In November 2020, the FCA has changed the rules about Coronavirus payment breaks. You can now have 6 months of payments breaks from a mortgage, car finance, most loans, all credit cards and catalogues. If you have had 6 months already for a debt you won't be able to get more from that lender. More than four million of these payments breaks have been taken up until the end of October. And … [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.
3 month car finance payment breaks because of Coronavirus
In April 2020, the Financial Conduct Authority (FCA ) set out new rules for car finance lenders on how they should respond to customers who are affected by coronavirus. It followed the general "three-month payment breaks" approach used for other credit from mortgages to credit cards. In July, the FCA these rules were extended to allow for a first or second payment break to be taken up until … [Read more...]
500,000 Sunny customers owed refunds will get little or nothing
Have you had an email from the Sunny Administrators? On 4 November 2020, KPMG, the Administrators of Elevate Credit International, are starting to email more than 500,000 Sunny customers who could get a refund for some of their borrowing. The Administrators have developed a Claims Calculator to work out which loans were likely to have been "unaffordable". If you get this email it is … [Read more...]
Why all coronavirus payment breaks should be extended
UPDATE: On 2 November the FCA said it WILL be proposing further extensions for other types of consumer credit - that if you haven't had a break so far, you can get a 6 month break and if you have had a 3 months break since July, you can have another 3 months. On 31 October, after the Prime Minister had announced a month national lockdown, the FCA issued a statement: we will propose that … [Read more...]
Barclaycard send letters saying they raised credit limits too high
In July 2020 Barclaycard sent out letters to some customers saying their credit limit may have been set too high. They say: We've recently reviewed the way we set some of our customers' credit limits and can see that the limit we gave you previously may have been higher than it should have been at that time. We are sorry this happened and recognise that this may have had an impact on your … [Read more...]
Board room bust-up at Amigo
March 2020 On 4 March 2020 the founder and majority shareholder of Amigo, James Benamor, resigned from the board which he had only rejoined in December and published a blog saying that the company was: committing slow motion suicide. Benamor said the board needed to choose between challenging recent FOS decisions on affordability complaints in court by Judicial Review or accept that "almost all … [Read more...]
FCA to look into unregulated credit such as Klarna & Wagestream
On 16 September, the Financial Conduct Authority (FCA) announced a review into unsecured credit market regulation. This will be chaired by Christopher Woolard, the outgoing interim Chief Executive, which suggests how seriously the FCA sees this subject. The FCA says: The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into … [Read more...]
Major changes for thousands of customers with Aperture & Vanguard IVAs
Two of the largest IVA firms have recently announced the latest in a long line of customer transfers within the industry: all Aperture's open IVAs have been sold to Jarvis Insolvency; and Vanguard's open IVAs will be administered by Ebenegate. Sale of Aperture's IVAs to Jarvis On 5 September 2020 Jarvis Insolvency announced: Jarvis Insolvency have recently taken over your IVA from … [Read more...]
QuickQuid in administration – what is happening
UPDATE - the emails from QQ on 5/6 November were sent in error. Many people were worried these were a scam as the wording was odd, contradictory and often simply wrong. They weren't a scam - but they were very wrong and sending them was a mistake. QQ are now sending more emails saying: You may have received one or more unexpected emails from us on 5 November 2020 relating to the assessment of … [Read more...]
Kerrigan v Elevate Credit – an “unfair relationship”
The judgment in the Kerrigan & others v Elevate Credit International Ltd was published on 5 August 2020. Elevate Credit International was a large UK payday lender, trading as Sunny. Kerrigan and the other eleven claimants were Sunny customers who had made affordability complaints to Sunny through a claims company. The claims company brought the case and selected six claimants; Sunny … [Read more...]
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