A short week and a quiet one on the debt news front. Debt news Do claims companies get good results at the Ombudsman? my article, with new statistics from FOS. ASA Ruling on TFLI Ltd Advertising Standards Authority: Wise Old Mary IVA lead generator ads found to be misleading for many reasons including exaggerating the amount of debt that could be written off and not making it clear that … [Read more...]
“Lower interest if your credit score improves” – a good idea?
Many people are frustrated by only being to access expensive credit. Their financial problems may be years in the past, but they still cannot borrow at a reasonable rate. The FCA's Woolard Review said in January 2021: Products or business models which aim to help consumers bridge from sub-prime to near-prime or mainstream have an important role to play in expanding access to credit, and … [Read more...]
Do claims companies get good results at the Ombudsman?
An article in Money Marketing was published in March 2021 with the headline "CMCs fail on 73% of FOS complaints". It said statistics from the Financial Ombudsman (FOS) covering the period April 2018 to February 2021 showed: Only 27 per cent of claims brought by ‘ambulance chasers’ went the way of the claimant... those seeking compensation for misselling would have a better chance if they … [Read more...]
The 3 best ways to check your credit score & records – all free!
Keeping an eye on your credit reports is a good idea, but how should you do it? In 2021 there are more than seventeen different ways to check your credit record! The myth of a single credit score You don't have "one credit score" or "one credit record". You have three different ones. This is because there are three main Credit Reference Agencies (CRAs) in Britain: Experian; … [Read more...]
Debt news – 4 April 2021
The item that isn't in this week's debt news - no announcement yet from the Insolvency Service about changes to DRO limits. Tweet of the week In a world of Wetherspoons, be a Timpsons. (Congrats Jack) https://t.co/HUL2Xrwt43 — Mitten d'Amour (@MittenDAmour) April 1, 2021 Debt news MILLIONS of drivers whose cars were towed away since 1991 could claim back fines because laws … [Read more...]
Will Amigo’s Scheme reject too many claims?
On 24 March 2021, Amigo announced some feedback from the Financial Conduct Authority (FCA) on its proposed Scheme of Arrangement. Full details have now been given - the FCA's Letter of Concerns was published on 31 March 2022. This said: the FCA considers that the Scheme ... may not be compatible with the FCA's rules, principles and strategic objectives. In particular, the FCA is concerned … [Read more...]
Amigo’s Scheme – how to vote & timetable for approval
You can now vote on Amigo's Scheme. Amigo is proposing a Scheme because it can't afford to pay refunds to all the customers who were given unaffordable loans. It says it will go into administration if the Scheme is not approved. Amigo says customers may get a cash refund of about 10% of their proper refund value. I think the amount may be lower. Customers with a current loan, however, … [Read more...]
Debt news – 28 March 2021
For debt advisers, two bits of interest from this week news - the Technical guidance for Official Receivers is back online and the statistics showing which advice agencies set up the most DROs. Debt news Debt Awareness Week: Noah's Ark Money Advice Service - video of interview of a client helped to go bankrupt 'I struggled with the bills and my health' BBC: Before the pandemic, … [Read more...]
Amigo should end unpaid interest deductions and remove CCJs
I asked Amigo about some details of the redress people will get if they make a claim to the proposed Scheme and Amigo upholds the claim. Amigo has had a complete change in its Board of Directors. It now likes to suggest that it will be handling complaints much better. But the answers to my questions are disturbing. The "unpaid interest" deduction Amigo applies this when it has decided a … [Read more...]
Doorstep lending – a template letter to ask for a refund
UPDATE: in March 2021, Provident said it is asking for a "Scheme of Arrangement" that will mean it pays very little to complaints that are upheld. This is bad news for people with complaints. See Provident proposes a Scheme to cap refunds for details about the Scheme. Doorstep lending - also called home credit - is where a collector comes to your house to collect the repayments. Many people … [Read more...]
Debt news – 21 March 2021
My pick of last week's news is the proposed Scheme from Provident. Good news of the week is High Court rules DWP’s universal credit deductions policy unlawful. Debt news Amigo's Scheme: FCA urged to act as lender bids to cap payouts to poorest borrowers Guardian: Critics say lender’s plan could enrich directors while poor borrowers miss out over mis-selling claims. Regulatory … [Read more...]
Provident’s Scheme – will customers get less than 2% ?
In my summary of the Provident's proposed Scheme, published on 15 March, I said I would be looking at some aspects of it in more detail. The £50m the company is putting up to pay refunds is not nearly enough to pay everyone. The whole point of the Scheme for Provident is that it will cost it less than if it were to pay full refunds. This article looks at how much customers might hope … [Read more...]
Provident proposes a Scheme to cap refunds
On 15 March 2021 Provident Financial Group (PFG) announced it is proposing a Scheme of Arrangement to reduce the refunds it has to pay to customers. They are the second major lender to seek refuge in a Scheme - Amigo is also proposing one. The PFG announcement also said that the FCA has started an investigation into Provident's affordability assessments and complaint handling since February … [Read more...]
Debt news – 14 March 2021
A varied week, from the Chief Ombudsman resigning to a couple of interesting court decisions. Best news of the week - Law for more affordable school uniform could be in place by start of autumn term - although Tories are calling for it to be delayed. Tweet of the week Dorries just said that most nurses will understand and accept the1% pay rise BECAUSE THEY HAVE HUSBANDS AND PARTNERS WHO … [Read more...]
Chief Ombudsman Caroline Wayman resigns
Caroline Wayman, the Chief Ombudsman and CEO at the Financial Ombudsman Service (FOS) has resigned, announcing on 10 March 2021 on LinkedIn that: After 22 years at the service and nearly 7 years as chief executive and chief ombudsman I am stepping down from the role. Her resignation comes the day after a highly critical article in the Daily Mail which pointed out: Fraud victims and cheated … [Read more...]
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