My pick of last week’s news is Gen Z is paying the price for quick and cheap debt.
Tweet of the week
“We just want as many people to know about it so we can bring about a change” the team behind Killed by My Debt give an emotional acceptance speech as they collect the BAFTA for Single Drama 😢🙌@bbcthree #BAFTATV pic.twitter.com/JhIT4y2eeQ
— BAFTA (@BAFTA) May 12, 2019
Gen Z is paying the price for quick and cheap debt Telegraph: The fear is that firms like Klarna could slip through the net… But the regulatory backdrop for this part of the financial services sector is still unclear: some “pay later” companies do offer regulated credit products covered by the FCA, while others simply offer payment processing services.
Top universities and MSE call for current student loan statement to be scrapped MSE: “Our statement instead focuses on the estimated total amount they will repay within the 30 years, in cash terms and real terms factoring in inflation, based on their earnings trajectory.”
Thirteen sold every minute: The DVLA flogged 6.8M driver details to parking firms dishing out tickets last year Mail: This is Money has previously calculated that it only requires a private parking firm to claw back a £60 charge from one in every 24 drivers to break even on the cost of buying your details.
Financial Ombudsman Annual Review
- and my blog about the CFA’s comments: Payday lenders tired of having to pay so many refunds – unsurprising!
Rent-flex trials to be expanded Centre for Responsible Credit: Tenants in social housing will be able to personalise their payment of rent and reduce their need to borrow at common financial pinch points in the year, such as over the school holidays or at Christmas.
Tully: the new fintech set to tackle consumer debt Business Leader: Every user receives a personalised financial plan, tailored advice and for those in more severe difficulty, the option to choose a flexible debt repayment plan that adjusts to the user’s financial situation every month.
British Gas owed us £1,745 but still sent in the debt collectors… now I’m worried about my credit rating Mail: We have a small debit on our electricity account, but a large credit for gas. I was told that the debit would be offset against the credit, and then the balance would be repaid to us, but this has not happened.
My dream job was stolen away after a credit-rating agency labelled me bankrupt Guardian: Scott’s situation was sinister because the error did not appear on the report she had viewed, so she could not challenge it.
Benefits & other news
Benefit cap single mums LOSE Supreme Court fight against the DWP Mirror: The UK’s highest court ruled against claims that the cruel £20,000-a-year limit breaches human rights.
- Scraping and Saving Gingerbread
- Savings and safety nets: low savings in the context of the poverty premium Fair By Design
Mapping the availability of cash – a case study of Bristol’s financial infrastructure PFRC: Such attention – which has predominantly focused on the aggregate number of ATMs, bank branches and other infrastructure – is much-needed. However, in this report we make the case for a greater focus on the geography of cash access.
MPs square up to regulator over duty of care for banks Reuters: “If the Financial Conduct Authority (FCA) is unable to enforce such behaviour in firms under its current rule book and principles, the committee would support a legal duty of care,” the Treasury Select Committee said.