Amigo's half-year results for April-September 2019 show a big increase in complaint costs about its guarantor loans. The majority of these complaints are affordability complaints, by the borrower or by the guarantor. Here is the management presentation on the results. What Amigo says about complaints Here my thoughts on some of the points Amigo makes about complaints in the management … [Read more...]
Help with bankruptcy fees
A reader asked: I can't afford to go bankrupt! Is there anyone that can help with the fees? The bankruptcy fees in England and Wales are £680. This is made up of the £550 Official Receiver's fee and the £130 application fee. £680 is just stupidly high - most people go bankrupt because they are broke and they don't have hundreds of pounds in their bank account. The fees used to be reduced if … [Read more...]
“Why I had to go bankrupt & how it went”
Everyone’s bankruptcy case is different. Here is L’s story. Few people will have the combination of a high income and high health costs that she had. But many will recognise the problem of consolidation loans not resolving their debt difficulties and have L's worries about bankruptcy. After years of struggling with debts and a chronic health condition, I applied for bankruptcy early in … [Read more...]
Threats of CCJs and bailiffs – are debt collectors bluffing?
Have you received scary letters from a debt collector demanding payments? These letters may threaten defaults, county court judgments (CCJs) and bailiffs taking your possessions. Sometimes the letters are bluffing, but the number of CCJs is continuing to go up. In the first half of 2019, there were 586,765 CCJs and more than half were for less than £650. This article covers consumer debts … [Read more...]
Sunny’s payday lending – concerned about lack of regulatory clarity
In November 2019, many people hoping for a payday loan refund from Sunny were watching for the third-quarter results from Elevate, Sunny's US parent. Would Elevate decide to close Sunny, so they wouldn't get their refunds? In late October QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream, Myjar and Sunny as the largest … [Read more...]
Who should you tell before you go bankrupt? And afterwards?
It is normally a good idea to tell your creditors if you are in financial difficulties, not ignore them. So should you tell people you are planning on going bankrupt? And who do you have to tell afterwards? Before bankruptcy - you won’t gain from telling your creditors Few creditors will feel sorry for you and stop pestering you if you tell them you are going bankrupt. So you aren’t … [Read more...]
How to cut your grocery bill and still eat well
Food shopping is a large part of most people's budgets and it's also one that you have a lot of control over. So if you want to cut your expenses, food should be high up on your list. It's not easy or quick to cut what you spend on rent, council tax or transport costs, but adopting a few new food habits can help you reduce your grocery bill and still eat well. Plan, plan, plan Planning is the … [Read more...]
An emergency fund – how much do you need & how to save it
A lot of personal finance advice starts out with “Everyone needs an emergency fund”. A survey showed that a third of middle-class families couldn’t pay an unexpected bill of £500 without borrowing, so the lack of savings is a very widespread problem. But what if you already have debts that you are paying off? Accumulating an emergency fund will delay clearing the debts … but having a rainy day … [Read more...]
Has Wonga offered you a low settlement? Is this a good offer!
People who still have a loan from Wonga that has not been paid are getting emails with what sounds like a tempting offer: Loan settlement offer to restore your credit record. The offer details are: you only have to pay about 25% of the debt; the debt will be deleted from your credit record if you accept the offer; it says the offer is "time-limited" but doesn't give a date you have to … [Read more...]
What to do if you get a Claim Form
If you receive a Claim Form from a County Court through the post you need to respond rapidly. Ignoring court papers is a bad idea, even if you think the debt is too old or you are worried you can't pay the money. If you agree you owe the money you will get a County Court Judgment (CCJ) but if you complete the Claim Form papers properly you will be able to make monthly payments and won't … [Read more...]
“Can mortgage lenders see old debts, no longer on my credit record?”
A reader asked: I know a debt drops off my credit file 6 years after it was settled or defaulted. I just want to ask when I apply for a mortgage, can the lender dig up unpaid debts if they are no longer showing on my credit report? This is a common question. The answer is Yes, sometimes because a lender can see other information that may show the debts. Let's look at what the lender can see, … [Read more...]
Is your pension safe if you go bankrupt?
If you expect to go bankrupt soon you may be worried about whether your pension will be safe. The Insolvency Service published a summary of its new guidance on pensions and bankruptcy in England and Wales in 2015 after the "Pension Freedom" changes that year made it possible for many people to take money out of their pension from age 55, even if they are still working. There was some legal … [Read more...]
“Can I get a debt consolidation loan with a bad credit score?”
A reader asked: Are there debt consolidation options for really bad credit? I have a lot of debt and I'm not sure how to start getting out of it with a suitable loan or a credit card. A credit card won't work There are some of "bad credit rating" offers at the moment but they are only for 6 months and you will only get a very small credit limit. And after the six months, the card interest … [Read more...]
Holding Money & Debt up to the Light: Transparency and the Standard Financial Statement
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...]
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