Last news round up of the year from me, next one on 5 January. Debt news QuickQuid – the Casheuronet administrators’ Proposals & Voting my article. There are almost half a million people with a current balance, nearly two thirds are in arrears by more than a year. Plans for new debt advice service for Scotland unveiled BBC: The government has also pledged to hold roundtable meetings … [Read more...]
QuickQuid – the Casheuronet administrators’ Proposals & Voting
The Administrators for Casheuronet LLC (CEU) have published their Proposals for how the administration should be handled. CEU went into administration on 25 October 2019. CEU is better known by its brand names: QuickQuid, Pounds To Pocket and Onstride, all major UK payday lenders. If you have a complaint against one of these payday lenders you may have been sent a copy of these Proposals and … [Read more...]
Amigo have only offered a partial refund – what should I do?
In the last few weeks, several readers have been offered a "partial uphold" by Amigo. Here are some examples: Amigo only accepted my complaint about the first and final loans which were both relatively short. [Amigo] have upheld loans 2, 5 and 6. I have had around 6 with [Amigo] including top ups they have rejected the ones I paid off previous to the loan outstanding now This isn't happening … [Read more...]
Debt news – December 15
We all know what the main news was this week. If you want to read more about the election result, there are some interesting articles in Prospect. Tweet of the week Just lying with a feeding baby thinking of the rotten measures set to continue: two-child rule, natural migration to UC with no protection, bedroom tax, no social housing, sanctions, ubiquitous conditionality, lower payments … [Read more...]
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...]
More payday lenders go under – was anything learned from Wonga?
In the last six weeks, Britain's largest payday lender, QuickQuid, went into administration followed by three smaller lenders: 247 Moneybox, PiggyBank and Swift Sterling. Have the lessons from Wonga's collapse last year been leaned? And how can regulators and debt advisers do better in future to protect borrowers, not just of payday loans but other sorts of high cost credit as well? My 6 … [Read more...]
Debt news – December 8
My pick of last week's news is the two insolvency stories. The Accountant in Bankruptcy’s Shame: Bankruptcy Application Fees shows how £90 and £200 fees are causing hardship in Scotland. The Insolvency Service would find a worse situation if it bothered to look at the £90 and £680 fees it charges. And Fake or Fortune? The astounding saga of James Stunt just for fun. Tweet of the week Oh … [Read more...]
PPI or payday refund? How to get back the tax deducted!
If you have received a PPI or payday loan refund tax may have been deducted. 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 who can claim this tax back and how to do it. Why was this taxed? People often feel cross that they are charged tax on a refund. If you return something to a shop for a refund, you … [Read more...]
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...]
Debt news – December 1
My pick of last week's news is the dull-sounding Consultation with the Advertising Standards Authority over Universal Credit adverts. Two weeks ago the story that DWP adverts had been found to be misleading was big news. This new article shows the DWP had been told this by the ASA before they ran the adverts. Debt news In Black Friday week, a couple of articles on shopping addiction: … [Read more...]
7 ways to give to charity when you can’t afford to give money
Giving to charity is a great thing to be able to do, but if you have a lot of problem debt or you are trying hard to save up a house deposit, you may think you just can't spare any money. It's fine to put your own family first - but that doesn't mean you stop caring about and wanting to help other people. And many parents want their children to grow up thinking giving to charity and … [Read more...]
Amigo’s half year results – the rising cost of paying refunds to customers
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...]
Debt news – November 24
My pick of last week's news is the ASA ruling against an IVA lead generator. Tweet of the week I know this won't reach many due to my small amount of followers. But for any UK followers or anyone that sees this. If you are struggling with debt. Contact @StepChange and @CitizensAdvice. I buried my head in the sand for too long. These guys helped me out so much. Do it now — MechanicCraig … [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...]
How much will my credit score change if … ?
How much will my credit rating go up or down is a very common question. But it's often tricky to answer! Here are some guideline numbers from Experian that may help. These are only indications - your credit score may not go up or down by this much. They assume nothing else has changed on your record. They also apply to single issues. If you have two defaults already, getting a third won't be as … [Read more...]
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