Elevate Credit International Limited ("ECIL"), which traded as Sunny, 1 Month Loan and Quid went into administration on 29 June 2020. Sunny was a large UK payday lender. This had been expected since the news that the company had filed a Notice of Intent to appoint administrators last week. Sunny joins the long list of lenders which have failed in the last nine months because of the … [Read more...]
Debt news – 28 June 2020
My picks of last week's news are the various stories about high-cost lenders. Tweet of the week The hell of being a #mortgageprisoner. In a single tweet. https://t.co/vNk796tnGt — Greg Wright (@gregwrightYP) June 24, 2020 Debt news High cost credit lenders in trouble: Update on Complaints Amigo RNS announcement: The VReq was intended to clear a backlog of approximately … [Read more...]
Payday lender Sunny heading for administration
UPDATE - Sunny went into administration on 29 June. See Sunny now in Administration for details, including the implications for customers. And see Kerrigan v Elevate Credit – an “unfair relationship” for my thoughts on the court case Sunny lost, badly. Elevate Credit International Limited, which trades as Sunny, has filed a Notice of Intent to appoint administrators. It told the … [Read more...]
Debt news – 21 June 2020
My pick of last week's news is the FCA extending deferrals for credit cards and loans. Tweet of the week This is not like a Tesco loyalty scheme, is it? GVC admitted in House of Lords testimony that 38% of ALL deposits come from these schemes (1.4 % of customers). Would we accept state supported home deliveries of vodka to alcoholics? https://t.co/PAhGACJ9J2 — Matt Gaskell … [Read more...]
Board room bust-up at Amigo
UPDATE After the failure of his attempt to remove the board Benamor started selling 1% of the companies shares every working day. He has stated this will continue until his holding is gone. UPDATE - 17 June At the General Meeting held today, the resolutions to remove the current board and substitute two new directors as proposed by James Benamor were all defeated by a large majority, … [Read more...]
How Pardners work – friends save & borrow in an informal club
Rotating Savings and Credit Associations (ROSCAs) are arrangements that allow friends to save together and withdraw lump sums from the scheme. ROSCAs are unregulated, relying on trust. The Money Advice Service says "those who use [ROSCAs] say they encourage savings and allow people without bank accounts access to credit." They have different names around the world, including tanda in South … [Read more...]
MaPS to give £38 million more for debt advice – it’s badly needed!
The Money and Pensions Service (MaPS) has announced an increase in its budget for debt support in England in 2020/21 by £38million. And an additional £5.9 million is being allocated to Northern Ireland, Scotland and Wales. This new money is in addition to the existing MaPS budget for debt advice of £64 million. It will come from a combination of government funds, reallocated MaPS budget and … [Read more...]
Money Shop, Payday UK / Express – Latest News & FAQs
A "Scheme of Arrangement" is in place paying some money to borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans and who submitted a Claim before the deadline in April 2020. It is now too late to submit a Claim if you have not already done this. The following information comes from the latest Scheme report dated 22 May 2020: 182,566 Claims were … [Read more...]
“Will paying off debt improve my credit rating?”
A reader asked if his credit score would improve if he paid off some debt. First a useful warning from Experian: There’s no one credit score or magic number – different lenders score differently. But a good place to start is by looking at what exactly is on your credit records. There are three credit reference agencies in Britain and you have to check all three as they may have different … [Read more...]
10 things you should know if you can’t pay a tax bill
UPDATE - in 2020 if you can't pay a tax bill because of Coronavirus, there is additional help from HMRC. You can: delay VAT payments due before 30 June 2020 until 31 March 2021 delay your Self Assessment payment on account due in July 2020 until 31 January 2021 Contact the HMRC coronavirus (COVID-19) helpline if you cannot pay any other tax bills because of … [Read more...]
Worried about starting a DMP? Answers to common questions.
A reader said she was scared about starting a Debt Management Plan (DMP). Her worries were that her husband's credit rating would be affected and that she would get lots of phone calls from creditors. A DMP is supposed to help with your debt problems, not increase them, so I thought it would be useful to look at the common concerns people have before they start DMPs. It doesn't make any … [Read more...]
It’s harder to get good 0% transfer deals in 2020 – but worth trying!
For more than two years the 0% balance transfer credit cards on offer have been getting slowly less good. And there aren't so many, so they are also harder to get. This steady decline has not got a lot worse because of Coronavirus. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. Banks are offering a lot fewer deals Two years … [Read more...]
2 apps that make it simple and painless to save
Should you have money left each month but it just seems to vanish? If you are paying off debts, you may still want to put a bit aside so it's easier to cope with unexpected problems. This article looks at Plum and Chip, two apps that take the hard work out of saving. They move small amounts that you won't miss from your bank account into a savings account several times a month. I like them … [Read more...]
Coronavirus & the reform of Personal Insolvency in England
This article builds on the arguments I put forward in Coronavirus – how the debt advice sector should be planning, looking at one area that needs to be tackled urgently - personal insolvency. Coronavirus will cause a large increase in the numbers of people who should choose insolvency over the next couple of years. I am not trying to predict how many, but it is likely to be large enough to … [Read more...]
Wageday Advance – payments of 5.68p in the £ are about to start
UPDATE On 20 May 2020 the Administrators announced: everyone will get 5.68p in the £. people should get an email sent today “or shortly afterwards” saying their dividend payment has been made. payments are being made to the bank accounts they currently have on file. It is too late to change this account. if you get this email but no payment is received within 7 days, you need to … [Read more...]
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