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Insolvency Profession Calls for ‘Breathing Space’ from Creditor Enforcement

Insolvency Profession Calls for ‘Breathing Space’ from Creditor Enforcement

Insolvency trade body R3 has called on the UK Government to follow the example of Scotland and other countries such as Australia and Canada and introduce a ‘Breathing Space’ provision for indebted individuals in England and Wales.

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Renters and Seaside Towns Suffer Mounting Personal Insolvencies

Renters and Seaside Towns Suffer Mounting Personal Insolvencies

Some of the highest rates of personal insolvency are to be found amongst social and short-term renters along with those living in seaside towns, according to recent English based research by Experian.

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Reform of Consumer Credit industry

Reform of Consumer Credit industry
Interesting proposals for the reform of the Consumer credit industry have been set out in a new report from think tank IPPR.The report claims that a one-off levy of £450 million on Britain’s £180 billion consumer credit industry could create enough affordable lenders to take on Britain’s legal loan sharks.It also says that as well as a new legal cap on the total cost of credit, Britain needs a new generation of not-for-profit affordable lenders with enough capital liquidity and geographic coverage to compete with the main payday lenders.According to the report, not-for-profit lenders and credit unions could be hosted in a variety of locations, such as Post Office branches, and that £450 million of capital could support over one and a half million loans of up to £250 at any one time.Lenders should charge a maximum of 3% per cent a month, or 42.6% APR, says the think tank. This would mean that borrowing £100 for one month under this new plan would cost just £3, compared to a current cost of over £30 with a similar loan from one of the country’s main money lenders.IPPR also argues that payday lenders should:

·     Provide a clear ‘pounds and pence’ cost for any potential loan, plus the payment rate and the term length.

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Universities urged to treat students in debt fairly

Around three-quarters of UK universities investigated by the Office of Fair Trading (OFT) apparently have terms and conditions in place that could prevent students from graduating or enrolling onto the next academic year if they owe non-tuition fee debts, such as for university accommodation or childcare services.

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