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Amigo should end unpaid interest deductions and remove CCJs

This article relates to Amigo’s first Scheme, which was rejected in May 2021. Amigo's second scheme was approved in May 2022. See Amigo's Scheme for details. The good news is that Amigo has agreed to remove CCJs in the second scheme. The bad news is that it has retained the unfair "deductions for unpaid interest" which it is calling "reinstated interest". I asked Amigo about some details … [Read more...]

March 27, 2021 Author: Sara Williams Tagged With: Amigo

Doorstep lending – a template letter to ask for a refund

clocks of flats - can you get a refund from doorstep lending?

UPDATE: The Morses Scheme has failed. See Morses - what is happening to loans and refunds UPDATE: in March 2022, Loans At Home went into administration. There is no money to pay any refunds. Any remaining loans have been written off and you should not make any payments to them. UPDATE: The Provident Scheme has now closed and it is too late to make any Provident complaints.Doorstep lending - … [Read more...]

March 25, 2021 Author: Sara Williams Tagged With: Refunds

How much will my credit score change if … ?

How much will my credit rating go up or down? That is a very common question. But it's often tricky to answer! This article has some guideline numbers from Experian that may help. These are only indications - your credit score may not go up or down by this much. They assume nothing else has changed on your record. They also apply to single issues. If you have two defaults already, getting … [Read more...]

February 18, 2021 Author: Sara Williams Tagged With: Credit ratings

Will my bankruptcy application be refused?

"Can I go bankrupt?"  is a very common question. People worry that their bankruptcy application will be rejected because their debts aren't large enough. Or the Official Receiver will say they should repay the money they owe. Or that they don't meet the legal criteria. Or they have just borrowed some money. But less than 1% of bankruptcy applications are rejected by the Insolvency Service, … [Read more...]

February 17, 2021 Author: Sara Williams Tagged With: Bankruptcy

Amigo’s 1st Scheme – key points to think about

This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo's second Scheme for the latest news. On 25 January 2021 Amigo announced that it is proceeding with the next stage of its proposed Scheme of Arrangement and published the formal Practice Statement Letter (PSL) that describes the Scheme for the customers affected. This article looks at seven points … [Read more...]

February 2, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo – many customers may do better in Administration than a Scheme!

This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo's second Scheme for the latest news. When Amigo announced it was proposing a Scheme of Arrangement in December, it said: Amigo continues to explore alternative options but it is likely the alternative options would result in those with Redress Claims receiving considerably lower amounts (if any at … [Read more...]

January 24, 2021 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

No calls or letters about a debt for years?

If its been several years since you stopped paying a debt and you haven't had any phone calls or letters for a long while, you may be hoping your debt has "got lost". Perhaps the debt collector has forgotten about it... Mr H has a typical situation: I stopped paying a loan at the start of 2016 when I lost my job.  I have a Default on my credit file for June 2017. The bank sold it to a debt … [Read more...]

January 22, 2021 Author: Sara Williams Tagged With: Defaults, old debts

Payday lenders – email addresses for complaints

If you want to get a refund for "unaffordable" payday loans, the first step is to complain to the lender. Often it's simple as the lender has a Complaints section on their website, but some have been taken over or the website isn't there anymore, so here is a list of their email addresses. For all these emails put AFFORDABILITY COMPLAINT as the subject of the email. If you haven't already … [Read more...]

January 6, 2021 Author: Sara Williams Tagged With: Payday loans

Amigo first Scheme – my estimated numbers don’t look good

This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo’s second Scheme for articles on the second Scheme. When Amigo announced it was seeking a Scheme of Arrangement on 21 December 2020, I said there were very few details and asked some questions. On 25 January more information about the Scheme was given. But there weren't any of the useful numbers I … [Read more...]

December 29, 2020 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

Amigo seeks refuge from refunds in a Scheme (December 2020)

UPDATES In May 2021 the court rejected the Amigo Scheme accepting the arguments of the FCA that it was not the fairest that could be proposed to customers.  See Court rejects Amigo Scheme of Arrangement for details. In December 2021 Amigo published the proposals for its Second Scheme. See Amigo's new Scheme for the latest news. Amigo announced on 21 December 2020 that it is seeking … [Read more...]

December 21, 2020 Author: Sara Williams Tagged With: Administrations & Schemes, Amigo

I’m in a DMP – can I get a mortgage?

A reader asked about applying for a mortgage when she is in a Debt Management Plan (DMP): "I have been in a DMP for 8 years and still have 6 to go as I still owe £16,000. With hindsight, I should have gone bankrupt!  My parents will give us a 20% deposit in 2021, but they don't know about my debts so I can't use their money to end the DMP. Will I be able to get a mortgage?" I've written before … [Read more...]

December 18, 2020 Author: Sara Williams Tagged With: Credit ratings, DMP, Mortgages

Is gambling wrecking your finances?

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...]

November 8, 2020 Author: Sara Williams Tagged With: gambling

Barclaycard send letters saying they raised credit limits too high

UPDATE in April 2021, Barclaycard has made another set of cuts to customers' credit limits. 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 … [Read more...]

October 30, 2020 Author: Sara Williams Tagged With: Barclays, credit cards

“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...]

October 28, 2020 Author: Sara Williams Tagged With: Credit ratings, Full & Final settlements, Mortgages

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...]

September 6, 2020 Author: Sara Williams Tagged With: Insolvency news & policy

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