Financial help for Grenfell Tower residents
Guarantor loan complaints rise, Grenfell Tower, and a major teaching agency stops using umbrella companies.
More information on the stories featured in this week's edition of Money Box can be found in the related links section below.
What financial help is available for the Grenfell Tower residents who survived the fire which destroyed their homes in the early hours of Wednesday morning? It's thought many of them didn't have contents insurance. Jolyon Maugham QC is among a group of lawyers offering free help to Grenfell residents and those who are raising funds to help them.
In its annual review, the Financial Ombudsman Service noted a rise in the number of guarantor loan complaints. It's an unsecured form of high-cost credit which involves a second person, who is known to the borrower, agreeing to step in should a default occur. The Ombudsman says it's hearing more from guarantors who are being pursued by lenders to repay someone else's debt. Caroline Wayman, Chief Financial Ombudsman and Mike O'Connor, Chief Executive of StepChange debt charity discuss.
One of the country's biggest teaching agencies has stopped using umbrella companies, which act as a third party between a contractor and an employee. It's advising workers to move back to PAYE instead. What behind the move and what are the wider implications for umbrella companies.
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Financial Help for Grenfell Tower Residents
Banks bring in procedures for survivors to access their own money without ID
Duration: 06:54
Payday Loans.
Complaints about payday loans to the Financial Ombudsman have more than trebled in a year
Duration: 05:59
Umbrella companies.
Are they still a good deal for supply teachers?
Duration: 10:02
Related Links
Grenfell Tower
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Guarantor loansÌý
Financial Ombudsman Service Annual Review 2016/2017ÌýÌý
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Umbrella companiesÌý
Broadcasts
- Sat 17 Jun 2017 12:04Â鶹Éç Radio 4
- Sun 18 Jun 2017 21:00Â鶹Éç Radio 4
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Money Box
The latest news from the world of personal finance