DAF News

Debt Advice Foundation welcomes referral of payday lenders to the Competition Commission

National debt charity Debt Advice Foundation has welcomed the announcement by the Office of Fair Trading that the payday lending market is to be referred to the Competition Commission.

The OFT said it "continues to suspect that features of the payday lending market prevent, restrict or distort competition. It considers that these issues go deeper than can be addressed through existing laws and guidance."

Parliamentary Commission on Banking Standards adds its weight to the campaign for better financial education in schools

Tucked away in the report of the Parliamentary Commission on Banking Standards, published this week, was an important endorsement of the need for significant improvements in financial education.

The rising tide of female insolvency

A new analysis of Government figures shows that for the first time, more women in England and Wales are set to declared insolvent* than men.  And in 2011, two thirds of insolvencies among 18-24 year olds were women.

Debt adviser among the best in the country

Debt Advice Foundation’s Justine McGinnis joined other credit industry professionals at an awards ceremony to honour some of the best in the business.

She reached the finals of the prestigious Credit Today awards, which were held amongst the chandeliers and grandeur of London’s Grosvenor House Hotel.  More than 180 entries were submitted for the 23 awards, and 1400 professionals from the credit industry attended the finals to cheer the winners.

OFT attacks “widespread irresponsible lending” among payday lenders

The Office of Fair Trading has given payday lenders three months to “change their business practices” or risk losing their licence.  It also plans to refer the payday industry to the Competition Commission.

In its much anticipated report, the OFT said it had found evidence of“widespread irresponsible lending”, “failure to comply with the standards required of them” and “deep-rooted problems in how lenders compete with each other”.

Celebrating victory as financial education set to become compulsory in school

While MPs and financial institutions were debating the best way to teach young people how to manage their money, pupils at Southlands High School in Chorley and national charity Debt Advice Foundation blazed a trail in financial education.

Today they were celebrating the announcement that the subject is to be made compulsory in secondary schools, as part of the Citizenship curriculum.

Our peer-to-peer Money Management Lessons showcased at Pfeg forum

Debt Advice Foundation’s ground-breaking financial education programme was one of a number of projects showcased at a forum of teachers, programme managers and funders organised by the Personal Finance Education Group (pfeg).

The forum, held at the Institute and Faculty of Actuaries at Staple Inn, London, gave attendees the chance to discuss different approaches to financial education.

Facing up to Debt Day

Monday 14 January 2013 is D-day for hundreds of thousands of families – that’s D for Debt Day, the start of the week when the Christmas spending spree finally hits home.

Most credit card bills arrive mid-way through the month – and for many people it will be the first time they have faced up to their Christmas spending spree.

Putting customers first?

The tweet about Which?’s campaign Big Change arrived just as I was discussing basic bank accounts with a colleague.

The tweet read:  “Sales incentive culture is still damaging the banking industry, says Which?. Join the #BigChange today”.

The Campaign’s top line is:  ‘Bankers should put customers first, not sales.’

Making the Autumn Statement make sense in your family budget

Here at Debt Advice Foundation we spend much of our time talking to people who are struggling with unmanageable debt.  Sometimes they are plunged into debt by catastrophic circumstances – redundancy, illness, divorce  - and sometimes it is the relentless pressure of trying to make ends meet.

What all these cases have in common is that people’s financial circumstances are never simple.  And they certainly do not divide neatly into “hard-working people with jobs” and “workshy people on benefits”.