My pick of last week’s news is Set curfew for online money lending, say academics.
Tweet of the week
26 MPs signed this letter to @tescobankhelp
“Your customers put their trust in Tesco. We hope that you will repay that trust by committing to only sell their mortgage to a fully regulated active lender which will offer them new deals and fixed rates.” pic.twitter.com/119YS9KxNx
— Dominic Lindley (@DominicLindley) May 22, 2019
High cost credit:
- Set curfew for online money lending, say academics BBC: Newcastle University researchers said a ban on online borrowing – primarily through payday loans – between 11pm and 7am could protect consumers.
- Wonga may be no longer but beware new firms looking to rip you off: Loan sharks are circling again with rates of 200% Mail: Out of the wreckage of payday loans, a new breed of loan shark is emerging – and it is preying on the most cash-strapped and vulnerable.
- Watch activists blow up a van containing £1.2 million of payday loan debt Big Issue: “What we want to do is to use the film and the art as a tool to bring about a national debt write-off that is much bigger in scale so we see ourselves as part of that movement. “
- Hector Sants on mission to cure financial misery Times (paywall) …two probable policy pushes. One is to ensure that everyone who wants it has access to free, impartial advice on debt. That will mean increasing the levy imposed on financial services firms, which currently brings in £80 million. It will “probably” mean another £100 million coming from the industry.
Money Advice Scotland at 30 Advice Scotland blog: A Money Adviser’s frank comments on MAS conference.
One Parking Solution’s sucker punch didn’t knock me out Times (paywall) “Private parking companies shouldn’t see motorists as a meal ticket,”
‘I sold my home to pay HMRC’s demands – then they withdrew them’ Telegraph (paywall) Five years ago HM Revenue & Customs was given tough new powers to serve accelerated payment notices (APNs) on suspected tax avoiders, allowing the taxman to demand payment of unpaid tax while the matter was still being disputed.
Thousands of families are trapped in homes they can’t sell because of doubling ground rent clauses Sun: One family has been pushed into £20,000 worth of debt because they can’t sell-up.
Benefits & other news
UN report compares Tory welfare policies to creation of workhouses Guardian: The “endlessly repeated” mantra about rising employment overlooks that “close to 40% of children are predicted to be living in poverty two years from now, 16% of people over 65 live in relative poverty and millions of those who are in work are dependent upon various forms of charity to cope”
Millennials more likely to face working-age poverty than past generations Evening Standard: up to 22 per cent of people born between 1981 and 2000 are likely to be living in poverty by their late twenties.
Fury as DWP launches taxpayer-funded ‘spin’ campaign to defend Universal Credit Mirror: The series – which included a front-page advert – was designed to resemble investigative journalism and “deliberately” left off DWP branding
Benefits sanctions don’t help people get into work – we found housing providers who show that proper support does The Conversation: Tenants stressed how important it was that housing association staff are willing to dedicate time to build relationships and sustain support in the long term.
Households in temporary accommodation rise almost 75% this decade Mail: A total of 83,700 households were in bed and breakfasts and other temporary accommodation at the end of December 2018, including 124,490 children.
Customers told their money is safe after RBS-backed digital banking app Loot goes bust Mail: story mainly interesting for an insight into the tangled regulation and protection arrangements for some payments firms.
Stress from poverty ‘over-medicalised’ BBC: Anti-depressant prescribing has risen 600% in 25 years, the study says.