You both have debts, you both know it's time to tackle them and you want to do this together. But if one of you has a lot more debt, or a much larger income, or you own different assets, you don't have to have the same debt solution. A good debt adviser will help you look at what option each of you needs to get the best result for your family going forward. This article looks at some of … [Read more...]
How many Wonga victims are there? 10k, 40k? More!
In February, Nicky Morgan, who chairs the Treasury Committee, said: It cannot be right that over 10,000 people who may have been mis-sold loans are just cast aside, especially as many will be vulnerable consumers. The Wonga administrators replied, saying: The total number of redress claims is currently more than four times the number you referred to in your press statement on 26 February and we … [Read more...]
The FCA’s High Cost Credit supervision priorities
The FCA has published its Portfolio Strategy Letter to firms providing high cost lending. This was sent on 6 March to firms that provide: guarantor loans (eg Amigo) payday loans high-cost unsecured subprime loans home-collected credit (eg Provident) logbook loans pawn-broking rent-to-own (eg Brighthouse). This letter doesn’t cover overdrafts, subprime credit cards or … [Read more...]
What happens in an IVA if I am made redundant?
Losing your job can be a big problem for your IVA unless you can get a new job quickly. Having redundancy pay can help through this period - but some of your redundancy pay may have to be paid into your IVA. Here I'll describe what the 2016 IVA protocol Individual Voluntary Arrangement says. Most IVAs have similar provisions for redundancy. It's a good idea to check your own IVA paperwork and, … [Read more...]
IVAs in 2018 – numbers jump and so do failure rates
On 29 January 2019 the Insolvency Service published two sets of statistics for 2018: Insolvency Statistics: October to December 2018 Individual Voluntary Arrangements: Outcome Status 1990 – 2017. Here are what I think are the three most interesting points. 1. IVA numbers again rose faster than bankruptcy & DROs In 2018 IVAs increased by 20%. Already the most common type of … [Read more...]
January 2019 – Wageday Advance proposes cutting the refunds it pays
Wageday Advance asks the FCA for a Scheme of Arrangement On 31 January 2019, Curo, the American parent of payday lender Wageday Advance (WDA) announced it is in talks with the FCA about a Scheme of Arrangement (SOA) for its redress liabilities in the UK. See Curo's statement in its end-of-year results. These liabilities are the payday loan refunds that WDA is having to pay to current and … [Read more...]
Recent payday loans make it hard to get a mortgage
Having a recent payday loan on your credit history can make it much harder for you to get a mortgage at a good rate - or even at all! If you have used payday loans, the rule of thumb for a mortgage application is to wait until at least 2 years have passed after your last payday loan was settled. Before coronavirus, the usual advice was to wait one year. But from 2020 many mortgage lenders … [Read more...]
QuickQuid’s refusal to refund loans after 2015 is wrong
In 2018 and early 2019 QuickQuid was been refusing to consider any affordability complaints about loans made after March 2015. First it rejects a refund on any of these recent loans when a customer complains. Here is an example of how QuickQuid even classifies these loans separately in its reply to a complaint: Then, when a customer takes the case to the Financial Ombudsman (FOS), … [Read more...]
“Should I get an IVA if I am going to move soon?”
A reader asked whether an IVA was suitable for her. As part of that she said: I am hoping to move in with a new partner later this year. I would have to pay more rent and bills but I would have lower petrol costs as he lives very close to my work. It is usually a bad idea to set up an IVA when you expect your living costs to change a lot in the near future and it is not certain what they will … [Read more...]
“What will happen at my IVA annual review?”
A reader asked: I’m worried about my first IVA annual review. How much detail will they go into? I've found the year tough with a few car problems. I switched gas and electric to try to save money but it hasn't helped much. This is one of the many IVA issues where I have to start by saying that there is no definitive answer for everyone. It depends on the terms of your IVA, your IVA firm, your … [Read more...]
Is it a lot of work to run your own DMP ?
Most people use a firm to run their Debt Management Plan (DMP). In this case you make one monthly payment to the firm, who then divides it between your creditors. This is free if you go to StepChange, Payplan or CAP - other firms do exactly the same but charge you a fee each month. But you can do all this yourself, not using a DMP firm. The advantages of this are: you are in control; … [Read more...]
Debt advice in 2018 – my round up of the year
At the end of 2017 I wrote: Persistent credit card debt and overdraft charges tackled, bailiffs brought under control, SFS being used by all creditors, and a breathing space that will actually work in practice – that would be a good 2018. That would have been an amazing 2018 - I would have been happy with just a couple of those. But it is disappointing that none of them were achieved this … [Read more...]
Making bankruptcy look more scary than it is
It's natural to feel worried about bankruptcy, but some websites set out to make it sound a lot worse than it is. Some of what they say is simply wrong. Other bits may be right but they leave out important facts, so the issue sounds more difficult than it is in practice. And it's common for problems associated with bankruptcy to be listed in detail, but very similar points … [Read more...]
Is your refund from Vanquis right? It’s probably too small!
Have you had an email or a letter from Vanquis saying it is refunding you some money? In late 2018 tens of thousands of people are getting these refunds. Nice? Yes, but it may be too low... Some people are being given tens of pounds when I think they should get hundreds. And people getting hundreds should be getting thousands! There were no details of the refund in the email or letter … [Read more...]
Settling old debts – ask for the CCA agreement
A reader asked: I have a Debt Management Plan where I still owe 17k to 10 creditors. I have been paying for ten years at £150 a month, so it will end in about 8 years. Most of the debts have gone from my credit record but a few are marked as “on a DMP”. I want to pay off the debts and improve my credit rating. I have been offered about 7k by a relative, so I could offer all my DMP creditors … [Read more...]
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