SpeedyCash had several high-street stores which stopped lending in 2017. It was the trading name of SRC Transatlantic Limited which went into administration at the end of February 2019. SpeedyCash had c 183,000 former customers. If you borrowed from SpeedyCash, you may have a claim for unaffordable lending. An unaffordable loan is one you could not repay, or which you only repaid with … [Read more...]
Debt news – June 30
My pick of last week's news is Can't Pay? We'll Take it Away! bailiff entered house unlawfully. Tweet of the week Child poverty and hunger thread 1. In the mid 70s my mum and dad were separated, I was the youngest. Mum was exhausted with life, crap at managing money and addicted to Valium/ opiate pills - I was 14 at Eastbank Academy school — Janey Godley (@JaneyGodley) June 28, … [Read more...]
Aperture – no longer taking new IVAs
Aperture has told many debt advisers it will not take referrals for Individual Voluntary Arrangements after the end of June 2019. The debt advice firms received an email saying: I write to inform you that Aperture Debt Solutions LLP has recently taken the decision to suspend our client acquisition strategy in the IVA sector; as such, we will be unable to deal with your client referrals with … [Read more...]
Loans2Go’s interest rate – “outrageous” – how to complain
In January, a reader told me about a loan he had for £650, with 18 monthly repayments of £147. This adds up to a total repayment of £2,650 - an eye-watering amount and more than four times what he borrowed. At first I thought this was probably taken out years ago. But in fact, it was borrowed in late 2018 from Loans2Go. Loans2Go also offer logbook loans, but this article is just about their … [Read more...]
Debt news – June 23
The news story of the week has to be the Treasury's announcement of the breathing space to start in 2021. But Panorama's Easy money, tough debt? should be watched by anyone with an interest in personal debt in Britain. And if the Mail's as yet unconfirmed scoop that the Money Shop goes under is correct, that will be another lot of payday loan victims who do not get full … [Read more...]
Money Shop – redundancy plans and stores closing
UPDATE - June 15th Money Shop to close – two million customers will be informed On June 21 the Daily Mail reported that : In a letter sent to employees and seen by This is Money, ICL said it plans to close or sell off all of its UK stores following 'poor financial performance' and an 'unprecedented number of customer complaints'. The Money Shop has already shut down or sold … [Read more...]
Panorama’s “Easy money, Tough debt”
Panorama on 17 June 2019 showed Easy Money, Tough Debt? It's on iPlayer for 11 months if you missed it. It covered a wide range of high cost borrowing, with stories from people who had problems with payday loans, with high-cost credit cards and catalogues, and guarantor loans, with a borrower and a guarantor being featured. Everyday stories of high cost borrowing For a debt adviser, these … [Read more...]
The 3 best ways to check your credit score & records – all free!
Keeping an eye on your credit reports is a good idea, but how should you do it? In 2019 there are more than sixteen different ways to check your credit record! The myth of a single credit score You don't have "one credit score" or "one credit record". You have three different ones. This is because there are three main Credit Reference Agencies (CRAs) in Britain: Experian; Equifax; … [Read more...]
“Will settling defaults help me get car finance next year?”
A reader, Mr W, asked: I had credit cards and got myself in a mess when getting balance transfers but keeping the old cards. Then I lost my job last year, but I am now working again. I have defaults ranging from 2015 to last month. All my debts add up to about £6,500. Many of them have offered me a discount if I clear the outstanding balance. I have been offered a 20% discount on a £3,500 … [Read more...]
Debt news – June 16
My pick of last week's news is the Supreme Court judgment in Samuels v Birmingham City Council but if you want an interesting read you may not have seen, look at Consumers Are Becoming Wise to Your Nudge. On a personal note, I was very proud to be elected as a Trustee of the Institute of Money Advisers this week. Tweet of the week @KarlTurnerMP asked @MelJStride if he could have a … [Read more...]
How to repair your credit record after bankruptcy
Bankruptcy badly affects your credit record for six years. This article looks at what should happen to your credit record when you are discharged from bankruptcy after a year. Even if you have no intention of getting into debt again, a good credit score makes it easier to rent a house, get a mobile contract and it's essential if you want a mortgage. There are three different Credit Reference … [Read more...]
Debt news – June 9
My pick of last week's news is the FCA's final rules on overdrafts. Tweet of the week Day made by getting a bailiff company to repay almost £700 to a constituent who was intimidated into finding money she had no liability for. But the behaviour of the bailiff in question was so, so wrong. And how many more such cases are there? — Karen Buck (@KarenPBuckMP) June 5, 2019 Debt … [Read more...]
“What if I forgot to put a debt on my bankruptcy application?”
A reader asked: I am thinking of filing for bankruptcy. Some of my debts go back quite few years. I tried a DMP and an IVA that failed. I’m behind on my household Bills too. I’m single mum and find hard to cope with all this stress. I finally plucked the courage to do the form. I have at least 13 creditors, some of these details I took off my IVA creditors list but some have passed the debts … [Read more...]
Credit card says you’re in persistent debt & must pay more … but what if you can’t?
Have you had a letter from a credit card, store card or catalogue saying you are in persistent debt? That suggests you increase what you pay each month? Hundreds of thousands of these letters are going to people who have only been paying the minimum amounts for a long time. Here is one: If you're still paying more in interest, charges and fees than you're repaying your credit card debt in … [Read more...]
Debt news – June 2
My pick of last week's news is 'Don't ignore' credit card warning letters. Tweet of the week But will science ever find an answer to Anne Widdecombe? https://t.co/p19Lsx1bJd — Stephen Fry (@stephenfry) June 2, 2019 Debt news 'Don't ignore' credit card warning letters BBC: Rules set by the City regulator mean that many people will now be receiving a second reminder suggesting … [Read more...]
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