My pick of last week's news is Therese Coffey’s Letter to Ofgem. I wonder what the reply will say? Tweet of the week Dear @Ofgem & @KwasiKwarteng. Pls reverse the recent burden shift to the standing charge (rather than unit rates) for the next price cap. It was regressive & means cutting usage has less impact on bills. Even those using NO energy now pay £165/yr for electricity, … [Read more...]
Vanguard Insolvency closed down – a rogue IVA firm
On 13 May 2022, the Insolvency Service announced that Vanguard Insolvency had been wound up "in the public interest". Vanguard set up and ran Individual Voluntary Arrangements (IVAs). These are long-term agreements between a customer and their creditors that are increasingly criticised as being mis-sold to vulnerable customers. However, Vanguard has not been shut down for mis-selling IVAs, … [Read more...]
Debt news – 15 May 2022
My pick of last week's news is Deductions: Driver of Poverty Tweet of the week This long thread from James Plunkett: Eugh. Really starting to feel it in the pit of my stomach whenever we talk about the cost of living crisis. I've been wondering for a while how dicey things will get and I increasingly think the answer is *very*. (1/n) — James Plunkett (@jamestplunkett) May 11, … [Read more...]
Amigo’s new Scheme – the voting
UPDATE on the result of the voting voting has now closed. Amigo announced on 13 May that c. 89% of people voting had voted in favour of the new Business Scheme. the next stage in the Scheme approval process is the second court hearing which will be on 23 and 24 May. Over 160,000 people voted, which was twice as many as voted on the first Scheme in 2021. The first Scheme was voted for … [Read more...]
Debt news – 8 May 2022
My pick of last week's news is How high will interest rates go? - despite being in the Mail with a clickbait headline, it is a detailed and measured article on interest rates. If you are interested in high-cost credit policy, read Extending credit: Understanding pawnbroking customers’. options Tweet of the week This week I did not see clients who cannot choose between heating or … [Read more...]
Level – a “credit builder” card to avoid
A reader asked: I recently got a Level credit card to try to improve my credit score. I have just found out that I am being charged interest from the date of my purchases. I thought this was illegal? This isn't a credit card I have come across before. While charging interest like this isn't illegal, it is very unusual so I have had a look at this. Level is a "credit builder" card, aimed at … [Read more...]
Debt advice in an age of inflation
At the beginning of 2021, UK inflation was under 1% but by the end of the year it was about 5%. In May 2022, it was up to nearly 9%. More than 20 million household say their energy bills go up by over 50% in April. Petrol price increases are hard for anyone commuting to work by car or living in a rural area. And of course rising food prices are affecting everyone. When it raised UK interest … [Read more...]
BNPL will be on credit records from June but ignored in credit scores
TransUnion announced on 9 February that it can now take data from Buy Now Pay Later (BNPL) lenders. Some BNPL debts will start to appear on consumer credit reports such as Credit Karma from summer 2022. UPDATE: In early May it was announced that Klarna will update TransUnion and Experian records from the start of June 2022. But the loans won't be included in credit scores for 18 … [Read more...]
Debt news – 1 May 2022
My pick of last week's news is Prepay energy customers disconnect over price rises - "We had one customer who phoned us last week who had actually sold all their belongings, just to be able to get money to eat. They had nothing left to sell and were waiting on a benefit payment". Tweet of the week Two data points on the cost of living crisis. 1. Energy bill problems used to drop in … [Read more...]
Can’t pay your bills & debts? What help can you get?
What help can you get if you can't pay your important bills and debts? In 2022, almost all the special coronavirus measures have ended. But many people have lost their job, had their hours reduced or their self-employed income has not recovered. And millions are behind with rent, council tax and other essential bills. Universal Credit was cut last year, energy bills are soaring, petrol … [Read more...]
BrightHouse in administration – unlikely to be any money for refunds
UPDATE - in April 2022 the administrators said there was unlikely to be any money to pay any refunds to customers. See below. On 20 March 2020, BrightHouse went into administration. BrightHouse sold electrical appliances, furniture, computers and mobiles on hire purchase. Its customers made weekly payments, sometimes described as "rent-to-own". Coronavirus has meant that its 240 shops … [Read more...]
QuickQuid administration is paying 53.5p in the £
Payments - UPDATE - 25 April 2022 Administrators have started sending emails to everyone with an upheld claim telling them what they will be paid. "The Joint Administrators are now in a position to declare a first and final dividend of 53.5p in the £" The average claim value is c £1,700. Someone with that claim value will get a payout of about £910. The payout details are given in the … [Read more...]
Debt news – 24 April 2022
My pick of last week's news is ‘Can that be legal?’ UK tenants forced from their homes by soaring rents. Debt news Scoping the future of regional debt advice services MaPS: MaPS announced recently that, before commissioning regional debt advice provision in England, we will engage directly with people with lived experience of debt, advisers, advice organisations and wider stakeholders. My … [Read more...]
Debt News – 17 April 2022
Only one possible choice for the pick of this weeks news: Soaring petrol costs drive UK inflation to 30-year high. Tweet of the week A sobering moment today at @CitizensAdvice. We've had to add a top tier category in our data for people needing foodbanks. Not something we do lightly but the growth in destitution is now systemic enough to need it. Foodbanks now rank fourth in the advice … [Read more...]
“My credit score is higher but affordability score is down”
A puzzled ClearScore user asked: My credit score has gone up but my affordability has gone down... not sure why sometimes I think these credit score companies just do what they want lol. Her credit score had increased by 57 to 573, but at the same time her affordability score had fallen by 15 to 64. These weren't tiny changes... ClearScore affordability scores are out of 100, so a 15 point … [Read more...]
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