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...]
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 – 19 September 2021
I've been on holiday for a week (the Gower - fabulous beaches!) so what have I missed in this round-up? Leave a comment below! Tweet of the week Another Housing Secretary comes and goes without the Social Housing White Paper being brought into law. More than 4 years after Grenfell, we’ve had 4 ministers but still only promises to empower tenants, provide greater redress/regulation and … [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. Many people would love to earn more but can't get the hours. Others can't work for health reasons or caring responsibilities. But let's look at the situation for people who may be able to earn more. Usually, extra income reduces their UC because a taper of 63p in the £ is applied. … [Read more...]
Guarantor lender Buddy Loans goes into administration
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...]
Amigo’s Scheme rejected – now looking at a new Scheme
UPDATES Amigo’s Scheme of Arrangement was rejected by the court 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. The recent Amigo results don’t contain anything useful about what the next Scheme might look like. I can't see a new Scheme starting until late November at the … [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...]
Will the new Enforcement Conduct Authority bring bailiff reform?
In 2020, the Centre for Social Justice (CSJ) brought together the debt advice sector and the bailiff industry to form the Enforcement Oversight Working Group. This group has co-authored a report called Taking Control for Good - introducing the Enforcement Conduct Authority, published on 25 July by the CSJ. In place of the current system of bailiff self-regulation, the report recommends the … [Read more...]
Provident Scheme – the voting and approval process
UPDATE - the Scheme has now been approved by the court. See Provident Scheme – 4 million people can now claim a refund for how to make a claim and what will happen in the Scheme. Provident Financial Group (PFG proposed a Scheme of Arrangement to reduce the refunds it has to pay to customers given unaffordable loans through its Provident Personal Credit (PPC) subsidiary. There are … [Read more...]
Santander gives NOSIA refunds on some credit cards
UPDATE in August 2021 Barclaycard is sending out some letters saying "they have noticed a mistake was made with one or more statutory notices(s) in the past". That's very vague! But those too may well be the "NOSIA refunds" described in this article. In June 2021, Santander sent some credit card customers a letter saying they would be paid a refund because Santander had failed to send them … [Read more...]
Money Shop Scheme to pay 2nd small refund in December
A "Scheme of Arrangement" is in place for borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans. The ICL Scheme of Arrangement has paid the large majority of ICL customers who had a claim for unaffordable lending accepted in May and June 2021, see Money Shop, Payday UK / Express – Latest news for details. What happens next? A few people have not … [Read more...]
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