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Government clarifies how the Lifetime ISA will work

The Government has published its Savings (Government Contributions) Bill which sets out legislation describing how the Lifetime ISA (LISA) will work.

 

Young care leavers are falling into debt because they aren’t receiving any financial education

A charity has claimed that those leaving care are falling into debt and financial difficulty due to insufficient guidance.

 
A report by the Children’s Society says that with no family to support them when they reach adulthood, they are being let down by local authorities and facing harsh benefit sanctions, pushing them into financial difficulty. 

Borrowing money from friends or family

Do you rely on friends and family for money?

 
32% of people in the UK have borrowed money from friends or family, according to research from Equifax.

Millions are paying more than 40% of their income on debt repayments

The TUC and Unison have released a report which states that many families in the UK are living with "extreme problem debt”.

 
The report blames a drop in wages for plunging around 1.6 million families into extreme indebtedness as the value of real UK wages went down by 10.4% between 2007 and 2015.

Help to Buy ISA cannot be used for a house deposit

Thinking of using the Help to Buy ISA for a deposit on your first home? You will need to read the small print. 

 
It has emerged first-time buyers cannot use the Help to Buy ISA to boost their deposit, as it transpires that the Government bonus will not be paid out until after the house has been purchased.

The truth about those “write off your debts” claims

Is it possible to have your debts cleared?

 
Type in “debt” or “debt help” and you will be faced with numerous paid listings in Google, advertising that they can help you ‘clear’ your debt with a ‘Government Scheme’. They will also claim to have interest frozen and to stop lenders contacting you, which is music to the ears of anyone dealing with the stress of being in debt. 

Questions raised on credit card affordability checks

Over a quarter of credit cards opened were in serious arrears just a year later

 
According to an investigation by the Financial Conduct Authority, a quarter of credit cards  aimed at borrowers with poor credit scores opened in 2013 were in severe or serious arrears by 2014. 

Changes to Insolvency Fees

The amount which the official receiver will be charging in cases of bankruptcy are changing from today.

 

In 2014, the Insolvency Service decided that it would carry out a full review of its funding, including that of the Official Receiver Services.

Is summer more expensive than Christmas for parents?

A survey has found that parents expect to spend more on entertaining their children this summer than at Christmas

 
Keeping children busy over the long summer months can be extremely difficult, especially as this summer already appears to be such a washout in the UK; indoor activities often come at a steep price.

Callers pretending to be from Debt Advice Foundation

Have you received a call from Debt Advice Foundation which you have not requested?

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