This post was written based on statistics published in 2022. Since then, statistics have been complicated by the special measures during COVID that temporarily prevented many IVAs from failing. Statistics published in early 2024 show: one in three (33%) IVAs that started between 2016 and 2018 failed of IVAs that started in 2022, 5.6% failed in the first year. This was about the same as … [Read more...]
Voluntary Termination (VT) – how to end your car finance early
When you are buying a car on HP or PCP finance, you have the right to hand the car back and end the agreement. This is known as Voluntary Termination (VT). Depending on how much you have paid, you may not need to pay any more after VTing the car. In 2024, many people are struggling to pay their car finance, with mortgage/rent, childcare and car insurance rising so fast. See Can you afford … [Read more...]
Provident’s uncashed cheques – at last they pay out
Provident has at last done the right thing and is paying customers who have cheques from Provident that are too old to be banked. Good! I expect this may affect several thousand people who have cheques ranging from a few hundred to a few thousand pounds. If you have one of these cheques, Provident should have sent you an email about it. Here is an example of what a Debt Camel reader's email … [Read more...]
Can you afford your car finance payments?
Can you afford your monthly car payments? You may have lost your job or be worried that may happen. You or your partner may have had their hours cut. Or your business may be making less money. Or your other bills may have gone up a lot. Mortgage, rent, petrol, energy bills, council tax, food... What sort of car finance do you have? This article looks at your options if you have a Hire … [Read more...]
Why the FSCS doesn’t cover payday and other lenders
In 2018, when Wonga went into administration, people started asking isn't there some kind of guarantee system that would step in if Wonga fails? Won't the FSCS help? This has become more important every year since then, with most of the major payday lenders failing, including the Money Shop, QuickQuid, Sunny and Myjar. From 2020, other sorts of high cost lenders have also being failing, … [Read more...]
How many DMPs succeed and how many fail?
If you are thinking about a Debt Management Plan (DMP), you may want to know how many DMPs succeed, and how many run into problems. This turns out to be a surprisingly difficult question to answer! A DMP that doesn't repay all debts may not have failed! There are many situations where a DMP that doesn't "complete" has done exactly what it was wanted for. It is hard to see these as … [Read more...]
What happens when you can’t afford IVA payments
If you can't make the payment to your Individual Voluntary Arrangement (IVA) this month, don't panic! There may be options for you to cope and get your IVA back on track. IMPORTANT in 2022 there is now a special case - if you cannot afford the repayments mainly because of rising prices and bills. For that situation new rules have been introduced and there is a LOT more help you can get - see … [Read more...]
ICL / Money Shop Scheme ends
A first payment of 4.31p in the £ was paid in May/June 2021. A second, much smaller payment of 0.65p in the £ is being paid on 14 or 18 January 2022. If you do not receive this second payment, see below for what to do. Background to the Scheme This "Scheme of Arrangement" covers borrowers from the ICL brand names, Money Shop, Payday UK and Payday Express, who were given … [Read more...]
Worried about rent arrears and being evicted?
Increasing numbers of people are worried about being able to pay the rent. Rent arrears are priority debts because if you don't do anything about them, you are very likely to be evicted. If you have rent arrears now, or you are worried that soon you won't be able to pay the rent, you need to get good advice as soon as possible on your options. Doing this sooner rather later helps … [Read more...]
Loan sharks – where to get help and support
I was asked by a reader if a loan shark can take someone to the small claims court to recover a debt. If you have not received any credit documents on a loan that you have taken out, you may be a victim of a loan shark. If you call the England Illegal Money Lending Team on 0300 555 2222 they can offer you specialist support. Loan sharks are illegal and operate without the correct permission … [Read more...]
Amigo proposes a second Scheme – but is it fairer?
UPDATE - in May 2022, the court approved the new Amigo Scheme. See Amigo's Scheme for details On 13 December 2021, Amigo proposed its new Scheme of Arrangement. The Practice Statement Letter (PSL) is a 21-page overview of the new Scheme. The numbers in the PSL have now changed Amigo says: We hope a successful new Scheme will also allow a changed Amigo, under a new management team, … [Read more...]
“Should I stop paying Amigo?” – the pros & cons
UPDATE In May 2022 the Amigo second Scheme was approved by the court. In November the deadline for making a claim to the Scheme passed. See Amigo's Scheme for details. With a current loan, you have three options once you have made a claim: you can carry on paying it if it is affordable. if you have paid more to this last loan than you borrowed, you can ask Amigo to let you pause paying … [Read more...]
Amigo now lets some people pause paying – the right of Equitable Set Off
UPDATES In November 2023, Amigo started deleting some loans from people's credit records. it says "In this situation, it is probable that the claim has been either fully or partially upheld" That may make you feel more comfortable choosing equitable set-off. The deadline for making a claim to the Amigo Scheme was in November 2022 - it is now too late to make a claim. If you have not made a … [Read more...]
How to get a payday loan refund
Did your payday loans cost so much when you repaid one you had to keep on borrowing? You can get a refund of the interest you paid on unaffordable loans. It's easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or you still owe money. The comments below this article have thousands of stories of the refunds people … [Read more...]
Amigo – no second Scheme before April at the earliest
On 29 November 2021, Amigo published its results for the six months ended 30 September 2021. Amigo's first Scheme of Arrangement was rejected by the Court in May. Since then, Amigo has been trying to come up with a new Scheme that is fairer to the customers given unaffordable loans. Amigo says: "the proposed contribution to the new Scheme will be significantly increased from that of the … [Read more...]
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