Welcome to the News Room
Our news room has changed. Current news is being posted on the Dood news Blog, available here. This page will be redesigned in January to povide an archive of past news stories only. On the Blog you can post comments on news stories and sign up to our news feed.
Competition Commission Report - Borrowers unlikely to benefit in short term, 30th November 2006
Debt on our Doorstep has welcomed the final report from the Competition Commission inquiry into Home Credit, but the remedies it proposes will take another 18 months to have an impact. What will be done to monitor them and why is the industry being allowed to accumulate another £100 million in excess profits? Read more ...
Treasury Select Committee Report - Is it hard hitting enough?, 16th November 2006
The Treasury Select Committe Report into Financial Inclusion published today calls on the Government to improve access to affordable credit by providing further support for credit unions and CDFI's, and by undertaking a fundamental review of the Social Fund. Other recommendations include increasing the security of funding for debt advice services, and calls for a roll out of the Savings Gateway - although the level of matched savings is not subject to a recommendation. We ask if the recommendations are hard hitting enough given the scale of the problems and whetther the financial services industry is being let off the hook once more?Read More...
DTI Consults on Data Sharing to Help Responsible Lending, 30th October 2006
The DTI is currently consulting over proposals to allow lenders to share credit data on borrowers without their consent in order to ensure that lenders act responsibly. Read More...
Farepak Collapse Leaves 100,000 Dreading Christmas, 30th October 2006
The collapse of Christmas Hamper Savings Firm, Farepak, in September is now estimated to have left 100,000 people in the lurch in the run up to Christmas, and HBOS has come under fire for pulling the plug on Farepak's parent company, European Home Retail. Read More...
Demonstrate on 1st December Against Unlawful Bank Charges, 27th October 2006
The Consumer Action Group and Penalty Charges Group are organising a demonstration against unlawful bank charges on 1st December outside the OFT's offices. Read More...
FSA fines Loans.co.uk for PPI Mis-selling, 27th October 2006
The FSA has handed out a £450,000 fine to Loans.co.uk for failing to treat its customers fairly when selling them payment protection policies. Read More...
Payment Protection Policies Mis-sold and Over-Priced, 19th October 2006
The collective weight of the UK's regulators is being brought to bear on the Payment Protection racket which have been accused of mis-selling policies, often by misleading customers to think that they will only qualify for a loan if they sign up to the expensive PPI that goes with it, and by charging excessive prices for policies which, in fact, rarely pay out. Read More...
Provident Slammed By Hungarian Regulator, 13th October 2006
The Hungarian Financial Supervisory Association has forced Provident to suspend its door to door business and to rectify serious breaches of the country's accounting and money laundering rules. Provident have admitted the ruling could cost them £13 million over the next three years. Read more...
OFT Inaction Leaves Lenders Owing £1.8bn, 21st September 2006
The Office of Fair Trading confirmed in a statement earlier this month that is planning 'no further intervention' to return excessive credit card default charges to consumers. This means lenders have pocketed £1.8 bn in excess charges over the past six years. We call on DTI Minister, Alistair Darling, to review the OFT's powers and call an inquiry. Read more..
Lords Inquiry condemns EU Consumer Credit Directive, 6th July 2006
The House of Lords Inquiry into the EU Consumer Credit Directive yesterday released its final report, calling for work on the Directive to be suspended pending a full impact assessment being carried out by the Commission. The Inquiry, to which Debt on our Doorstep made a written submission, concludes that the level of consumer protection in the Directive falls well short of that required, and urges for legislation to be adopted that will prevent irresponible lending Read more..
Consultation on Financial Ombudsman Scheme, 23rd June 2006
As part of the Consumer Credit Act changes, consumers are to be given the opportunity to obtain redress in respect of credit matters through the Financial Ombudsan Scheme from April 2007. The Financial Ombudsman has now issued proposals for the operation of this scheme and is seeking responses by 11th October 2006. The consultation document can be found here
Consumers Forced To Wait For New Act, 26th May 2006
The Government yesterday announced the timetable for implementation of the new Consumer Credit Act but consumers will have to wait until April 2007 for the right to challenge unfair agreements, and the OFT is yet to announce the timescales for consultation on the new responsible lending requirement. Read more...
Banks Challenged To Disclose Details Of Lending, 17th May 2006
As the Chief Executives of the UK's biggest banks give evidence to the Treasury Select Committee Inquiry on Financial Inclusion, Debt on our Doorstep has chalenged them to provide detailed information on their lending and financial services provision to low income communities. Read more...
'Pay It Back' Campaign Taken Up In Parliament, 12th May 2006
Mark Lazarowicz M.P, the Chair of the Cross Party Group on Debt, has agreed to lead the support for Debt on our Doorstep's 'Pay It Back' Campaign in Parliament. Read more...
Community Service For Loan Shark Who Charged 1,000%, 10th May 2006
A Birmingham loan shark who charged 1,000% interest to 'customers' he poached from a legal lender has been sentenced to only 150 hours community service. Read more...
OFT Flops On Default Charges, Join our 'Pay It Back' Campaign, 3rd May 2006
Debt on our Doorstep has made a formal complaint to the OFT concerning its lack of action to get back illegal default charges totalling an estimated £1.8 billion for consumers. In correspondence, the OFT has rejected taking action to do this, and we now ask that consumers write to their M.P's making a request for the Parliamentary Ombudsman to investigate.Read More...
Credit Card Companies Broke the Law on Default Charges, 7th April 2006
The OFT has confirmed that credit card companies are breaking the law by profiteering on default charges. But what happens now? Debt on our Doorstep calls for action to ensure that the industry fully reimburses customers and for extension of the OFT investigation into overdraft and personal loan charges.Read more...
OFT To Investigate Payment Protection Schemes, 5th April 2006
The OFT is to conduct a full market investigation into payment protection insurance schemes, following a super-complaint from Citizens Advice. A wide ranging consultation is proposed with a final report expected by the end of the year. PPI is a big money spinner for the credit industry with little transparency of charges or price competition and few indications that it benefits borrowers. Read more...
Consumer Credit Bill Gets Royal Assent, 31st March 2006
The Government's Consumer Credit Bill has received Royal Assent, but with the meaning of some of its core provisions no clearer, and with a lack of interest rate controls, is it really going to benefit low income borrowers? Debt on our Doorstep believes the Government has missed an historic opportunity to improve regulation. Read more..
DTI to consult further on EU Credit Directive, 29th March 2006
The DTI has launched a further consultation on the EU Consumer Credit Directive. Bizarrely, given last week's amendment to the Consumer Credit Bill, this includes comment that the UK should not support responsible lending provisions in the Directive. Confusion also reigns on the issue of which law would govern future consumer credit transactions (will it be the borrowers 'home' law or the lenders' country of origin?) following publication of Arlene McCarthy MEP's evidence to the House of Lords inquiry into EU Consumer Credit harmonisation. Arlene McCarthy is the Chair of the European Parliament's Committee which will be considering the Credit Directive in detail. Read more..
Government Accepts Need For 'Responsible Lending', 21st March 2006
The Government has accepted an amendment to the Consumer Credit Bill that will require lenders to be 'responsible' as part of the consumer credit licensing system. Debt on our Doorstep has welcomed the move. Read more here..
Prudential set to pocket millions from loans of over 170% APR, 8th March 2006
Prudential is set to pocket over £10 million today from shareholdings in Provident Financial. More here.
Competition Commission Acts Against £55 million Rip-Off, 7th March 2006
The Competition Commission has published its final report into Store Cards and has made a number of recommendations to secure a better deal for consumers. Read more here.
OFT Fails To Act On Default Charges, 24th February 2006
Debt on our Doorstep has written to the OFT condemning its failure to act promptly over credit card default charges and has called for a thorough and transparent investigation into default charges on all personal lending. A protest outside the OFT is being organised by the Bank Charges Action Group on 3rd March..read more...
Government Appoints New NCC Chair, 24th February 2006
The Consumer Minister has appointed the new Chair of the National Consumer Council, an ex-Government Minister. Is this the best way to ensure an independent voice for low income consumers?..more.
Illegal Loan Shark Gets Two Years, 20th February 2006
The Government's pilot action team in Birmingham has netted another loan shark, this time operating in nearby Redditch...read more
Provident Responds to Polish Rate Cap, 11th February 2006
Last year the Polish Parliament passed a law restricting interest rates to 23%, Provident Financial have now responded to this by unveiling their new loan structure...read more
Insolvencies and Repossessions Rise, 3rd February 2006
The latest figures for insolvencies and repossessions show a 50% increase on this time last year....more
Government Bill 'unclear', 17th January 2006
What exactly is an 'unfair credit relationship'? Does the Government know and if so, why aren't they telling anyone?..Now a Barrister's opinion indicates that the courts could restrict the interpretation of a key plank of the Government's Consumer Credit Bill...more
