In a quiet week for debt news, my pick of the articles are the two items on Fines.
Tweet of the week
Watch this extraordinary exchange:
‘You should be ashamed,’@KenLoachSixteen
He challenges former Barnet councillor Brian Coleman who tries to defend the poor living conditions – cockroaches, damp and drug users, revealed in our film.https://t.co/UoDAu8mHy8 pic.twitter.com/YXAcHGMMRi
— Victoria Derbyshire (@VictoriaLIVE) October 29, 2019
FCA urges victims of illegal loan scheme to come forward FCA: “Mr Gopee preyed on vulnerable people for his own gains. He has now been jailed and now we want to confiscate his criminal proceeds to compensate his victims.”
- some background on this, including a list of the names of Gopee’s companies here: What a tangled web.
Director of QuickQuid owner kept watchdog role as lender hit rocks Guardian: Nick Lord still sitting on FCA committee after loan firm enters administration.
- FCA creates advice route for borrowers trapped in mortgage FT Adviser: The new rules will allow active lenders to use modified assessments for those trapped with unauthorised and inactive companies.
- FCA has mortgage prisoner data but no timetable to share it nortgagesolutions.co.uk: The delay to releasing the data is preventing lenders launching products which could help thousands of borrowers.
Mortgage prisoners hire lawyer amid rate hike fears mortgagestrategy.co.uk: “we have no information on the circumstances in which Heliodor are allowed to increase their interest rates”.
- Three million households in England and Wales struggle to afford their water bills ITV: One in eight households say their bills are unaffordable despite a 28% increase on last year in the number of customers receiving reductions through assistance schemes.
- Households owe £267m to energy suppliers BEFORE winter has begun Mail: The debt averages at £115 per household, but is down overall by £126million – or 32 per cent – compared to last year, according to figures from uSwitch.
- Private firms issue a parking ticket every FOUR seconds as numbers of fines soar by 1.8million to nearly 9million in just one year Mail: “The volume of tickets being issued is now four and a half times what it was … back in 2012.”
- There’s no justice in this NHS prescription charge fine Guardian: since  the number issued has doubled to over 1m in 2017. That year a third were overturned on appeal.
The damaging repackaging of debt, from challenger banks to buy-now-pay-later Metro: Finance is changing massively, which is great when it comes to the perks… When it comes down to the drawbacks, though, they often aren’t noticed until it’s too late.
Q3 Individual Insolvency Statistics Releases Insolvency Service: There were 30,879 individual insolvencies in Q3 2019, 0.6% higher than in Q2 2019. IVAs increased by 1.4%, DROs increased by 0.3% and bankruptcies decreased by 2.6%.
Banks could face paying out £1billion in compensation to customers after MPs urged them to refund fraud victims Mail: banks have been urged by MPs to also refund the victims of historic fraud.
Chaotic court system threatens justice for vulnerable, say MPs Guardian: Commons committee calls for halt to government court reform, citing risks to fairness.
Poverty is driving a spike in infant mortality across England Big Issue: Researchers found a consistent and “unprecedented” rise in infant deaths across deprived areas between 2014-2017