My own news this week was that I won the UK Money Blogger of the Year 2017 award at the Money Bloggers annual conference! The Guardian has been running a series of articles on personal debt, and the three included here are my picks of the week. Graph of the week 4/7 Instead, millennials are four times as likely as baby boomers were at age 30 to live in the private rented sector … [Read more...]
Dear CEO… how to improve payday loan complaints handling
On September 13th, the FCA wrote a "Dear CEO" letter to all consumer credit firms that it authorises saying that they had reviewed complaints handling at a range of firms and found material non-compliance and other concerning practices. The letter details these problems and ends by saying that the FCA expects firms to: review how your firm identifies, records, and deals with complaints as … [Read more...]
Payday loan refunds – how long till a lender replies? pays out?
When you get a payday loan, it arrives very quickly... so why does it take some payday lenders so long to pay out refunds for unaffordable lending? Especially as a few lenders are very fast? Hundreds of people have left comments on the How to get a payday loan refund page on the progress of their claims. This article summarises recent comments about the large and mid-sized lenders. It covers … [Read more...]
Debt news – September 17
My pick of last week's news is the Dear CEO letter from the FCA on consumer credit complaints. Graph of the week Key graph in #UniversalCredit stats today-23% of full-service new claims are not paid on time. This is unacceptable. Rollout must be paused pic.twitter.com/iztIoewCDc — Kayley Hignell (@KayleyHignell) September 15, 2017 Debt news Dear CEO: Consumer Credit firms … [Read more...]
Ombudsman will look at payday loans over 6 years old
Many people are making affordability complaints about payday loans, asking the lender to refund interest. Most lenders are refusing to look at any refunds for payday loans that were taken out more than six years ago, saying the Financial Ombudsman Service (FOS) will not consider these cases. But this isn't correct! This article looks at the current situation and the implications for your … [Read more...]
How to add a Notice of Correction to a credit record (and is it worth it?)
Finding something negative on your credit record is bad enough - but it feels a lot worse if you think it is wrong or unreasonable. You have the legal right (in the Consumer Credit Act (1974) ) to add a "Notice of Correction" to your credit report if you feel something is misleading or you want to provide an explanation. What is a Notice of Correction? A Notice of Correction is a … [Read more...]
Debt news – September 10
My pick of last week's news is the Call for Evidence on Debt Advice Funding. Payday loan refund - reader's comment of the week Every week I am selecting one reader's comment to highlight: Debt news Independent Review of the Funding of Debt Advice - Call for Evidence Money Advice Service: Peter Wyman said: “There is a widespread view that funding arrangements for debt … [Read more...]
DRO applications – frequently asked questions
A Debt Relief Order (DRO) is often the best debt solution if you have under £20,000 of debt, you are renting and you have hardly any spare money to repay your debts. You don't have to make any payments in a DRO and, after a year, your debts are wiped out. You can't apply for a DRO yourself, the application has to go through a debt adviser who is an Approved DRO Intermediary. In this article, … [Read more...]
Debt news – September 3rd
A short week but a busy one for news, with the FCA's PPI advert being launched and two high cost lenders going into administration. If you only have time to read one one article, I suggest How gambling industry targets poor people and ex-gamblers. Every week I have been selecting one reader's comment on payday loan refunds to highlight. Here is this week's: Debt news Vanquis’s Repayment … [Read more...]
PPI – complain now, even if you have been rejected!
On 29th August 2017, the FCA launched its PPI advertising campaign. This features an animatronic Arnold Schwarzenegger head telling you to make a decision about claiming PPI, because a deadline is being introduced in August 2019. The FCA has also published some pages of information on the PPI claims process. Complain before 29th August 2019 Two years may sound a long way off and you may be … [Read more...]
Vanquis’s Repayment Option Plan – can you get a refund?
Vanquis Bank's Repayment Option Plan (ROP) for its credit cards is being investigated by the regulator, the Financial Conduct Authority (FCA). This was announced by Provident, who own Vanquis, on 22nd August 2017. If you currently have this, should you cancel it? And can you claim a refund? I'll look at what is known about this investigation and who may get compensation because of it. I also … [Read more...]
Debt news – August 27
My pick of last week's news is Provident Financial's profits warning: the doorstep collection reorganisation looks like a disaster and Vanquis is being investigated by the FCA . Graph of the week Debt news Provident Financial: profits warning Provident Financial in race to fix technical problems and retain staff Guardian: As lender’s debt collectors threaten to join … [Read more...]
Provident – home credit crisis & FCA investigates Vanquis
On 22nd August, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [Read more...]
Bailiffs – do you have to let them in? What you need to know.
A visit from bailiffs is a nightmare thought for many people. They have changed their name to enforcement agents but that doesn't make it any less scary. This article looks at what happens after a debt is sent to the bailiffs: what to do if you get a Notice of Enforcement letter, the two key rules for dealing with bailiffs and what to do if things go wrong. There is a section at the end about … [Read more...]
Debt news – 20 August
My pick of last week's news is the Financial Ombudsman's latest report Where credit is due. Debt news Financial Ombudsman news 141: Where credit is due Payday loan complaints are continuing to rise and 68% of them are being upheld - no other type of complaint is over 50%. StepChange Debt Charity: Annual report and accounts 2016 600,000 people sought our help in 2016 Car finance: … [Read more...]
- 1
- 2
- 3
- …
- 27
- Next Page »