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...]
Debt news and policy
Debt Camel articles on what's changing - and what ought to change - in the world of personal debt in Britain.
If you are interested in a specific area, look at: High cost credit news & policy and Insolvency news & policy.
I write a weekly round-up of debt and poverty news on Sundays. There are only kept for a month or two, see Weekly News Summaries.
Debt news – 28 November 2021
My pick of last week's news is Council tax collection inquiry. Debt advice Our appeal to Caroline Siarkiewizc, Chief Executive of the Money and Pensions Service We Are Debt Advisers: We are writing to alert you to the hugely damaging impact of the current procurement exercise on debt advice provision and to ask that you now extend the current grant contracts in order to avoid a complete … [Read more...]
QuickQuid administration – may pay 30p-50p in the £ in March 22
UPDATES The November administrators report says they may pay out between 30p and 50p in the £ for upheld claims. The average claim value is c £1,700. In rough numbers, someone with a claim value at the average is likely to receive a payout of between £500 and £850. The exact payouts will not be known until March 2022. The payouts themselves maybe a few weeks after the amounts are … [Read more...]
ClearScore adopts the new Equifax credit scoring out of 1000
In mid November 2021, ClearScore has finally adopted the new 1000 Equifax credit scores. Equifax credit scoring changed in April 2021, when it switched to calculating scores out of 1000 - they used to be calculated out of 700. It also changed the bands used to describe your credit rating. Equifax didn't make an announcement about these changes. The Equifax Credit Report & Score was … [Read more...]
Buddy Loans administration – no money for cash refunds
Advancis Ltd, trading as Buddy Loans, went into administration on 7 September 2021. Buddy Loans was a small guarantor lender. Its loans were typical of the UK guarantor market - between £1,000 and £10,000 lent on a 1-5 year term at a 49.9% APR. The FCA describes these loans as "high cost". Buddy's slogan was: If you've got a good BUDDY, you can get a loan!" Advancis's last available … [Read more...]
There are some good 0% transfer deals in late 2021
Since 2017 the 0% balance transfer credit cards on offer have been getting slowly less good. And since coronavirus there aren't so many deals. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. But there are still some good deals around if you have a great credit record. How good a deal can you get? The interest-free period had … [Read more...]
Amigo now lets some people stop paying – the right of Equitable Set Off
Last week several readers were told they can stop paying Amigo while their complaint is outstanding, through Equitable Set Off. This is what I have been saying Amigo should do since last December when they announced their first, now rejected, Scheme of Arrangement. Amigo are trying to set up a second Scheme. But until now they have been insisting that people who have made a complaint have to … [Read more...]
How much must you earn to replace the £20 UC cut?
The government wants people to work more to replace the £20 Universal Credit (UC) cut coming up in October. If you would like a simple guide to UC, written by people who are "experts by experience", check out Universal Credit: A guide by claimants, for claimants. Many people would love to earn more but can't get the hours. Others can't work for health reasons or caring … [Read more...]
Amigo’s Scheme rejected – now looking at a new Scheme
UPDATES Amigo’s Scheme of Arrangement was rejected by the court in May after it was opposed by the FCA as unfair to customers and too generous to shareholders. See Court rejects Amigo Scheme for details. Amigo is working on a second Scheme but this is going very slowly. I have summarised the recent Amigo results (they now have PILES of cash) on 29 September in Amigo – no second Scheme before … [Read more...]
The 2021 IVA protocol – what has changed & will it stop mis-selling?
The IVA Protocol 2021 was published in April 2021. This replaces the old 2016 Protocol which should not be used for new IVAs after 1 August 2021. The terms of IVAs already in progress are not affected by the new version. The new Protocol aims to be easier to understand for people in debt - for example "debtor" has been replaced by "consumer" and it has been put into the typical "gov.uk … [Read more...]
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