Know your rights: October’s debt news

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Debt news for October

It’s a new month and new round of news, but some old stories keep popping up.

The Advertising Standards Authority has ordered two payment protection insurance (PPI) claim firms to change their advertising after they made incorrect assertions about how difficult it is to reclaim mis-sold PPI.

As MoneyAware readers you’ll know that it’s easy to reclaim PPI for free without the use of one of these third parties.

From October 1 the law surrounding pensions changed and auto-enrolment pensions started. It’s a big change that will affect many people in the UK workforce.

The law around charging orders also changed. On the same day, new legislation came into force which changed how creditors can apply for charging orders. If you think you might be affected please contact us.

Multiple payday loans

Payday loans have again been in the spotlight with reports about the growing problem of multiple payday loans. We’re seeing more and more clients approaching us with multiple payday loans, some with 10 or more. Our figures were picked up by the press and one story describes how having a payday loan problem is likened to heroin addiction.

More on payday loans as loan provider Wonga recently announced a sponsorship deal with Premier League football club Newcastle United. Wonga have also been criticised after it was found to have adverts on a children’s video game.

Shopping

With Christmas coming you might be out on the high street a little more, and you might find sales staff keen to get you to ‘spread the cost’ by taking out a high interest store card. We know you won’t be tempted but there were reports this month that over-60s are racking up larger amounts of store card debt.

Good news for motorists as supermarkets cut fuel prices, to use them as a ‘loss leader’ in a bid to win customers. It’s been reported that fuel at Asda is 5p cheaper per litre than the national average for petrol. This follows record high petrol prices earlier in the year.

Overdraft limit going up

You’d think we’d be pleased with news that consumers are ditching credit cards and loans. However, overdrafts are increasingly becoming one of the main sources of problem debt. If you’re struggling with an overdraft you should contact us for some free and impartial advice.

Who would have thought that snoring in your sleep could be worth some money? It’s nothing to chuckle at for either the snorer or their partner but the Telegraph reports that sufferers of sleep apnoea (heavy snorers) could net nearly £600 extra a year during retirement if they declare the condition when buying an annuity.

And lastly, the big news this month is that from November 5 CCCS will be known as StepChange Debt Charity. We’ve changed our name to enable us to reach out to more people with problem debt. If you’ve any feedback on the name change – good or bad – you can reply to the Twitter announcement or on our Facebook rebrand post.

At StepChange Debt Charity we want you to be free of debt and save money.

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