My pick of last week’s news is the ASA ruling against an IVA lead generator.
Tweet of the week
I know this won’t reach many due to my small amount of followers. But for any UK followers or anyone that sees this. If you are struggling with debt. Contact @StepChange and @CitizensAdvice. I buried my head in the sand for too long. These guys helped me out so much. Do it now
— MechanicCraig (@CraigMechanic) November 23, 2019
High cost credit:
- Pawnbroker H&T halts short-term loans as FCA launches review Guardian: Shares plunge as company warns it could have to compensate customers.
- Lender Amigo runs out of friends Times (paywall): Shares in Amigo could rise if there are no nasty surprises on Thursday. But with such intense regulatory scrutiny of the subprime lending sector, it may remain fairly friendless for a while. Avoid.
- Bad credit is big business — if you can get a guarantor FT (paywall): the grim reality of the UK’s credit-impaired lending market is that the same customers keep coming back for more.
- Seeking redress from high cost short term credit companies FT Adviser: aimed at informing financial advisers.
- Man charged £400 interest on £22 debt – dangers of buy now, pay later laid bare Mirror: I’m keen on highlighting the problems with opting for BNPL deals, but the headlined horror case is not explained.
- TSB to target loans at poorer families and cut branches as new boss wants to draw a ‘line in the sand’ after the bank’s IT meltdown Mail: “branch staff have been briefed on signing up customers to profitable new products. “ what could possibly go wrong?
- Bank Accounts and Bankruptcy Advice Scotland blog: [Banks] certainly should not ask you to go to another Bank, simply because you have been made Bankrupt, if they are one of the Bank’s required by law to provide Basic Bank Accounts.
- Labour manifesto: ATM charges to be banned Guardian: If [ATM charging] fails to bring in enough cash, operators may remove cash machine altogether, creating ATM “deserts”.
- ASA Ruling on Money Tree Media Ltd t/a National-Debt-Help.org.uk ASA: ads falsely implied the unauthorised IVA lead generator was giving debt advice.
- Adam Deering: The influencer who’s made millions through debt insolvency Metro: Regardless of whether you personally believe that Adam’s profile would make people feel that IVAs and bankruptcy are a viable solution for most, there aren’t any warnings among the motivational words, messages of gratitude, and aspirational pictures of Adam on holidays around the world.
Accountant is now spearheading campaign to clean up the gambling industry after turning his life around Mail: David had left behind almost £500,000 of debt through loans, remortgaging the house, late bills, credit cards and payday loans.
Should you use Klarna to pay for flights and hotels? Which? Klarna’s pay in three instalments scheme is not regulated by the Consumer Credit Act.
Families suffer as values of retirement homes plummet Times (paywall): Prices of retirement flats in developments built by some of Britain’s biggest housebuilders have plummeted by up to 90 per cent in the face of costly annual management charges and ground rents.
The billionaire and the 219 tiny flats: a new low for rabbit-hutch Britain? Guardian: “the proposed density of residents in tiny living spaces suggests this property is intended as a benefits battery farm where housing benefit income is prioritised over basic human rights”.