This is a guest post by Dr Joseph Spooner, Assistant Professor of Insolvency Law at the LSE and the author of Bankruptcy – the Case for Relief in an Economy of Debt. He had previously worked at the Law Reform Commission of Ireland, where his papers influenced the enactment of the Irish Personal Insolvency Act 2012. Systems for addressing difficulties of over-indebted households in England … [Read more...]
Can guarantor loans be included in DRO / IVA / bankruptcy ?
A reader asked: I have 5k debts and I’m now on ESA. I'm also a guarantor for my mum's Amigo loan - could that be included in a Debt Relief Order (DRO)? There are three types of personal insolvency in England: bankruptcy, IVAs and DROs. Normally if a debt can be included in one form of insolvency, the same applies to the other two. But for guarantor loans, it's more complicated. So this … [Read more...]
How to ask QuickQuid for a payday loan refund (old article)
UPDATE - on 25 October, CasheEuroNet which owns ate QuickQuid, Pounds To Pocket and On Stride brands went into administration. See QuickQuid goes into administration – what will happen for details. That article will be updated with any more news. This article will not be kept up to date. QuickQuid (QQ) and its smaller brand Pounds To Pocket (P2P), which in February 2019 rebranded as On … [Read more...]
“£20,000 credit card debt due to gambling – what should I do?”
A reader asked: "I have nearly £20,000 in credit card debts due to 8 years of gambling addiction. I asked several times to lower my interest, defaulted a couple of times and also they could see gambling on my account yet they still increased my credit limits. I was taking cash advances to pay for food. I have not gambled for 18 months now, but I am left with this horrible debt that I cannot … [Read more...]
Amigo – Q1 2019 results show more complaints upheld
On 29 August 2019, Amigo published its financial results for the April-Jun 2019 quarter. I wanted to see how Amigo was going to refer to the very high percentage of complaints against it which have been upheld by the Financial Ombudsman - see 83% of guarantor loan cases won at Financial Ombusdman - and whether Amigo is making any changes because of this. The Amigo announcement Here are … [Read more...]
“I have a CCJ for a guarantor loan – is it too late to complain?”
A reader asked: I agreed to be the guarantor for a loan for a friend, but he lied to me and couldn't pay it. Amigo were very difficult, wanting me to stop paying other debts so I could pay them, and got a CCJ. Is it too late for me to complain and ask to be removed as the guarantor? Guarantor lenders have a reputation for being very fast to go to court when a guarantor doesn't pay them. People … [Read more...]
How to complain when you are the guarantor for a loan
UPDATE: Do not use the templates on this page for the following lenders, instead see the specific page: George Banco & Trust Two a Scheme of Arrangement is being proposed, see Everyday Loan Scheme for details 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 … [Read more...]
UK credit records & scores – not fit for purpose!
In summer 2019, the Financial Conduct Authority (FCA) has started a Credit Information Market Study. In the consultation on its terms of reference, the FCA asked: Do you consider that the credit information market is working well? I think it has grown up over the years into a poorly understood, complex system which has many problems. It isn't working well for consumers or lenders. The … [Read more...]
“Lender says I lied – what should I do?”
Some lenders responding to affordability complaints by saying your application wasn't accurate about your income or expenses when you took out the loans. They are doing this to try to put you off taking your case to the Financial Ombudsman. That may save them a lot of money! Let's see why applications may have been inaccurate and whether this is a problem for your complaint. Most of the … [Read more...]
Why the Ombudsman released a guarantor from a loan
The Financial Ombudsman (FOS) has recently published two important decisions about guarantor loans, one where a borrower complained and one where the guarantor complained. I have covered the borrower case here: Ombudsman – Amigo did not check properly that a borrower could afford the loan. This article looks at the FOS decision about the guarantor for a loan. I have selected points from the … [Read more...]
Ombudsman – Amigo did not check properly that a borrower could afford the loan
The Financial Ombudsman (FOS) has recently published its decision on Miss G's complaint against Amigo. This FOS decision criticised Amigo's inadequate assessment of Miss G's income and expenses. It said her poor credit record meant Amigo should have verified the figures, for example by looking at bank statements. So FOS ordered Amigo to refund all the interest and charges she paid, plus 8% … [Read more...]
“When I am made redundant, should I go for a Debt Relief Order?”
Ms G asked: I have about £18,000 of debts which I can't afford to pay after my partner left. I am part-time at work, with very little money and renting, but I have been told I will be made redundant in November. I should get about £2,500 redundancy pay and I will need that while I look for a proper job - I won't get Universal Credit straight away. So is it best to wait and apply for a Debt Relief … [Read more...]
Guarantor loans – more refunds being paid!
In May 2019, adjudicators at the Financial Ombudsman (FOS) made several dozen decisions upholding affordabilty complaints by people with Amigo loans. Amigo has accepted all these decisions and has paid out refunds. These adjudicator decisions are not published by FOS but readers have sent me copies of them. This article has some extracts so you can see what FOS is looking at in guarantor loan … [Read more...]
Credit card minimum payments – developments from 2000 to 2019
This is a guest post from The Money Charity, the UK's financial capability charity. If you would like to receive its monthly statistical report The Money Statistics, sign up here. This paper was written as background research for The Money Charity’s responses to the Financial Conduct Authority consultations on the short term credit market. As a reference document it may be of interest to … [Read more...]
Letters from Reunite or Prime Location Services – be careful
This article covers letters from Reunite (website: reunitemenow.com) and Prime Location Services (website: primelocationservices.co.uk). Both firms send "tracing letters", trying to find someone, without saying anything about why they are trying to contact you. Both have links with Global Debt Recovery, who are a debt collector. Reunite A typical letter from Reunite says: We require your … [Read more...]
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