Blog · Debt Camel

Off to uni in 2018? Time to plan your finances!

You have the A level grades - well done! There are now just a few weeks to get organised for uni in September 2018. What should your top priorities be for managing your money? And what should you avoid? Living on a student loan is hard You will probably get more money in your bank account than you have ever had before. But most students find it harder to manage than they expected. It’a not … [Read more...]

Expensive school uniforms and other school costs

Affording school uniforms can be very difficult for any parents on low incomes - if you are in debt it can be a nightmare. A Citizens Advice survey found that a quarter of all parents have to borrow money to afford uniforms. This isn't just a financial problem. Children who aren't wearing "the right uniform" are at risk of being stigmatised or bullied. Government is making the right … [Read more...]

The Money Shop stops lending

On 1st August 2018, the Money Shop stopped giving loans to new or existing customers. Here is the announcement on its website: The Money Shop is part of the Dollar Financial group, who owned two other large payday lending brands, Payday UK and Payday Express. These both stopped lending in October 2017. The Money Shop is not going out of business, it is carrying on with its other travel … [Read more...]

Debt news – August 12

My top picks from last week's news are: Hush money: Provident Financial accused of helping customers to hide debts from spouses and Why it’s time to fight back against parking madness (and how to beat a ticket). I've decided to add a new Universal Credit section to this weekly roundup. I look forward to the weeks when it won't be needed. Tweet of the week Residents of low-income … [Read more...]

What happens when you ask QuickQuid for a payday loan refund

QuickQuid (QQ) and its smaller sister brand Pounds To Pocket (PTP) are getting a lot of payday loan affordability complaints from customers asking for refunds of interest. Summary You may be able to get a refund if you had loans from QQ or PTP you couldn't repay without borrowing again, including instalment and flexi loans. If you rolled a loan repeatedly or repaid the loan and the took out … [Read more...]

4 steps to take if you lose your job

A reader asks: Help! I have just been made redundant and I don't know how I am going manage, especially as we have debts. I'm only getting a few weeks redundancy pay. What should I do? Every week in 2018 seems to bring more news of shops and other businesses closing down. And it's not just the big names like House of Fraser and Carillion - when one firm shuts, its suppliers and small local … [Read more...]

QuickQuid is sending out some extra refunds

Have you been sent a Visa card loaded with money from QuickQuid, or its sister brand Pounds Till Payday? It's a nice surprise, but what is it for and how much tax was deducted? You need to know the amount of tax deducted because you may be able to claim this back from the tax man! The refund letters These cards have been sent out in August to some customers who previously had a refund from … [Read more...]

Someone has taken loans using your name – how to stop identity theft

A reader, Mrs J, asked: Since February my husband has started to receive letters from WageDay Advance, Satsuma and QuickQuid saying that he has loans with them that need repaying. He doesn’t have any loans. We have sent Prove It letters to all three. We have now had letters saying that WageDay Advance and QuickQuid have passed the account to debt collectors. In addition, he has now had a … [Read more...]

Debt news – August 5

A lot of big news stories this week including Wonga's emergency financing and Bank of England interest rate rise. But if you haven't read it, my top pick is my own story on the reasons why Vanquis's ROP refunds are much too low. Tweet of the week NEW: Our research shows rents have risen 60% faster than average wages across England. A #rentquake is spreading out across the country for … [Read more...]

Payday loan refunds push Wonga to brink of insolvency

Sky News reported on Saturday that Wonga has received an emergency £10million cash injection to save it from insolvency. The latest fundraising is said to value the company at only $30m. Sky reports that Wonga's CEO, Tara Kneafsey‎, told directors that there has been an increase in the volume of complaints about loans made before the FCA introduced new payday regulations in 2014, when Wonga … [Read more...]

Vanquis ROP (3) – refunds are too low – it’s time to complain

Have you had an email from Vanquis saying it is refunding you some money? Some people are being given tens of pounds when I think they should get hundreds. And people getting hundreds should be getting thousands! There were no details of the refund in the email sent to you, so there is no way for you to check it is accurate. In February, the FCA told Vanquis to give refunds to a million … [Read more...]

Debt news – July 29

Last week it was practically full-time job reading all the new statistics reports (from the ONS, IS, Resolution Foundation) and the FCA had a bumper week for issuing discussion and research papers. (A reminder - my article Current debt-related consultations lists ones you might want to respond to.) If you would like a quick read, try the blog on A Modest Report by the Treasury Committee. If … [Read more...]

Current debt-related consultations eg from FCA

There are often a lot of consultations underway that are related to debt or debt advice matters. Few people in the debt advice world have time to respond to them all, but here is my list of the interesting ones, in order of the Closing Date. The brief summary of each consultation is mine, reflecting what I think are the most important areas. I try to keep it up-to-date. When a consultation … [Read more...]

When will my credit score improve after settling my IVA?

A reader who has settled his Individual Voluntary Arrangement (IVA) early asked: My IVA is still showing on my credit history. The start date was January 2014. I have been removed from the Insolvency Register. I have now [mid 2018] been told that I have to wait for another 18 months before the IVA will be removed. Is that right? I am sure you have heard it all before but none of this was in … [Read more...]

Debt news – July 22

My pick of last week's news is the articles on bailiffs, following the BBC documentary Killed By My Debt being shown again. Tweet of the week It's not right that families with the least pay more. Our #StatOfTheWeek shows the extra costs faced by low-income families because of pre-payment meters and digital exclusion. Read more on the factors locking people into daily struggles to make … [Read more...]