The administrators of Indigo Michael Limited have announced that all current SafetyNet Credit and Tappliy balances are being written off. And that any affordability complaints have to be made within the next few weeks. My previous article SafetyNet Credit goes into administration gives details about why the lender failed. And also why, unusually, it was allowed to carry on lending to existing … [Read more...]
Amigo’s Scheme – mid March – more delays to payments
UPDATES 14th March 2024 - Amigo comes clean on payment timetable Decisions: Amigo has now crawled up to 91% of decisions issued. So it will be missing the target of 95% of decisions issued by mid March that it set 2 weeks ago. they now say they expect to issue 95% of all decisions 22 March 2024, with the remainder being issued by mid-April 2024. "In full" payments … [Read more...]
Morses administration – what is happening to loans
Morses Club went into administration in November 2023. Morses Club was the largest doorstep lender in the UK after Provident stopped lending in 2021. See Morses Club goes under for details about why it failed. In March 2024, the administrators have sold or written off all outstanding loans. This article looks at what has happened, what happens to customers' credit records, and whether … [Read more...]
DROs – major improvements introduced in 2024 Spring Budget
In a Spring Budget that was short on surprises, the Chancellor pulled a large rabbit out of the hat for debt advisers and some of their clients - big changes to the rules for Debt Relief Orders (DROs). DROs are a form of insolvency for people who have little or no spare income to be able to make any payments to their debts and who only have low assets. Introduced 15 years ago, they were … [Read more...]
The new DRO hubs – what happened in 2023
In January the Insolvency Service published data showing how the volumes of Debt Relief Orders (DROs) done by advice agencies changed in 2023, see Monthly IS statistics Jan-Dec 23, Table 3.2. In February 2023, the two new MaPS-funded DRO hubs began operating. These are run by Citizens Advice and Money Wellness (called Benesse Advice in the IS statistics, also known to debt advisers as Gregory … [Read more...]
Car finance commission scandal – can you get a refund?
On 11 January 2024, the Financial Ombudsman (FOS) published several decisions about discretionary car finance commission, including one against Black Horse and one against Barclays Partner Finance. In these cases, people were charged too high an interest rate to increase the commissions dealers got. And FOS ordered a refund. This is a scandal that may have affected millions. These FOS … [Read more...]
NSF’s scheme for Everyday Loans, George Banco & Trust Two – waiting for decisions
Non-Standard Finance group (NSF) proposed a Scheme of Arrangement in March 2023. This Scheme was approved in June 23. NSF had three brands: Everyday Loans (lending from high street shops) and George Banco and Trust Two (two guarantor lenders). All customers with loans that started before 31 March 2021 had to make a claim to the Scheme before 31 December 2023. That date has now passed and no … [Read more...]
Loans2Go – the worst loans in Britain – ask for a refund
Loans2Go offers what I have called the worst loans in Britain. Since 2021 they have been charging 770% APR. See the representative example Loans2Go quotes on its website: £550 borrowed for 18 months is a monthly payment of £113 this adds up to £2035, a bit less than four times what was borrowed. MUCH cheaper to get a payday loan than a Loans2Go loan Of course Loans2Go don't … [Read more...]
Bad news – MSE Credit Club switches from Experian to TransUnion
In November 2023, MSE announced that its Credit Club report would soon switch to cover TransUnion data, not Experian data. MSE has told subscribers: The need-to-know change: Experian is stopping giving us access to its full credit report. So ... we’re moving to one of the other three big credit reference agencies, TransUnion. MSE has tried to dress this up - the first paragraph was headed The … [Read more...]
The best free ways to check your credit score
Keeping an eye on your credit record is a good idea, but how should you do it? There are more than 18 different ways to check your credit record! Which is confusing. And in late 2023, things have become more difficult as MSE's Credit Club is switching from reporting Experian data to using TransUnion data. So what are your options now - and importantly what are the best free … [Read more...]
Morses Club goes under – in administration – Scheme fails
UPDATE - March 2024 - the administrators have sold some loans to Lantern and written off all the others. See Morses administration – what is happening to loans. That article is now the current Morses article and if you have any questions, please ask them in the comments there. Morses Club went into administration on 17 November 2023. Morses Club was the largest doorstep lender in the UK … [Read more...]
7 ways to speed up a DMP so it finishes sooner
A reader asked: I'm being told a DMP would take more than 10 years. Is that too long - I hope my situation will improve? Ten years is a long time. But lots of things can happen during a Debt Management Plan (DMP) which will change the time it may take. Here are seven ways the DMP could be speeded up - not all of them may apply to you. 1. No DMP fees If the DMP firm you are talking to charges … [Read more...]
How much should I offer to settle my IVA early?
An Individual Voluntary Agreement (IVA) is a formal, legal contract for a set period, usually five or six years. To finish your IVA sooner and have the remainder of your debts written off, you need to talk to your IVA firm, say how much you are offering and where the money is coming from. Your creditors will need to approve this offer. How much you should offer as a Full and Final (F&F) … [Read more...]
Minimise the impact of gambling on your finances – tips from GamCare
This is a guest post from GamCare who provide information, advice, and support for anyone affected by gambling harms. GamCare operates the National Gambling Helpline, with Advisers available for free 24/7 by phone and online chat. We also provide treatment in all regions across England, Scotland and Wales, and support against gambling-related financial harm, through our Money Guidance … [Read more...]
Statute barred debt – common questions
If you have an old debt, you may wonder if you still have to pay it? Can your creditors really take you to court after this long? English law says a creditor only has a limited amount of time - typically six years - to take you to court. The term for a debt that is so old that it can't be enforced in court is "statute barred". (You may have heard the phrase being time-barred, that means the … [Read more...]
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