Home/Damon Gibbons

About Damon Gibbons

Damon is the Director of the Centre for Responsible Credit.

The FCA is guilty of ‘regulatory failure’. Politicians must act to protect low income credit card borrowers

A new report, published jointly by CfRC, New Economics Foundation, Jubilee Debt Campaign and Research for Action today, shows that the FCA are failing to adequately protect consumers from high interest costs on credit cards, and calls for a cap on the total cost of charges that borrowers pay. The report includes new analysis [...]

By |2019-07-09T10:42:33+00:00July 9th, 2019|Blog|0 Comments

How Rent-flex works: case study three, engaging tenants and providing a savings vehicle

A 50 year old female single parent with a teenage daughter was housed by Optivo following the end of an abusive relationship and a period of homelessness. She had successfully completed her training to become a nurse but had not yet secured a job, and when she was contacted about the Rent-flex scheme in [...]

By |2019-05-16T09:05:15+00:00May 16th, 2019|Blog|0 Comments

How Rent-flex works: case study two, smoothing income and building confidence

A 32 year old single parent, with four children aged between five and twelve, and with a history of debt problems joined the Rent-flex scheme in August 2017.  Two years previously she had been working part-time but had been using credit cards to pay for food and other essentials. Following debt advice she had [...]

By |2019-05-15T07:37:23+00:00May 15th, 2019|Blog|0 Comments

How Rent-flex works: case study one, paying off debt and stabilising finances

Following the announcement about the extension of Rent-flex trials we will be publishing a number of case studies over the remainder of this week which illustrate how tenants in the scheme have used Rent-flex, and the impacts that this has had.  Next month we will be publishing the full 12 month evaluation of the [...]

By |2019-05-14T11:06:55+00:00May 14th, 2019|Blog|0 Comments

Rent-flex trials to be expanded – as featured on Radio 4 Moneybox live

Tenants in social housing will be able to personalise their payment of rent and reduce their need to borrow at common financial pinch points in the year, such as over the school holidays or at Christmas. Following housing association, Optivo’s successful pilot to prove the ‘Rent-flex’ concept, the Centre for Responsible Credit (CfRC) is [...]

By |2019-05-13T08:56:16+00:00May 13th, 2019|Blog|0 Comments

Creating Trust and Reducing Risk in the Consumer Credit Market

Tomorrow we will be welcoming around eighty delegates to our conference – Creating Trust in Financial Services. Those delegates will be drawn from a broad range of stakeholders, including Government, the FCA, financial services providers, FinTechs, debt advice agencies and organisations involved in the commissioning or delivery of financial support. Together, we will reflect [...]

By |2019-03-20T11:04:13+00:00March 20th, 2019|Blog|0 Comments

CfRC responds to FCA proposals to cap rent-to-own firms

The Centre for Responsible Credit ('CfRC') has welcomed today’s announcement from the Financial Conduct Authority ('FCA') that it intends to cap the cost of credit in the rent-to-own sector. However, we warn that the FCA’s proposals as they currently stand - although a small step in the right direction - will fail to deliver [...]

By |2018-11-22T10:43:02+00:00November 22nd, 2018|Blog|2 Comments

Wonga collapse: CfRC calls for Treasury Committee to launch an inquiry

The payday lender Wonga has collapsed under the weight of claims for rebates and/or compensation from its borrowers arising from the firm’s failure to ensure that people could afford to make repayments prior to making loans. The failure to conduct adequate affordability checks breached the Office of Fair Trading’s (‘OFT’) ‘Irresponsible Lending Guidance’ which [...]

By |2018-09-04T12:00:20+00:00September 4th, 2018|Blog|0 Comments