When you get a payday loan, it arrives very quickly... so why does it take some payday lenders so long to pay out refunds for unaffordable lending? Especially as a few lenders are very fast? Thousands of people have left comments on the main How to get a payday loan refund page on the progress of their claims. This article summarises recent comments about the large and mid-sized lenders, … [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...]
7 ways to save – which will be the easiest for you?
Do you find it hard or impossible to save? many people feel they ought to be able save but always fail when they try. others are saving for a big goal but not as fast as they want. if you are struggling with money, you may desperately want a small emergency savings pot to make life a bit less stressful. There isn't a simple answer - no way is easy for everyone. What works for one … [Read more...]
Debt news – July 28
My pick of last week's news is the news that bailiffs made to wear body cameras - but to be effective it needs independent complaints and regulation as well. Tweet of the week End of another exhausting week in #debtadvice, not helped by heat, no air con at work, & thunderstorms causing sleepless nights! But... 2 great outcomes for clients have cheered me. This is what I go to work … [Read more...]
Will new rules on overdraft fees help you? Will simpler mean lower?
In June 2019, the bank regulator, the FCA, announced its new rules about overdraft charges. It called these: the biggest shake-up to the overdraft market for a generation. The new rules come into effect from April 2020 - that's a long while to wait if you are currently paying very high overdraft fees. And how much effect will they actually have? Fees will be getting simpler The new rules … [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...]
Debt news – July 21
My pick of last week's news is Single dad with just £4.61 took own life after waiting weeks for Universal Credit. This isn't just a benefits story, it also illustrates the failure of the regulatory system that allowed unaffordable high cost credit to be given. And it is a failure of debt advice provision that could have got this poor man the support he needed. Debt Advisers know how to reach … [Read more...]
How to get a payday loan refund – with template letters that work
Did your payday loans cost so much you had to keep on borrowing? The regulator says that means your loans were unaffordable and this was irresponsible lending. You can get a refund of the interest you paid on unaffordable loans. It's easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or if you still owe … [Read more...]
How Subject Access Request information can help an affordability complaint
If you are making an affordability complaint about a large bad credit loan (that includes logbook loans and car finance) or a guarantor loans, my template letters start by asking the lender to send you a copy of all your personal information. This is often called a Subject Access Request (SAR). Lenders used to charge people £10 for this, but it has all been free since GDPR changes last … [Read more...]
Debt news – July 14
Three picks this week: the call for evidence on IP regulation, the campaigning report: Regulating the credit card market - why we need a cap on costs, and my article on Amigo loans – more refunds being paid (it's nice to have some good news!). Tweet of the week INSOLVENCY SERVICE: *picks up cat* *places cat adjacent to flock of pigeons* *backs away … [Read more...]
Amigo 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. So far as I know, 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 … [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...]
Debt news – July 7
My pick of last week's news is The car industry needs to be more honest when selling car finance. Tweet of the week Nobody loves a traffic warden ... apart from this guy who ticketed Tommy Robinson's campaign bus outside the Old Bailey and laughed off all the abuse from Yaxley-Lennon's band of thugs.pic.twitter.com/Zl75zKN2aG — Another Angry Voice (@Angry_Voice) July 5, … [Read more...]
“Should I reclaim PPI on these old debts?”
A reader asked: I have 4 credit cards and 3 loans that defaulted over 10 years ago, total £45k+. They are no longer on my credit records and I haven't paid them (long-term unemployment) or been in contact with any of them during this time. None of them have written to me for 3-4 years. I am as confident as I can be that they will be statute barred. Several of the cards had PPI. I haven't … [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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