For more than two years the 0% balance transfer credit cards on offer have been getting slowly less good. And there aren't so many, so they are also harder to get. This steady decline has not got a lot worse because of Coronavirus. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. Banks are offering a lot fewer deals Two years … [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.
And for my weekly round-ups of debt and poverty news items, see Weekly News Summaries.
Coronavirus & the reform of Personal Insolvency in England
This article builds on the arguments I put forward in Coronavirus – how the debt advice sector should be planning, looking at one area that needs to be tackled urgently - personal insolvency. Coronavirus will cause a large increase in the numbers of people who should choose insolvency over the next couple of years. I am not trying to predict how many, but it is likely to be large enough to … [Read more...]
Wageday Advance – payments of 5.68p in the £ are about to start
UPDATE On 20 May 2020 the Administrators announced: everyone will get 5.68p in the £. people should get an email sent today “or shortly afterwards” saying their dividend payment has been made. payments are being made to the bank accounts they currently have on file. It is too late to change this account. if you get this email but no payment is received within 7 days, you need to … [Read more...]
Coronavirus – how the debt advice sector should be planning
As lockdown is gradually phased out and furlough payments eventually stop, many people will not be able to return to their pre-Coronavirus situation of being able to manage their debts and bills. Now is the time the debt advice sector should be considering how to prepare for the large demand it may face and what may need to change. We don't know how many people will have problems We don't … [Read more...]
Coronavirus – help with loans, credit cards and other debts
A wide range of help across a broad range of consumer debts is being put into place. "Consumer debts" are things like loans, credit cards, car finance, overdrafts and mortgages. They are all regulated by the FCA. This page doesn't cover government debts or utilities - see Coronovirus - can't pay bills and debts for what is happening with those. On April 14 the FCA introduced a set of … [Read more...]
Coronavirus – how mortgage payment holidays work
All mortgage lenders will provide a three-month mortgage payment holiday for borrowers affected by coronavirus. By April 14th, 1.2 million people had asked for a payment holiday - that's one in nine homeowners. If you are can't manage the mortgage because Coronavirus has hit your household finances, how can you claim and how will it work? Who is eligible for a mortgage payment … [Read more...]
Board room bust-up at Amigo
UPDATE On 28 April 2020, James Benamor published another blog that called for the removal of the entire Amigo board. saying: Today, I have requested a shareholder vote to be held as soon as possible on the subject of removal of the current board. This vote will obviously take place remotely. And he also proposes his nominations for CEO and Chair, saying: A key responsibilities of the new … [Read more...]
Coronavirus & payday loans – 1 month break with no interest
A different approach for payday loans On 24 April the FCA published its guidance for payday lenders on customers with Coronavirus difficulties. With other types of credit, customers can have three month payment breaks but interest continues to be added during these breaks. This applies to mortgages, unsecured loans and credit cards, and car finance. But the FCA has taken a very different … [Read more...]
COVID-19, financial decisions & those tricky exponential numbers
This is a guest post by David Steele, Policy and Research Manager at The Money Charity (currently furloughed). He was previously Policy Manager Financial Services for Age UK and Head of the Research and Statistics Unit at the UK Film Council. This blog is written in David’s personal capacity and does not necessarily represent the views of his current employer. With the Sunday … [Read more...]
Coronavirus – new rules to help people in IVAs
On April 17, the Insolvency Service published Coronavirus (COVID-19) Guidance for the Straightforward Consumer IVA Protocol. This guidance allows for greater flexibility to be applied to IVAs where the borrower has problems because of Coronavirus. An IVA firm can always go back to your creditors and ask them to approve changes to your IVA. This is called "a variation" but it can be a slow … [Read more...]
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