A bumper selection this week!
Two top picks: the rent to own price & interest cap and Banks that offer personal loans BIGGER than your annual salary.
Please sign the petition in A campaign for a compassionate DWP in the following tweet.
Tweet of the week
My first ever blog post about the campaign for a more #CompassionateDWP
I explain why I believe @DWP need to form a vulnerable customer crisis team. In the next few days we will publish a petition to ask government to debate this issue#CrisisTeam4DWP https://t.co/VAEtu691NX pic.twitter.com/dvLzroRATR
— Lee Healey (@leehealey_) November 24, 2018
Rent to own price & interest cap:
- CP18/35: Rent-to-own and alternatives to high-cost credit – consultation on a price cap The FCA proposals
- FCA will cap BrightHouse prices and interest from April 2019 my article
- Cap on rip-off rent-to-own firms will save customers £22.7million a year, in a victory for The Sun Sun
Bailiffs threatened to take vulnerable mum’s children away in harrowing case of rule-breaking East Anglia Daily Times: The bailiff refused to consider a payment arrangement for council tax arrears and told her that if she did not pay up, she would be arrested and her children taken into care.
‘My husband ran up a £58,000 debt in my name’ BBC: Her story is typical of a pattern of controlling behaviour known as economic abuse, say campaigners.
- Payday Denied – The reality of being declined access to a payday loan Toynbee Hall blog on new research: “through the testimony, stories, and lessons that our participants wanted us to reveal we hope things start to change”
- Online lenders dubbed “legal loan sharks” targeting hard-up families needing Christmas cash Mirror
- Short-term loan ad banned Mortgage Introducer ASA has banned a television advert from Lending Stream due to the ambiguous way it referred to the RAPR.
- Merchant cash advances — salvation for small businesses or payday lending reincarnate? Article about loans in America.
- Mortgage rules blocking first-time buyers and creating a generation of ‘rental prisoners’, building societies warn Mail: A less sensational point: much of the research out there points to large deposits as the primary reason for the affordability barrier rather than stricter lending rules.
- Mortgage lenders increase fees as new borrowers dry up Times (£ paywall).
Is This Buy-Now, Pay-Later App Luring Millennials Into Debt? Grazia: Klarna’s most popular service, Pay Later, of which there are currently one million active users in the UK.
Banks that offer personal loans BIGGER than your annual salary… and give you the cash in minutes (at sky-high interest rates) Mail: at 12.1 per cent, the supposedly personalised interest rate was far higher than if he had shopped around. It would net the bank £16,000 in interest over 60 months.
PPI compensation shame for RBS Times (£ Paywall) Bank leaves sick woman waiting almost two decades for her PPI money.
Unexplained account closures are a growing problem… as this NatWest case shows Mail: Just 14 days to find a new bank before your credit and debit cards are cancelled, direct debits rejected, any overdraft has to be paid off, and your salary has no banking home.
Universal credit and other benefit news
‘Brink of suicide’: desperation at benefit changes in Hastings Guardian: As Amber Rudd takes over universal credit, advisers in her constituency tell of deep crisis.
Universal credit: More than half of people denied benefit have cases overturned on appeal Independent: Hundreds of vulnerable people left out of pocket for months due to incorrect refusals, with true number of wrong decisions likely to be far higher.
MPs blast banks for discriminating against tenants on benefits Guardian: Government told to address ‘housing blacklist’ operated by mortgage lenders.
Haemorrhage, paralysis and hit by a car but still stripped of disability benefits Darlington & Stockton Times “The assessment was horrible and the questions misleading, I didn’t understand most of them.”
‘Good for video games, wrong for courts’: online claims project hits trouble Law Society Gazette The much-vaunted online service for the public to make low-value claims has been beset by a string of teething problems.
Fraudster raked in £1,175 per month by illegally letting out council flat GetWetLondon: there were 20 completed right to buy sales in Westminster, while the council’s own figures showed its counter-fraud team had stopped 57 applications in the same period.
- Child gambler epidemic: Worrying new figures reveal 55,000 under-17s have ‘a problem’ with another 70,000 at risk Mail
- Meet Denise Coates, the best paid woman in the world Guardian: She built Bet365 in a Portakabin in Stoke. Now she’s paid three times more than CEO of Apple.
- Man takes legal action after Betfred voids £1.7m jackpot win BBC