A wide range of help across a broad range of consumer debts is being put into place. "Consumer debts" are things like loans, credit cards, car finance, overdrafts and mortgages. They are all regulated by the FCA. This page doesn't cover government debts or utilities - see Coronovirus - can't pay bills and debts for what is happening with those. In April the FCA introduced a set of measures … [Read more...]
Sunny goes into administration – what should customers do?
Elevate Credit International Limited ("ECIL"), which traded as Sunny, 1 Month Loan and Quid went into administration on 29 June 2020. Sunny was a large UK payday lender. This had been expected since the news that the company had filed a Notice of Intent to appoint administrators last week. Sunny joins the long list of lenders which have failed in the last nine months because of the … [Read more...]
Debt news – 28 June 2020
My picks of last week's news are the various stories about high-cost lenders. Tweet of the week The hell of being a #mortgageprisoner. In a single tweet. https://t.co/vNk796tnGt — Greg Wright (@gregwrightYP) June 24, 2020 Debt news High cost credit lenders in trouble: Update on Complaints Amigo RNS announcement: The VReq was intended to clear a backlog of approximately … [Read more...]
Payday lender Sunny heading for administration
UPDATE - Sunny went into administration on 29 June. See Sunny now in Administration for details, including the implications for customers. Elevate Credit International Limited, which trades as Sunny, has filed a Notice of Intent to appoint administrators. It told the Telegraph that: “Unfortunately, due to the ongoing economic uncertainty as a result of coronavirus and the continued … [Read more...]
Debt news – 21 June 2020
My pick of last week's news is the FCA extending deferrals for credit cards and loans. Tweet of the week This is not like a Tesco loyalty scheme, is it? GVC admitted in House of Lords testimony that 38% of ALL deposits come from these schemes (1.4 % of customers). Would we accept state supported home deliveries of vodka to alcoholics? https://t.co/PAhGACJ9J2 — Matt Gaskell … [Read more...]
Board room bust-up at Amigo
UPDATE - 17 June At the General Meeting held today, the resolutions to remove the current board and substitute two new directors as proposed by James Banamor were all defeated by a large majority, about 9:1. So the current board remains. UPDATE - 1 June On 1 June 202, Amigo made two announcements: the FCA has started an investigation into Amigo's creditworthiness assessments since … [Read more...]
How Pardners work – friends save & borrow in an informal club
Rotating Savings and Credit Associations (ROSCAs) are arrangements that allow friends to save together and withdraw lump sums from the scheme. ROSCAs are unregulated, relying on trust. The Money Advice Service says "those who use [ROSCAs] say they encourage savings and allow people without bank accounts access to credit." They have different names around the world, including tanda in South … [Read more...]
Debt news – 14 June 2020
My picks of last week's news are the extra £38 money for debt advice and StepChange's Coronavirus - financial recovery strategy. Tweet of the week Historian here. We almost never use statues to teach history. We have a whole bunch of more efficient tools at our disposal, like, you know, BOOKS. What’s happening is that these young people HAVE learned the history, and that’s why they’re … [Read more...]
MaPS to give £38 million more for debt advice – it’s badly needed!
The Money and Pensions Service (MaPS) has announced an increase in its budget for debt support in England in 2020/21 by £38million. And an additional £5.9 million is being allocated to Northern Ireland, Scotland and Wales. This new money is in addition to the existing MaPS budget for debt advice of £64 million. It will come from a combination of government funds, reallocated MaPS budget and … [Read more...]
Debt news – 7 June 2020
Image of the week from Sky News: 'Black Lives Matter' painted on road next to White House and street renamed by mayor: Debt news Renters & Coronavirus: Ban on evictions extended by 2 months to further protect renters gov.uk: "The Master of the Rolls, as head of civil justice, has convened a judiciary-led, cross-sector, task-and-finish working group to consider and … [Read more...]
Money Shop, Payday UK / Express – Latest News & FAQs
A "Scheme of Arrangement" is in place paying some money to borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans and who submitted a Claim before the deadline in April 2020. It is now too late to submit a Claim if you have not already done this. The following information comes from the latest Scheme report dated 22 May 2020: 182,566 Claims were … [Read more...]
Will paying off debt improve your credit rating?
A reader asked if his credit score would improve if he paid off some debt. First a useful warning from Experian: There’s no one credit score or magic number – different lenders score differently. But a good place to start is by looking at what exactly is on your credit records. There are three credit reference agencies in Britain and you have to check all three as they may have different … [Read more...]
10 things you should know if you can’t pay a tax bill
UPDATE - in 2020 if you can't pay a tax bill because of Coronavirus, there is additional help from HMRC. You can: delay VAT payments due before 30 June 2020 until 31 March 2021 delay your Self Assessment payment on account due in July 2020 until 31 January 2021 Contact the HMRC coronavirus (COVID-19) helpline if you cannot pay any other tax bills because of … [Read more...]
Debt news – 31 May 2020
My pick of last week's news is Coping with housing costs during the coronavirus crisis which has figures to back up what advice agencies have been saying is happening. Tweet of the week Coronavirus: inside the food banks feeding the hungry during lockdown | The Sunday Times Magazine | The Sunday Times @BrixtonFoodbank @VauxhallFB @foodbankNorwood @WaterlooFB awesome volunteers … [Read more...]
Worried about starting a DMP? Answers to common questions.
A reader said she was scared about starting a Debt Management Plan (DMP). Her worries were that her husband's credit rating would be affected and that she would get lots of phone calls from creditors. A DMP is supposed to help with your debt problems, not increase them, so I thought it would be useful to look at the common concerns people have before they start DMPs. It doesn't make any … [Read more...]
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