Guarantor loans are coming into the regulatory spotlight. The FCA wrote to CEOs in March 2019 saying it will be looking at affordability and whether potential guarantors have enough information to understand how likely it is that they may have to make the loan payments. In a speech, Jonathan Davis said: Recent work we have done in this area showed that many guarantors are making at least 1 … [Read more...]
“Is it too soon for low settlement offers to be accepted?”
A reader, Mr P, asked: I have debts of around £30,000 on five credit cards and loans, which I couldn't pay from last summer. A Debt Management Plan (DMP) was set up a couple of months ago. This will take about ten years to pay off. The DMP firm suggested an IVA or bankruptcy as I'm not a homeowner but I do not really want to get into an IVA or bankruptcy as these will affect my credit score … [Read more...]
Debt news – 21 April
My pick of last week's news is the article on "Buy Now Pay Later" deals - a growing problem. Tweet of the week 1.Just back from ESA appeal hearing for victim of horrific acid attack with 50% burns all over her face and body, is in constant pain and 'burning sensation', cannot move, sit or stand for long without pain and of course, there is the trauma. DWP awarded 0 points & fit for … [Read more...]
2018 FOS statistics – most complaints about QuickQuid
New statistics for July-December 2018 from the Financial Ombudsman (FOS) show how payday loan complaints have jumped in the second half of 2018. Almost all these cases are affordability complaints where a customer was given payday loans without proper affordability checks and is asking for a refund of interest paid. QuickQuid - the most complained about lender in 2018 January - June 2018 … [Read more...]
Are you worried about a charging order?
Can your house really be at risk if you get into difficulties repaying something like a credit card bill? You might think the answer is "no", but there are some very rare situations where this can happen. It helps to know the facts, so you can make good decisions about how to deal with your debts. To be able to sell your house a creditor has to: start by getting a County Court Judgment … [Read more...]
Why is QuickQuid going to delete old customer data?
QuickQuid has told some customers that it plans to delete loan data over seven years old with effect from today, 15th April 2019. It says this is to comply with its legal obligations. QuickQuid has sent emails to the affected customers asking if they would like a copy of their data before it is deleted. It seems to me that this new policy is not in the customers' interest because it will … [Read more...]
Debt news – April 14
My pick of last week's news is one you may not have read: Why do we believe Americans spend too much money on coffee and avocado toast? Tweets of the week Let’s hope this is the end of commercial advertising on postnatal wards - Time to wave bye bye to Bounty and all marketing to pregnant women and new mothers .@babyfriendly @MidwivesRCM BBC News - Bounty pregnancy club fined £400,000 … [Read more...]
Wonga – new online Claims Portal goes live
Today the Wonga Administrators have published the new Online Claims Portal. This will let current and previous Wonga customers in the UK submit a claim for a refund for unaffordable loans. The Administrators have given a set of FAQs. What is the form for? The form has two main purposes - to submit a complaint about unaffordable lending by Wonga and to enable the Administrators to … [Read more...]
Wonga – Latest News on refunds (kept updated)
Wonga stopped lending and went into administration on 30 August 2019, unable to pay refunds on all the payday loan affordability complaints it was getting. This page looks at how these complaints will be now be handled by the Administrators and when refunds may be paid. I keep this page updated. Check out the comments at the bottom where readers report on what is happening to their complaints … [Read more...]
Debt news – April 7
My pick of last week's news is the BBC article Payday lender's collapse to hit borrowers. This is about a payday lender many people will not have heard of... yet 330,000 people may have been given unaffordable loans, out of a total customer base of 650,000. Tweet of the week 1st Debt Relief Order application submitted 10 years ago today - a significant landmark for @insolvencygovuk … [Read more...]
“I really want to get a mortgage but my credit score is very poor”
A reader asked: I really want to stop renting and own my own house. But I'm in my mid thirties and my credit score is very poor. I've been careless and sometimes stupid, there were two defaults in 2018 and several more before that. None of them yet repaid. I've not used my credit card since January but the balance is huge. Can this be done? Is it worth trying to fix this? You have to decide … [Read more...]
What happens after discharge from bankruptcy?
A reader asked: I went bankrupt in March 2017 and discharged in 2018. I am not paying an IPA. My question is about savings. Can I save now without any risk of my savings being taken from me? Also my grandmother wants to put a large sum of money in my name but I’m not sure if it would be safe so the last thing I want is for her to lose money, so I’ve been reluctant to do it. This article looks … [Read more...]
Wageday Advance (WDA) – latest news on the administration
Curo Transatlantic Limited (CTL) had two brands: Wageday Advance (WDA), a mid-sized payday lender; and Juo Loans, a small guarantor lender. CTL entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators. The Administrators published Proposals for the administration on 27 March … [Read more...]
Debt news – March 31
My pick of last week's news are the two articles on debt and mental health. For economists, the New Statesman article on the UK has never been less prepared for recession is interesting. Graph of the week Thread on household net borrowing UK households were 'net borrowers' for an 'unprecedented' ninth quarter in a row in Q4 2018, according to @ONS data released this morning... … [Read more...]
Wonga – the adminstrators’ report – March 2019
The Wonga Administrators’ six month progress report to end February 2019 was emailed to creditors on 27 March 2019. The creditors include the so-called "redress creditors". These are the customers who complained to Wonga saying they were given unaffordable payday loans. Collecting outstanding loans When Wonga went into administration, the Gross Loan Book totalled £77 million. So far … [Read more...]
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