A number of fascinating articles – my decide of the week is ‘So what do you suppose I ought to do?’.
Tweet of the week
Keep in mind once I stated this? The disaster is right here! Restricted Entry to Justice for housing recommendation in Leeds. Companies at breaking level with 8 weeks look ahead to debt assist. All of the stress on debt advisers and there simply isn’t sufficient sources regardless of one-off further pots of funding! https://t.co/NLhGm18Rou
— Sylvia Simpson (@Dickerbird) August 2, 2023
Debt information
Shopper Responsibility:
The FCA’s Shopper Responsibility – a brand new overarching precept my article
I’m a cash professional – 4 methods a serious change to monetary guidelines impacts YOU and it’s coming inside days Solar: So the unintended consequence of those new guidelines may see the extinction of economic merchandise like 0% curiosity bank cards.
FCA’s new Shopper Responsibility: removed from a silver bullet Honest by Design: Seems to be on the poverty premium and motor insurance coverage
A looming debt disaster:
FACT SHEET: Harmful new section for households in debt – UK’s financial insecurity by numbers JRF: the debt time bomb dealing with hundreds of thousands of low-income households
Missed invoice funds again to winter ranges, says Which? BBC: Regardless that costs rises have eased barely, round 2.4 million households missed no less than one invoice fee within the month to mid-July, Which? estimates.
Recommendation NI warns debt danger might rise as an impression of rates of interest continues Irish Information: we’re seeing a surge in service customers who’re reliant on the federal government SMI scheme and struggling to make ends meet.
Most cancers sufferers and long-term sick vulnerable to repossession as authorities help falls brief iNews: Jane, who has pancreatic most cancers, is now over £20,000 in debt and stated the anxiousness of her rising mortgage funds ‘is so monumental’
Insolvency:
Assessment of the private insolvency framework: Abstract of responses and subsequent steps gov.uk: The Authorities acknowledges that the data obtainable signifies that there are shortcomings in how the present regime operates. My remark: effectively I suppose that’s higher than denying there’s a drawback in any respect. However proposals in early 2024 don’t recommend a lot sense of urgency.
‘So what do you suppose I ought to do?’ Debt advisor weblog: I had a grievance in with the Insolvency Practitioners Affiliation not too long ago, wherein they concluded that the IP bore no blame for the consumer being compelled to hunt emergency debt recommendation to stop an eviction 2 months into an IVA, resulting from collected lease arrears of round £6000.
Open letter on the implications for Debt Recommendation Suppliers of the latest Excessive Court docket selections on the Debt Respite Scheme from Shelter and different debt recommendation organisations: a wonderful letter.
Purchase now, pay later medical loans on rise as determined sufferers go non-public amid NHS backlogs Guardian: Finance companies defend credit score offers as moral however well being consultants warn of spiralling public indebtedness
One million motorists might get damages for automobile finance mortgage rip-off Mail: The claims are towards mortgage suppliers Black Horse (a part of Lloyds), Santander Shopper (UK) and MotoNovo Finance
‘The DWP refused me PIP and took common credit score deductions as a result of my landlord informed them to. How am I presupposed to stay?’ Huge Concern: George Mitchell believes advantages claimants needs to be handled as “harmless till confirmed responsible”
Why is Spain’s inflation a lot decrease than the UK’s? As a result of it stood as much as enterprise Guardian: The reliance on Financial institution of England fee rises alone can’t go on. In different nations, lease caps and extra revenue taxes are working
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