My pick of last week’s news is the collection of Universal Credit articles, especially I work for the DWP as a universal credit case manager.
Graph of the week
— Matt Whittaker (@MattWhittakerRF) October 15, 2017
UK banks plan biggest squeeze on consumer credit since 2008 Guardian: Clampdown on credit cards and overdrafts follows warnings from Bank of England and others of growing debt mountain
‘We got £153,000 back for mis-sold PPI using MSE’s free reclaim tool’ MSE: Between them they were mis-sold 12 separate policies for numerous credit cards and loans, with their biggest single pay out £43,303 for a policy which dated back to the 1990s relating to two credit cards.
LondonLoanBank – the social media savvy loan company offering the cheapest deals with no credit checks, but it’s full of lies Mirror: Cheap loans with no credit checks or guarantors needed – offering great rates and with loads of positive reviews – London Loan Bank sounds amazing. Except almost everything about it is a lie.
Vanquis Bank fined £75k after sending 1.5m spam e-mails and texts promoting its credit cards Mail: The firm, based in Bradford, sent 870,849 spam text messages and 620,000 spam e-mails to promote its credit cards.
Old style student loans – some problems 2 problems from Debt Camel readers
Are student loans broken? What I told Uni Minister Jo Johnson by Martin Lewis
Thousands of low-income pensioners risk losing their homes as government scraps support for mortgage interest Mail: Scaremongering headline but the article accurately identifies pensioners with interest-only mortgages as having the biggest problems with the SMI changes.
Is your Help to Buy deal ending? Act now Times (£ paywall) The first Help to Buy deals are coming up to the five year point where you have to pay interest on the government loan, and remortgage deals can be hard to find.
- I work for the DWP as a universal credit case manager Independent: Case managers like me are well-trained to deal with any claimants threatening suicide, simply because it’s become such a frequent occurrence.
- ‘Selling everything’ because of universal credit BBC Holly Sargent first applied for universal credit eight months ago. But administrative problems and her vulnerable mental health means 10 applications later she has still not received the benefit.
- Universal credit flaw puts new welfare system at odds with free school meals Guardian: Thinktank says unless design problem is addressed, government could face a £600m bill.
- Councils fear surge in evictions as universal credit rollout accelerates Guardian: Housing federation says new system poses challenge to landlords.
My conversion to behavioural economics by Carl Packman from Toynbee Hall.