral costs surge to £5,500 Burial costs have jumped by more than a quarter in five years while cremations are a third more expensive.