My pick of last week’s news is the Insolvency Service’s report on Review of the monitoring and regulation of insolvency practitioners. Essential reading for debt advisers.
Tweet of the week
Bank’s PPI selling was a systemic, deliberate, scripted, protection racket to missell £30bn+ of insurance. An avg 66% of cost went as a bung to banks.
And NO BANKER HAS BEEN PROSECUTED
— Martin Lewis (@MartinSLewis) September 23, 2018
- they do things differently in the US…. FTC and DOJ Return a Record $505 Million to Consumers Harmed by Massive Payday Lending Scheme
Review of the monitoring and regulation of insolvency practitioners Insolvency Service: measured … and damning in too many places.
- “IVAS and Insolvency – The future finally is here” TIP blog
- Is this the next mis-selling scandal? Thousands may have been mis-sold IVAs by debt firms Sun
Debt killed my dad BBC: it had begun as a relatively small debt for unpaid council tax – but it multiplied many times after the council had him declared bankrupt.
HMRC tax crackdown victimises easy targets FT (£ paywall) One social worker who faces a bill of tens of thousands of pounds which, she told Radio 4’s Money Box programme, will mean she has to sell her home said: “I may be stupid, naive, and misinformed, but a criminal I am not.”
Single mum who owes £13 for unpaid school dinner bill is threatened with social services Mirror: The mum said she was shocked and angry at the tone of the letter sent to her by the council.
How a Government-backed money advice service for children helped cut debt among parents too Mail: New analysis of the programme, which took place in Wales in 2016, shows a marked decrease in over-indebtedness among parents one year later.
Credit card payments:
- Lloyds and Halifax change credit card repayment rules – make sure you don’t overpay (MSE)
- Sainsbury’s Bank customers charged after direct debit mix-up (MSE)
PPI has made us a nation of cheats, says Barclays boss Times (£ paywall) Adam French, a consumer rights expert at Which?, said: “This is a slap in the face for consumers ripped off by the PPI scandal. Banks still have a long way to go to restore customers’ trust in the industry, and comments like this will not help at all.”
How rip-off car loans can leave you owing more than the motor’s worth – while pushy salesmen rake in millions Mail: ‘There is nothing wrong with them when fully understood, but they are now the default way to buy a car and not the best option for all customers.”
Payday loans or credit unions? localgov.co.uk ResPublica and Salary Finance make a good pitch, but it is far from clear that they can offer anything the tried-and-tested credit unions cannot.
Universal credit news
At Our Foodbank, We Are Seeing The Flaws Of Universal Credit HuffPo: We’re seeing in food banks, debt centres and soup kitchens people being plunged deeper into poverty, misery and suffering.
Loyal customers being ‘ripped off’ by £877 a year, study finds Guardian: Citizens Advice files super-complaint in bid to end ‘systematic scam’ by banks, insurers and mobile phone companies
Too little, too late… Bank fraud curbs FAIL victims: How customers STILL cannot be certain they’ll get their cash back and the crackdown won’t really start until next year Mail: Those who have suffered devastating financial losses as a result of banking fraud believe the banks are doing too little to prevent it .
Watchdog must turn off this ‘TV care’ firm that scammed £252 from my mother Mail: FCA fails to take effective action.
Mobile phone firms could be forced to switch customer contracts Guardian: Regulator wants to stop estimated 4m users being overcharged for handsets