A hard week to try to pick one or two articles from.
For a couple of articles with potentially big long-term impacts that you may not have seen, read Ombudsman decisions on payday loans over 6 years old and the FCA’s Dear CEO on IVA lead generators. Both the CAP Debt Saviours documentary and Citizens Advice to provide Universal Credit support have provoked a lot of discussion.
Tweet of the week
— Child Poverty Action (@CPAGUK) October 1, 2018
High cost short term credit:
- Ombudsman decisions on payday loans over 6 years old My article: FOS has decided that its rules allow it to consider complaints about loans over six years old where the customer has complained within three years of finding out they could complain.
- UK personal debt in the first half of 2018 Stepchange update: 2 in 5 clients behind with an essential bill, use of high cost short term credit increasing.
- Just when you thought you’d read it all about payday loan sharks… ‘I borrowed £100 for a night out and ended up owing £19,000’ Mail: looks at some of the new firms who claim to be different and responsible. My view – those firms are often having to give refunds for unaffordable lending.
Dear CEO: The FCA’s expectations of debt packager firms providing debt advice and counselling services FCA: Warning to IVA lead generator firms “very concerned about the poor standards we have seen“. I will be blogging about this tomorrow.
Inside Britain’s debt problem: the working families chased by council bailiffs while bosses sack them for being pregnant Mirror: Virtually every call I heard [to Payplan] was from a family unable to pay essential bills from council tax to rent and energy.
IP regulation – Insolvency Service find major problems My article on last week’s IS report
Third of Britons believe they will never clear their debts Independent: How worried should we be about our insatiable appetite for debt?
‘Useless water firm Welsh Water left me drowning in debt’: TONY HETHERINGTON helps a landlord with her plight Mail: poor debt collection practices by Welsh Water.
Hundreds of thousands of families to receive letters chasing thousands in child benefit tax charges Sun: HMRC confirmed that 101,000 letters are being sent out to families who may owe thousands in tax charges.
Martin Lewis: Stop handing mortgage prisoners ‘life sentences’ MSE: Martin said that some mortgage holders are being “punished for being with a lender that went bust” as they are unable to remortgage with the firm their mortgage was sold to.
- Student gamblers facing debts of ‘tens of thousands of pounds’ ITV The Gambling Commission says it is only a small minority who end up getting into debt, but warns students to only gamble with money they can afford to lose.
- Gambling: ‘A banking app helped me beat my addiction’ BBC: Monzo CEO Tom Blomfield says the block was introduced because customers asked for it.
The Debt Saviours BBC documentary on CAP
My parking penalty was unfair – why won’t the council cancel it? Guardian: I only mixed up an I and 1 in my number plate .
Families lose £200 a month in universal credit switch Times (£ paywall) Ms McVey told cabinet colleagues that half of lone parents and about two thirds of working-age couples with children would lose the equivalent of £2,400 a year.
Citizens Advice to provide support to Universal Support claimants Citizens Advice press release.
Former watchdog chief labels disabled benefits process a ‘hostile environment’ Guardian: Andrew McDonald, who chaired Independent Parliamentary Standards Authority, says system is ‘Kafka-esque’