A gambling habit often starts small, some fun with your mates or a bit of excitement when you are bored at home. But soon you may be spending more than you can afford. Then your cards and overdraft are maxed out. It is so tempting to hope to win back enough to clear the debts and pay your bills. You need money to do this, so you get a loan. But you lose more... Soon the only credit you can … [Read more...]
500,000 Sunny customers owed refunds will get little or nothing
On 4 November 2020, KPMG, the Administrators of Elevate Credit International, started to email more than 500,000 Sunny customers who could get a refund for some of their borrowing. The Administrators have developed a Claims Calculator to work out which loans were likely to have been "unaffordable". If you get this email it is because they have decided some of your loans were … [Read more...]
Why all coronavirus payment breaks should be extended
UPDATE: On 2 November the FCA said it WILL be proposing further extensions for other types of consumer credit - that if you haven't had a break so far, you can get a 6 month break and if you have had a 3 months break since July, you can have another 3 months. On 31 October, after the Prime Minister had announced a month national lockdown, the FCA issued a statement: we will propose that … [Read more...]
Barclaycard send letters saying they raised credit limits too high
In July 2020 Barclaycard sent out letters to some customers saying their credit limit may have been set too high. They say: We've recently reviewed the way we set some of our customers' credit limits and can see that the limit we gave you previously may have been higher than it should have been at that time. We are sorry this happened and recognise that this may have had an impact on your … [Read more...]
“Will partial settlement make it hard to get a mortgage?”
Ms F asked: "I have been in debt management for five years after my marriage breakdown. After an inheritance, I want to pay off my DMP as it will carry on for years. I could pay in full but my house needs some urgent work and my car is on its last legs. I asked about my credit score if I offer a partial settlement and was told this would show as partially settled on credit score file. Will I … [Read more...]
“Will a credit card improve my score? What’s the best way to use it?”
A reader asked: I’ve recently paid off my 2 defaulted credit cards and I have been paying into Loqbox for the past 4 months (£70). I got an email from Clearscore saying I can get a Capital One credit card. This is the first time in a long time that I have been offered a credit card because my credit has been so poor but it is slowly improving. Should I apply for this? If I do what is the best … [Read more...]
Mr Lender is reviewing its loans from 2014-20 for affordability
In October 2020, some customers who had payday loans from Mr Lender are getting emails about a review of their loans. Mr Lender is carrying out a review of its payday loans over the last 6 years. It says: Lending practices have evolved over the years. This means that on occasion, a review of previous loans is appropriate to ensure that customers were treated fairly and that we have fulfilled … [Read more...]
DRO applications – frequently asked questions
A Debt Relief Order (DRO) is often the best debt solution if you have under £20,000 of debt, you are renting and you have hardly any spare money to repay your debts. You don't have to make any payments in a DRO and, after a year, your debts are wiped out. Update - the DRO limits described in this article are being reviewed and they may be increased in May 2021. See Proposed DRO changes for … [Read more...]
Sunny – some loans written off & the rest sold to a debt collector
The administrators say people may be allowed to submit claims in November 2020, if sufficient funds are available in the Administration for a distribution to be made to unsecured creditors. The administrators will also explain then what people who have already submitted claims, or who had claims agreed but not paid when the company went under, need to do. But that "if" clause is important. The … [Read more...]
Board room bust-up at Amigo
March 2020 On 4 March 2020 the founder and majority shareholder of Amigo, James Benamor, resigned from the board which he had only rejoined in December and published a blog saying that the company was: committing slow motion suicide. Benamor said the board needed to choose between challenging recent FOS decisions on affordability complaints in court by Judicial Review or accept that "almost all … [Read more...]
FCA to look into unregulated credit such as Klarna & Wagestream
On 16 September, the Financial Conduct Authority (FCA) announced a review into unsecured credit market regulation. This will be chaired by Christopher Woolard, the outgoing interim Chief Executive, which suggests how seriously the FCA sees this subject. The FCA says: The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into … [Read more...]
Credit Ladder – can renting boost your credit rating?
UPDATE - September 2020 - now Credit Ladder are proposing to charge you £60 a year to report to both Experian and Equifax. I suggest you don't bother! As a means of paying to try to improve your credit score this seems unnecessary, reporting to two is very little better than reporting to one. Do yourself a favour and pay that £5 a month off a debt instead. Or add it to your savings account if … [Read more...]
Coronavirus – can’t pay your IVA? Would a break help?
If you are worried about your IVA because Coronavirus has affected your household finances, this article looks at the extra flexibility to help people in IVAs. This help has been extended to April 2021; and how things may change in the next few months, with furlough and payments breaks likely to end. Your IVA firm and your creditors will not want your IVA to fail because of a temporary … [Read more...]
Major changes for thousands of customers with Aperture & Vanguard IVAs
In Autumn 2020 two of the largest IVA firms have recently announced the latest in a long line of customer transfers within the industry: all Aperture's open IVAs have been sold to Jarvis Insolvency; and Vanguard's open IVAs will be administered by Ebenegate. UPDATE: In February 2021 Jarvis rebranded and it now calls itself Debt Movement. Sale of Aperture's IVAs to Jarvis On 5 … [Read more...]
QuickQuid in administration – what is happening
It is now too late to submit a Claim for unaffordable lending. The last date was 14 February 2021. The Claims Portal remains open to allow people to update their bank account details. You cannot now submit a new Claim. CashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. I will … [Read more...]
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