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You are here: Home / Blog

Kerrigan v Elevate Credit – an “unfair relationship”

The judgment in the Kerrigan & others v Elevate Credit International Ltd was published on 5 August 2020. Elevate Credit International was a large UK payday lender, trading as Sunny. Kerrigan and the other eleven claimants were Sunny customers who had made affordability complaints to Sunny through a claims company. The claims company brought the case and selected six claimants; Sunny … [Read more...]

August 13, 2020 Author: Sara Williams Tagged With: High cost credit news/policy

Amigo won’t give complaint details in July 2020 & the board room bust up

This article summarises four articles: three that looked at how Amigo has reported to shareholders about complaint numbers in 2019 and early 2020 and one about the major Amigo board room and shareholder battles in 2020 Affordability complaints about guarantor loans First, as background, what are these complaints about? Although the existence of the guarantor gives Amigo additional comfort it … [Read more...]

July 20, 2020 Author: Sara Williams Tagged With: Amigo

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...]

June 15, 2020 Author: Sara Williams

Wageday Advance – administration completed in 2020

Wageday Advance (WDA) in Administration - latest news for borrowers with affordability complaints

Summary of the administration Curo Transatlantic Limited (Curo) had two UK lending brands: Wageday Advance (WDA), a mid-sized payday lender; and  Juo Loans, a  small guarantor lender. Curo 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 … [Read more...]

May 20, 2020 Author: Sara Williams Tagged With: Administrations & Schemes

Wonga – what happened during the administration

The administration of WDFC, the legal company who operated the Wonga brand, was completed in August 2020. The company was finally dissolved in December 2020. See Companies House records for details. Background to the administration - rising complaint numbers A payday loan is "unaffordable" if repaying left you short so you had to get into more debt, by borrowing again or getting behind on … [Read more...]

April 21, 2020 Author: Sara Williams Tagged With: Administrations & Schemes

How to improve your credit rating after a DRO

A Debt Relief Order (DRO) lasts for one year and then your debts in it are wiped out. But it shows on your credit record for six years. This article looks at what should happen to your credit record during the DRO year and after it has finished. Some of your creditors may have go tt this wrong, you need to ask them to correct any problems. You can start to improve your credit rating after … [Read more...]

February 26, 2020 Author: Sara Williams Tagged With: Credit ratings, DRO

Will the Money Shop really pay 80% of refunds? No!

UPDATES In August 2019 the Money Shop announced a Scheme it expected would pay c 80p in the £ to customers of the Money Shop, Payday UK and Payday Express who are owed compensation for unaffordable loans. I said pigs might fly - see the article below. And I think other people such as the FCA and the Ombudsman also express some scepticism... A month late, in September 2019, a revised version … [Read more...]

February 25, 2020 Author: Sara Williams Tagged With: Administrations & Schemes

Debt and mental health problems

Even a "mild" problem with depression, anxiety or other mental health issues can make it harder to manage your money. Reading letters, taking decisions, paying by a deadline and talking to creditors may feel like impossible tasks. One in five people with mental health problems are in problem debt - that's more than three times the rate as people without mental health problems (5%). And half the … [Read more...]

February 25, 2020 Author: Sara Williams

“Must I pay a debt that’s not on my credit report?”

A reader asked if she has to pay a debt that she can't see on her credit record. Many people think that checking their credit record is a good way to get a complete list of their debts. And they look forward to a defaulted debt disappearing after 6 years because then they don't owe the money anymore. These are myths - and although they sometimes are right, they often … [Read more...]

February 19, 2020 Author: Sara Williams Tagged With: Credit ratings, old debts

How the borrower of a guarantor loan can complain

UPDATES: Do not use the template on this page for Amigo, Buddy, George Banco, Trust Two,  Glo. It is now too late to complain about them. For TFS see TFS Loans goes into administration. Guarantor loans are very expensive. Often the lender didn’t check properly that you will be able to manage the loan repayments without having to borrow more. If proper checks would have shown that you … [Read more...]

February 14, 2020 Author: Sara Williams Tagged With: Guarantor loans, Refunds

How to get a paid CCJ marked as Satisfied

A reader asked: In August 2019 a CCJ was registered against me for £211. I paid off the balance, but not within the month. I have bank statements to prove its been paid. On my credit report it shows the status as “active” even though I have paid it. I’ve contacted the debt collector multiple times but they say as it’s an old case it’s no longer on their system and they can’t help me.  I don’t … [Read more...]

February 2, 2020 Author: Sara Williams Tagged With: CCJ, Credit ratings

When can you get a default removed from your credit record?

"This default is destroying my credit score - how do I get rid of it?" This is a very common question! It's sometimes asked when people's finances have improved and they are trying to clean up old problems on their credit history as fast as possible. Or sometimes the default feels unfair for some reason. I will look at various cases to see what - if anything - can be done for each of … [Read more...]

January 10, 2020 Author: Sara Williams Tagged With: Credit ratings, Defaults

Court papers for a CCJ – FAQs about the N9A form & how much to offer to pay?

Mrs E asked: I have a catalogue debt of about £2000 from 2014. I was paying through a debt management company until March 2016 when I stopped. They are going to court for a CCJ. I don't know how to fill in the form with my expenses or which debts I should include. Mrs E's questions are about completing the N9A Admission form that was included with the Claim Form she has received. This is the … [Read more...]

December 15, 2019 Author: Sara Williams Tagged With: CCJ

If a lender took tax off a refund, reclaim some using the R40 form

If you have received a refund from a lender, you may see that there is an "8%" element included. This applies in many situations, including PPI, affordability refunds and NOSIA refunds. Often the lender will have deducted basic rate tax from this 8% part. Since April 2016 non taxpayers and basic rate taxpayers can probably get some or all of this back from the HMRC. This article looks at … [Read more...]

December 6, 2019 Author: Sara Williams Tagged With: Refunds

Should I keep paying an old debt?

Do you have to keep making payments to old debts? It can be easy to get stuck in a long-term Debt Management Plan (DMP) or payment arrangements. If you are paying little each month, your debts will take a very long while to be gone. This article looks at the questions people often ask about old debts where they have been making monthly payments to the debts. If you haven't been making … [Read more...]

December 5, 2019 Author: Sara Williams Tagged With: DMP, old debts

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