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24 July, 2014

Debt problems could double as interest rates rise, says Resolution Foundation

New report estimates that, by 2018, number of households spending more than one-third of their after-tax income on mortgage repayments increases from 1.1m to 2.3m, whilst number spending more than one-half of their after-tax income on all forms of debt repayments increases from 0.6m to 1.1m.

23 July, 2014

Uptake of the Debt Arrangement Scheme in Scotland has increased compared with same quarter last year

However, personal insolvencies have decreased over the same period, according to official statistics from Accountant in Bankruptcy.

23 July, 2014

Citizens Advice Scotland report on zero hours contracts

New report focuses on the effects of workers being guaranteed no set amount of work any given week, with CAB clients being forced to borrow from payday lenders and resort to food banks because of significant variances in pay.

23 July, 2014

Government proposes fuel poverty target

New proposals include legal obligation for government to raise as many fuel poor homes as reasonably practicable to a Band C energy efficiency rating by 2030.

18 July, 2014

First-tier Tribunal and Upper Tribunal (Chambers) (Amendment) Order 2014

New regulations that allow for First-tier Tribunals to hear appeals relating to mobile homes and licensing of caravan sites, and for the Tax and Chancery Chamber of the Upper Tribunal to determine references from or appeals against decisions of the regulatory authorities that replaced the Financial Services Authority.

16 July, 2014

Almost a million older people cutting back on food, says Age UK

New research from Age UK shows that 960,000 people aged 65 or over have had to spend less on food in the last 2 years.

16 July, 2014

Financial Conduct Authority consults on price cap on high-cost short-term credit

Views sought on introduction, from January 2015, of cap to ensure that someone will never need to pay back more than twice what they have borrowed, and someone taking out a typical loan over 30 days and repaying on time will not pay more than £24 per £100 borrowed.

10 July, 2014

Insolvency statistics by region in England and Wales for 2013

Key figures in statistics published today include that, whilst the total insolvency rate decreased in all regions, the individual voluntary arrangement rate increased.

10 July, 2014

Money Advice Service Annual Review for year up to end of March 2014

New publication sets out how service has performed against its business plan and key performance indicators, and presents full accounts for the 2013 to 2014 financial year.

8 July, 2014

Finacial Ombudsman urges people to ‘speak up’ about payday loan debt

Figures showing record number of complaints are likely to be 'only the tip of the iceberg', says Ombudsman.

4 July, 2014

Review of the Money Advice Service: call for evidence

Views invited by 2 September 2014 relating to the role played by the Money Advice Service in meeting changing consumer needs for information, education and advice on financial matters, and to make recommendations to improve the efficiency and effectiveness of current arrangements.

2 July, 2014

New tougher rules for payday lenders come into effect

Financial Conduct Authority sets out rules from 1 July 2014, including limits on 'rollovers' and recovery by continuous payment authority.

25 June, 2014

HM Treasury consultation on credit unions

Call for evidence seeks 'well-informed views about how the government can do more to support the development of the credit union movement in Great Britain'.

25 June, 2014

Wonga to pay out £2.6m in compensation for unfair collection practices

Payday loan company agrees on compensation after Financial Conduct Authority finds it had sent debt collection letters from non-existent law firms and, in some cases, charged customers administration fees for costs of letters.

18 June, 2014

Help to Buy scheme is yet to show value for money, says Public Accounts Committee

In new report, MPs find that DCLG does not understand the overall impact of its housing strategy and has committed to spending up to £10bn on supporting Help to Buy without establishing whether it represents the most effective way of using taxpayers’ money to achieve its objectives.

18 June, 2014

Bankruptcy and Debt Advice (Scotland) Act 2014 (Commencement No. 1 and Saving) Order 2014

New statutory instrument commences provisions for making regulations, orders or rules of court, amendments to the Debt Arrangement Scheme about non–natural persons, remuneration of office-holders and repeals to the Bankruptcy (Scotland) Act 1985. It also brings into force section 44 of the 2014 Act (representation of the Accountant in Bankruptcy in the Sheriff Court).

18 June, 2014

Bankruptcy and Diligence etc. (Scotland) Act 2007 (Commencement No. 9 and Savings Amendment) Order 2

New statutory instrument brings into force provisions aligning debtor applications for sequestration with creditor petitions for sequestration by increasing the minimum debt limit from £1500 to £3,000 in Scotland.

13 June, 2014

1 in 6 people in Wales struggle with debt, according to new report for the Welsh Government

Report by the Public Policy Institute for Wales on the levels of over-indebtedness in Wales reveals that 16 per cent, or 400,000 people, are in too much debt.

11 June, 2014

Payday borrowers paying the price for lack of competition, says Competition and Markets Authority

According to provisional findings, published today, a typical customer could save between £30 and £60 per year if the market were more competitive.