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31 May, 2013

OFT fails to regulate payday lenders effectively

In a report published today, the Public Affairs Committee criticises the Office Of Fair Trading for being 'timid rather than tough' in enforcing consumer protection against high-interest rate lenders.

28 May, 2013

Payday lenders promises to treat customers fairly broken, says Citizens Advice

Survey analysis reveals evidence of irresponsible lending, inadequate checks, taking more than is owed, harassment and refusal to agree reasonable repayment plans.

16 May, 2013

At least 1.3m low income families spend a third of net income on housing, says Resolution Foundation

New research, reported by Guardian, shows interaction between shortage of private rented accommodation and earnings squeeze.

14 May, 2013

Office for National Statistics publishes new figures on property debt

New figures show that 37.3 per cent of people had mortgage in 2008/2010 and that only 13.6 per cent found debt 'a heavy burden'.

9 May, 2013

7 May, 2013

Payday lenders failing to check if people can afford to repay, says Citizens Advice

New figures show that 65 per cent of payday loans don't come with financial checks, leading to 7 out of 10 being unable to pay back loan.

3 May, 2013

Older and disabled people ‘put off’ energy efficiency schemes’

Guardian reports on unpublished evidence from focus groups commissioned by Department for Energy and Climate Change.

2 May, 2013

Interest-only mortgagors face a large shortfall

BBC reports that the Financial Conduct Authority estimates that nearly half of homeowners with interest-only mortgages will not be able to pay off the loan when their mortgage matures, and that the average shortfall is £71,000.

29 April, 2013

High Street banks should offer personal micro-loans, says Citizens Advice

Banks should accept some responsibility for the growth of the payday loan market and have opportunity to 'right past wrongs' by offering an inventive, low-interest and responsible solution to the need for short term credit, says charity.

29 April, 2013

McGuire v Rose & Ors

[2013] EWCA Civ 429

25 April, 2013

Cancer patients experience average £570 a month loss as a result of illness, says Macmillan

New report sets out the results of research into the financial effects of cancer and finds that support is not always easy to access or good enough.

24 April, 2013

Personal insolvencies in Scotland down by 9.9 per cent on previous quarter

New statistics for fourth quarter of 2012/2013 show 3,472 personal insolvencies for the period, which was also 28.8 per cent lower than the corresponding quarter of the previous year.

24 April, 2013

Equality and Human Rights Commission (ECHR) general equality duty to be retained

Government changes position following House of Lords defeat over provisions within Enterprise and Regulatory Reform Bill abolishing the ECHR general duty to promote equalities and human rights.

22 April, 2013

Treasury Committee expressess concern about Help to Buy scheme

New report on Budget 2013 says that scheme may have unintended consequences and raises questions about the role of the taxpayer as guarantor; the impact of Help to Buy on house prices and the supply response; the temporary nature of Help to Buy; and support for second homes.

22 April, 2013

UK’s poorest housholds paying up to £300 per year extra in fuel costs

Price comparison websites highlight difference between expensive pre-paid meter tarrifs and cheaper tarrifs for those with standard meters, says Guardian.

18 April, 2013

Office of Fair Trading (OFT) launches market study into providers of quick, discounted house sales

OFT concerned that some practices might lead to homeowners receiving much less for their property than it is worth, and that people in financial difficulty - including those who have worked up large amounts of debt or are facing repossession - may be at risk.

16 April, 2013

Association of British Credit Unions wins contract for DWP’s Credit Union Expansion Project

Contract, worth up to £38m, will save consumers up to £1bn loan interest repayments by March 2019, says Department.

16 April, 2013

UK opts in to EU regulation amending insolvency provisions

Amendments will expand scope of EC Regulation 1346/2000 to cover restructuring and pre-insolvency proceedings, and tackle 'bankruptcy tourism' through new rules on determining jurisdiction and increased transparency for creditors, says Under-Secretary of State Jo Swinson.

15 April, 2013

Money Advice Service confirms continuation of face to face debt advice funding

Six debt advice partners in England and Wales will receive grants worth a combined £26 million.