For debt advisers, the UC cut dominates all other stories. But the NILS pilot start up (at last!) is good news. And the “Payment revolution” article is very interesting. Debt news “A payment revolution that is killing off credit cards “ Times (paywall): Monzo, Barclays, Apple, Goldman’s and other banks are looking looking at launching BNPL products. Plans announced for new UK wide No … [Read more...]
How much must you earn to replace the £20 UC cut?
The government wants people to work more to replace the £20 Universal Credit (UC) cut coming up in October. If you would like a simple guide to UC, written by people who are "experts by experience", check out Universal Credit: A guide by claimants, for claimants. Many people would love to earn more but can't get the hours. Others can't work for health reasons or caring … [Read more...]
Guarantor lender Buddy Loans goes into administration
Advancis Ltd, trading as Buddy Loans, went into administration on 7 September 2021. Buddy Loans was a small guarantor lender. Its loans were typical of the UK guarantor market - between £1,000 and £10,000 lent on a 1-5 year term at a 49.9% APR. The FCA describes these loans as "high cost". Buddy's slogan was: If you've got a good BUDDY, you can get a loan!" Advancis's last available … [Read more...]
4 reasons why you need a new bank account
Everyone needs a bank account that they can rely on, one that doesn't cause more trouble than it solves. So here are four reasons why people with financial problems should get a new bank account. If you have a lot of problem debt, you may think you can't change bank accounts because no-one else would let you have a current account. But the new Basic Bank Accounts that were introduced in 2016 … [Read more...]
Section 13A – a little-known way to get Council Tax written off
Councils in England and Wales can reduce or write off your council tax under Section 13A (1)(c) of the Local Government Finance Act 1992. This has been called "the best-kept secret in council tax law". These Section 13A write-offs can be used if your house is uninhabitable because of flooding or fire. But you can also get a write-off if you have no money to pay your council tax after paying for … [Read more...]
Amigo’s Scheme rejected – now looking at a new Scheme
UPDATES Amigo’s Scheme of Arrangement was rejected by the court after it was opposed by the FCA as unfair to customers and too generous to shareholders. See Court rejects Amigo Scheme for details. Amigo is working on a second Scheme. The recent Amigo results don’t contain anything useful about what the next Scheme might look like. I can't see a new Scheme starting until late November at the … [Read more...]
“I’m using my credit card. But my report says I’m not!”
Mr M asked: I am trying to build my credit score but feel I am getting nowhere. I had 2 accounts in default which I paid about 1 year ago. My bills are paid on time. I have a Capital One credit card with a £200 limit. I always get £50 worth of petrol on the last Friday of every month and pay it manually a few days later. But I got an email from Credit Karma saying "When your last report came … [Read more...]
Want to consolidate your debts? 5 errors to avoid
Lots of people want to consolidate all their debts into one loan. Making just one monthly payment sounds simpler. And the interest could be lower - a big improvement, surely? Consolidating can sometimes be a good idea, but you have to be careful to get it right. Most debt advisors have seen this go badly wrong for too many clients... So if you want to get this right, here are the five big … [Read more...]
Off to uni ? 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 2021. 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 … [Read more...]
The 2021 IVA protocol – what has changed & will it stop mis-selling?
The IVA Protocol 2021 was published in April 2021. This replaces the old 2016 Protocol which should not be used for new IVAs after 1 August 2021. The terms of IVAs already in progress are not affected by the new version. The new Protocol aims to be easier to understand for people in debt - for example "debtor" has been replaced by "consumer" and it has been put into the typical "gov.uk … [Read more...]
Are you being taken to court for a payday loan debt?
A reader asked: I took out countless pay day loans a few years ago. Suddenly they have all come out of the woodwork. I now have a court claim arrive from Lantern – for an old Lending Stream loan. I have applied to extend the date for defence but am not sure what to put in my defence. There are three other accounts outstanding and I’m guessing once they’ve claimed one they will apply for the … [Read more...]
Can you afford your car finance now payment breaks have ended?
Can you afford your monthly car payments? You may have lost your job or be worried that may happen. You or your partner may have had their hours cut. Or a self-employed business may not yet have fully recovered. Coronavirus payment breaks were a lifeline for millions in 2020, but have now ended. You can still ask your lender for more help however. What sort of car finance do you have? You … [Read more...]
£140 help with your electricity bill this winter
Are you worrying about how to afford the heating this year? There are some very big price rises coming in 2021, see Energy bills to rise by at least £139 for millions of households Millions of people on benefits or a low income can get £140 off their electricity bill through the UK's Warm Home Discount scheme. All the large electricity suppliers and some of the small ones offer this. There … [Read more...]
Covid-19 & help with your IVA – what happens when IVA payment breaks end?
Many people with IVAs found their finances were badly affected by Coronavirus in 2020 and 2021. In April 2020 the Insolvency Service issued guidance giving extra flexibility for Protocol IVAs where the borrower has problems because of Coronavirus, see Coronavirus (COVID-19) Guidance for the Straightforward Consumer IVA Protocol. From August 2021 it continues in a reduced form to December … [Read more...]
Provident Scheme – 4 million people can now claim a refund
Provident's Scheme of Arrangement has been approved in court. The court hearing was on 30 July 2021 and the decision has now been given. The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident who often did not make proper affordability … [Read more...]
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