In 2018 Barclays started a major refund program to customers with overdrafts, loans or credit cards who had been charged interest when Barclays knew they were in financial difficulty. The Arrears assistance review page on Barclays website says: After a careful review, we found that from October 2013, we didn’t always provide the service we should have to some customers who were over their … [Read more...]
Debt policy & news
Debt Camel articles on what's changing and what ought to change in the world of personal debt in Britain.
For my weekly round-ups of debt and poverty news items, see Weekly News Summaries.
FCA will cap BrightHouse prices and interest from April 2019
The Financial Conduct Authority (FCA) has announced that it is introducing measures that will cap the cost of buying from BrightHouse, PerfectHome and other pay weekly shops from April 2019. This is very good news. It is not just a cap on the interest, where the FCA has imposed the same 100% cap that currently applies to payday lending. The FCA is also proposing controls over the prices … [Read more...]
Is Vanquis delaying ROP refunds to current customers to get more interest?
Vanquis was told by the FCA in February 2018 to refund £168million to customers. This was for the extra interest charged on its ROP product that people were not told about. It said it would refund existing customers within 90 days, then closed accounts within 180 days. But since then there have been huge delays and now Vanquis is refunding some closed account before the open … [Read more...]
0% balance transfer deals – not so good in late 2018
Balance transfer deals are less good than they used to be. 18 months ago you could have got a 43 month deal. Since then the trend has been down all the way - shorter 0% periods and often higher transfer fees as well. Now, in early December 2018, there are only 2 deals longer than 30 months - one 33 month deal and one 32 month deal. There is just one Why are the 0% offers now … [Read more...]
Cash Genie – administrators say not enough money to pay full refunds
On 2 November 2018, RSM wrote to creditors of Ariste Holdings, best known for its Cash Genie payday lender brand, saying that it was no longer solvent. As a result, customers expected a refund or compensation will no longer receive the full amount they are due. Background - Cash Genie was solvent when it stopped trading in 2016 In 2015 the FCA, which regulates payday lenders, ordered Cash Genie … [Read more...]
How the Wonga administrators will handle complaints & refunds- the Proposals
The Wonga Administrators sent a letter in late October to some of Wonga's creditors with their proposals to handle the administration. These include: background on the events before administration; how to decide the payday loan affordability complaints that have already been sent to Wonga; and how to encourage other customers to submit a complaint. These Proposals were agreed by a … [Read more...]
News snippets about high cost credit
This page brings together news items about various types of high-cost lending in Britain, including payday loans, guarantor loans, doorstep lending, logbook loans, rent to own and other forms of high-cost credit. The latest FCA High Cost Credit Review reports in June 2018 covered many of the different types of lending covered on this page (with the regrettable exceptions of guarantor loans and … [Read more...]
Wonga – Latest News on refunds (kept updated)
On 30 August, Wonga stopped lending and went into administration. At that date: there were over 200,000 people with current loans from Wonga - many of them may have a good case for the interest to be removed from their balance so they only repay what they borrowed; there were 24,000 affordability complaints awaiting a decision by Wonga and 9,500 complaints against Wonga with the Financial … [Read more...]
Letter from Wonga administrators – do you need to do anything?
The Wonga administrators sent a letter, with voting forms, last week to Wonga creditors. These creditors include some people who have made payday loan affordability complaints as they are owed money by Wonga. Customers who have commented on my Wonga Refunds - Latest news page have said things like It's very confusing or I can't make head or tail of it. And above all Do we need to do … [Read more...]
QuickQuid – misleading customers about loans over 6 years old
Mr X has received a reply from QuickQuid saying why it will not consider an affordability refund on payday loans that are more than six years old. This part of QuickQuid's reply isn't related to the details of Mr X's case. It looks like a standard response QuickQuid is sending everyone whose complaints include these older loans. I often see pretty poor replies from payday lenders to people … [Read more...]
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