Summary of the administration Curo Transatlantic Limited (Curo) had two 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...]
Coronavirus – how the debt advice sector should be planning
As lockdown is gradually phased out and furlough payments eventually stop, many people will not be able to return to their pre-Coronavirus situation of being able to manage their debts and bills. Now is the time the debt advice sector should be considering how to prepare for the large demand it may face and what may need to change. We don't know how many people will have problems We don't … [Read more...]
Found out you have a CCJ? What can you do?
There are three ways you may find out you have a County Court Judgement (CCJ): you get a letter from the court; the creditor tells you, asking for payment; or you see it on a credit report - possibly after you have been unexpectedly rejected for credit. A CCJ is a decision by a judge that you ("the defendant") should pay someone ("the claimant") an amount of money. In mid 2022, there … [Read more...]
COVID-19, financial decisions & those tricky exponential numbers
This is a guest post by David Steele, Policy and Research Manager at The Money Charity (currently furloughed). He was previously Policy Manager Financial Services for Age UK and Head of the Research and Statistics Unit at the UK Film Council. This blog is written in David’s personal capacity and does not necessarily represent the views of his current employer. With the Sunday … [Read more...]
Wonga – administration ended, company dissolved
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 meant you had to get into more debt, by borrowing again or getting behind … [Read more...]
Getting help with funeral costs
Funerals are expensive. The average funeral now costs £4,000 - that is an 80% increase in the last ten years. This article looks at ways of covering all or some of the funeral costs if you have to organise a funeral. Let's say it's for Sally, as I don't want to keep writing "the deceased". Funeral Payments can help if you are benefits If you get Universal Credit or some other benefits … [Read more...]
BrightHouse “close to collapse” because of increasing affordability complaints
UPDATE - BrightHouse went into administration on 20 March 2020. See BrightHouse enters administration – how does this affect customers? for details. On 29 February 2020, Sky News reported "Rent-to-own giant BrightHouse on brink of collapse". This said: there has been a "surge" of complaints which are currently costing BrightHouse more than £1million a month; management is worried … [Read more...]
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...]
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...]
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...]
“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...]
Don’t let credit rating worries make your debts worse
If you have too much debt, you may not want to do anything that will harm your credit score. But do you have any better alternatives? That depends on three factors: what is your credit record like at the moment? If it isn't good, then it isn't worth trying to protect! Check your credit score now, so you have accurate information. can you make the monthly payments to your debts? The … [Read more...]
How the borrower of a guarantor loan can complain
UPDATES: Do not use the templates on this page for the following lenders, instead see the specific page: Amigo has set up a Scheme of Arrangement. The deadline for making a claim has now passed, see Amigo's Scheme for details. Buddy Loans went into administration in September 2021, see Buddy Loans goes into administration. George Banco & Trust Two set up Scheme of Arrangement, the … [Read more...]
90% of guarantor loan cases won at Financial Ombusdman
The Financial Ombudsman (FOS) complaint statistics for Oct-Dec 2019 have just been published, see Product Complaints Data. For guarantor loans, FOS decided in favour of the consumer in 90% of cases: this is even higher than the 83% that were won in April-Jun 2019. these figures are a dramatic increase from the uphold rate of only 32% for the 2018 financial year. This … [Read more...]
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...]
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