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18 June, 2013

Office of Fair Trading uses power to suspend a credit licence for the first time

Staffordshire based firm Donegal Finance Limited's licence suspended on grounds that it was 'urgently necessary to protect consumers'

17 June, 2013

DCLG sets out plans to ‘tackle the use of heavy-handed bailiffs by councils’

New guidelines for local authorities say that they shouldn't be collecting ‘contractual kickbacks’ from bailiffs or employing those seeking to exploit residents through ‘phantom visits’ or excessive fees.

14 June, 2013

Ministry of Justice to name non-compliant claims management companies online

Consumers will be able to check if claims management companies are subject to investigation with the launch of new online tool.

14 June, 2013

Welsh Government announces almost £2 million to boost credit union membership

However, more than half of the new funding is dependent on credit unions providing a business case setting out how they will significantly extend their reach and services.

12 June, 2013

Government to increase level of interest credit unions can charge to 3 per cent a month

Legislation to be introduced in Autumn, alongside the DWP's Credit Union Expansion Project, with the aim of increasing financial stability so that credit can be offered to broader range of people.

6 June, 2013

Unsecured debt levels out as mortgage debt rises

New Credit Action figures for April 2013 show that average household debt including mortgages rose to £54,015, whilst household debt excluding mortgages averaged £5,972.

4 June, 2013

Debt and problem debt among older people

Age UK and the International Longevity Centre published research today that showed the proportion of older people in debt fell between 2002 and 2010, however the amount owed by those in debt has increased substantially.

3 June, 2013

Personal insolvencies in first quarter 2013 down by 12.9 per cent on previous year

New Insolvency Service statistics show decrease in bankruptcies (27 per cent), debt relief orders (8.6 per cent) and individual voluntary arrangements (4.9 per cent).

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'.

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.

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.