In 2020, the Centre for Social Justice (CSJ) brought together the debt advice sector and the bailiff industry to form the Enforcement Oversight Working Group. This group has co-authored a report called Taking Control for Good - introducing the Enforcement Conduct Authority, published on 25 July by the CSJ. In place of the current system of bailiff self-regulation, the report recommends the … [Read more...]
Debt news – 25 July 2021
My pick of last week's news is FCA takes action against debt packager firms. Three major consultations have also been announced. Expect more next week about the proposal for a new Enforcement Conduct Authority, trailed in Families face 'tidal wave' of debt, warns think-tank with a plan to protect them from the bailiffs - the CSJ will be launching its report on this on 26 July. Debt … [Read more...]
What to do if a creditor won’t freeze interest
What can you do if a creditor has been asked to freeze interest but hasn't? This can happen if you ask for a payment arrangement. It sometimes happens, but more rarely, in a Debt Management Plan (DMP). But most creditors do freeze interest if you have supplied a reasonable Income & Expenditure Statement. If you are in a DMP, your DMP firm will have sent the creditor this. The … [Read more...]
What to do if you have problems paying Council Tax
In 2021, National Debtline has found that more than 7 million people in Britain are worried that they won’t be able to afford their council tax bills over the coming year. So if you are having problems paying your council tax, you are not alone. But what can you do if you have arrears? This problem has been increasing for many years. In the decade between 2009 and 2019, the proportion of … [Read more...]
Provident Scheme – court to make final decision on 30 July
Provident Financial Group (PFG) has proposed a Scheme of Arrangement to reduce the refunds it has to pay to customers given unaffordable loans through its Provident Personal Credit (PPC) subsidiary. There are three stages in getting a Scheme approved. Provident is now in the second stage - Voting: On 22 April 2021, the voting arrangements for the Scheme were approved by the court. From … [Read more...]
Debt news – 18 July 2021
My pick of last week's news is Almost 400,000 more UK homes heading for fuel poverty. Tweet of the week Good morning @debtwe Advocating for free, independent, quality debt advice as always. ✊ pic.twitter.com/XTFgjR8bMo — Ames Taylor (@PeakyAmes) July 16, 2021 Debt news The great bank account shutdown The Times (paywall): Financial firms have been told to get tough on fraud, … [Read more...]
Save a house deposit or pay off debt?
A reader asked: "A friend said not to pay my defaulted debts off but save money towards a deposit for a mortgage - is this a good idea?" It's often unwise to rely on friends for debt advice... They may be guessing, their situation may have been quite different from yours, or they may be assuming what happened to them years ago is still useful today. And in this case, the friend may know … [Read more...]
Santander gives NOSIA refunds on some credit cards
In June 2021, Santander sent some credit card customers a letter saying they would be paid a refund because Santander had failed to send them a Notice of Sums In Arrears (NOSIA) letter. Some of these refunds are very large - one Debt Camel reader was told she would get more than £10,000 credited to her bank account within 10 working days. Many of these refunds however were not paid on time … [Read more...]
Debt news – 11 July 2021
The decision that the UC £20 a week uplift is being removed in October is the biggest - and worst - news possible for the debt advice sector. Debt news UK banks bolster debt collection teams ahead of first Covid loan repayments City AM: Britain’s four largest banks have hired over 750 workers in their debt collection units in an effort to manage a wave of potential defaults. “Should I … [Read more...]
“Should I stop paying Amigo?” – the pros & cons
The Financial Ombudsman (FOS) has recently emailed customers saying it has put Amigo complaints on hold because: ... even if we were to now investigate and even uphold your complaint, we understand that Amigo wouldn’t pay you the compensation we awarded. This follows a decision by the FCA to allow Amigo an "informal moratorium" on paying refunds. Many people now want to know if they should … [Read more...]
Debt news – 4 July 2021
My picks this week are two articles you may not have seen: Tenancy fees were banned a year ago, yet one firm tried to silence this writer after they charged his partner more than £400 to move out and "If you’re not too hot, we’re evicting you” Debt news New DRO rules come into force: National Debtline's updated factsheet: Debt relief orders Thousands should switch from DMPs … [Read more...]
Money Shop Scheme to pay 2nd small refund in December
A "Scheme of Arrangement" is in place for borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans. The ICL Scheme of Arrangement has paid the large majority of ICL customers who had a claim for unaffordable lending accepted in May and June 2021, see Money Shop, Payday UK / Express – Latest news for details. What happens next? A few people have not … [Read more...]
DROs – what if my pay increases or I get a lump sum of money?
A Debt Relief Order (DRO) is a simple and cheap alternative to bankruptcy if you are renting and have little money to spare each month to repay debts. A DRO lasts for 12 months and during this time you must inform the Official Receiver (OR): if you receive any money or other assets, or if your income increases. If this happens, the OR may 'revoke' your DRO. That is the legal term … [Read more...]
Thousands should switch from DMPs to a DRO after rule changes
The rules about who can have a Debt Relief Order (DRO) were relaxed on 29 June 2021. You can now qualify for a DRO with debts of up to £30,000 and you are allowed more assets and more spare income. It is estimated that an extra 13,000 people a year who are renting will now apply for a DRO because of these changes. Many people who currently have a Debt Management Plan (DMP) or have payment … [Read more...]
New DRO rules – should I end my IVA and change to a DRO?
From 29 June 2021 the rules about who can have a Debt Relief Order (DRO) are being relaxed so a lot more people will qualify. For example, under the old rules your debts had to be less than £20,000 - now they can be up to £30,000. And other DRO criteria have also been widened. The Insolvency Service thinks an extra 13,000 people a year may now qualify for a DRO. Are you one of them? If you are … [Read more...]
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