Councils are using bailiffs more frequently to collect council tax arrears, parking tickets and other debts. Money Advice Trust has collected figures from councils across the country that show: councils referred 2.3 million debts to bailiffs in 2016/7 this is an increase of 14% on 2 years ago and c. 30% on 4 years ago. You can see individual council details using the map … [Read more...]
Debt news and policy
Debt Camel articles on what's happening in the world of personal debt in Britain.
For my collections of other news items, please see Weekly News Summaries.
The interest rate rise of a quarter of a per cent on November 2nd doesn't sound like much. But will it affect you? And what if rates go up again - what can you do to protect yourself? This is new territory for most people in their 20s who will never have seen an interest rate rise. The first rate rise for 10 years Bank of England base rates remained unchanged at 0.5% from March 2009 until August … [Read more...]
BrightHouse, the pay weekly store which charges high prices and very high interest rates, is being made to refund £14.8 million to customers by its regulator, the FCA. BrightHouse prices are often extremely high and the charges for insurance and interest make the total cost paid massively more than what a similar item in a normal shop would cost - as my "improvement" to BrightHouse's current … [Read more...]
Payday UK has stopped offering loans online or over the phone according to its website. They are one of the oldest and largest payday lenders in Britain. Payday UK is a brand name of Instant Cash Loans Ltd. The other online lending brands in the group, Payday Express and Ladder Loans, have also withdrawn from the market. The group's Money Shop business is unaffected, as are their smaller … [Read more...]
A creditor has to send a Letter Before Claim before they take you to court for a debt in England, Wales and Northern Ireland. This letter may be headed something like Letter Before Action or Notice of Pending Legal Action. This letter is part of new rules - the Pre Action Protocol for Debt Claims - that started on 1st October 2017. Here is National Debtline's factsheet on this new debt … [Read more...]
On September 13th, the FCA wrote a "Dear CEO" letter to all consumer credit firms that it authorises saying that they had reviewed complaints handling at a range of firms and found material non-compliance and other concerning practices. The letter details these problems and ends by saying that the FCA expects firms to: review how your firm identifies, records, and deals with complaints as … [Read more...]
Many people are making affordability complaints about payday loans, asking the lender to refund interest. Most lenders are refusing to look at any refunds for payday loans that were taken out more than six years ago, saying the Financial Ombudsman Service (FOS) will not consider these cases. But this isn't correct! This article looks at the current situation and the implications for your … [Read more...]
On 29th August 2017, the FCA launched its PPI advertising campaign. This features an animatronic Arnold Schwarzenegger head telling you to make a decision about claiming PPI, because a deadline is being introduced in August 2019. The FCA has also published some pages of information on the PPI claims process. Complain before 29th August 2019 Two years may sound a long way off and you may be … [Read more...]
Vanquis Bank's Repayment Option Plan (ROP) for its credit cards is being investigated by the regulator, the Financial Conduct Authority (FCA). This was announced by Provident, who own Vanquis, on 22nd August 2017. If you currently have this, should you cancel it? And can you claim a refund? October 2017 update - after this article was written in late August, the results of the first few … [Read more...]
On 22nd August, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [Read more...]