On September 13th, the FCA wrote a "Dear CEO" letter to all consumer credit firms that it authorises saying that they had reviewed complaints handling at a range of firms and found material non-compliance and other concerning practices. The letter details these problems and ends by saying that the FCA expects firms to: review how your firm identifies, records, and deals with complaints as … [Read more...]
Debt news and policy
Debt Camel articles on what's happening in the world of personal debt in Britain.
For my collections of other news items, please see Weekly News Summaries.
Ombudsman will look at payday loans over 6 years old
Many people are making affordability complaints about payday loans, asking the lender to refund interest. Most lenders are refusing to look at any refunds for payday loans that were taken out more than six years ago, saying the Financial Ombudsman Service (FOS) will not consider these cases. But this isn't correct! This article looks at the current situation and the implications for your … [Read more...]
PPI – complain now, even if you have been rejected!
On 29th August 2017, the FCA launched its PPI advertising campaign. This features an animatronic Arnold Schwarzenegger head telling you to make a decision about claiming PPI, because a deadline is being introduced in August 2019. The FCA has also published some pages of information on the PPI claims process. Complain before 29th August 2019 Two years may sound a long way off and you may be … [Read more...]
Vanquis’s Repayment Option Plan – can you get a refund?
Vanquis Bank's Repayment Option Plan (ROP) for its credit cards is being investigated by the regulator, the Financial Conduct Authority (FCA). This was announced by Provident, who own Vanquis, on 22nd August 2017. If you currently have this, should you cancel it? And can you claim a refund? I'll look at what is known about this investigation and who may get compensation because of it. I also … [Read more...]
Provident – home credit crisis & FCA investigates Vanquis
On 22nd August, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [Read more...]
SMI will be a loan from 2018 – even less help with a mortgage
Support for Mortgage Interest (SMI) is intended to help people with the cost of their mortgage if they aren't working. SMI has been given as a benefit so far, but from April 2018, it will only be given as a loan. SMI has been an important part of the UK benefits system since it was introduced in 1948. It only helps with the interest part of the mortgage repayments, not the capital. Who … [Read more...]
Lloyds overdrafts – new, simple charges are a cut for most borrowers
On July 17th Lloyds Bank announced major changes to the way it charges for overdrafts - a massive simplification. The new charging will be introduced in November for 20 million Lloyds, Halifax and Bank of Scotland accounts. Most customers will gain. This includes three million people in old style basic bank accounts - they are winners in the new system, a group that has been badly treated by … [Read more...]
Persistent credit card debt – lenders must do more to help
The Financial Conduct Authority (FCA) is proposing a definition of persistent credit card debt and a set of actions credit card lenders will have to take with people who are in persistent credit card debt for 18 months or more. Recent news highlights why the FCA is worried about credit card debt. In June 2017, £67billion is owed on credit cards in Britain and that is increasing at 9% per year. … [Read more...]
Payday loan comparison sites – is Wonga’s link prominent?
In 2015 the Competition and Markets Authority said that payday lenders have to advertise on at least one payday loan comparison website and provide a "prominent link" to the comparison site from their own website. The FCA consulted about what a payday loan comparison website should be doing and these were its decisions. This has now gone live. On Thursday 25 May 2017, the BBC reported: New … [Read more...]
Huge increase in CCJs, up to 300,000 in first quarter 2017
Registry Trust has published the statistics for CCJs for the first quarter of 2017. They are shocking, with almost 300,000 consumer CCJs, the highest number for ten years. The details are: 298,901 CCJs were registered against consumers in England and Wales from January - March 2017; this is an increase of 35% on the same quarter in 2016; the average size of a CCJ fell to … [Read more...]
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