For several months QuickQuid has been refusing to consider any affordability complaints about loans made after March 2015. First it rejects a refund on any of these recent loans when a customer complains. Here is an example of how QuickQuid even classifies these loans separately in its reply to a complaint: Then, when a customer takes the case to the Financial Ombudsman (FOS), QuickQuid … [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.
Debt advice in 2018 – my round up of the year
At the end of 2017 I wrote: Persistent credit card debt and overdraft charges tackled, bailiffs brought under control, SFS being used by all creditors, and a breathing space that will actually work in practice – that would be a good 2018. That would have been an amazing 2018 - I would have been happy with just a couple of those. But it is disappointing that none of them were achieved this … [Read more...]
Is your refund from Vanquis right? It’s probably too small!
Have you had an email or a letter from Vanquis saying it is refunding you some money? In late 2018 tens of thousands of people are getting these refunds. Nice? Yes, but it may be too low... Some people are being given tens of pounds when I think they should get hundreds. And people getting hundreds should be getting thousands! There were no details of the refund in the email or letter … [Read more...]
Lending Stream stops customers complaining by email
Lending Stream has changed its complaints handling to make it harder for customers to make an affordability complaint and ask for a refund of the interest they have paid. Until recently you could send them a complaint email, as you still can to the other payday lenders. Now all emails to complaints@lendingstream.co.uk or payments@lendingstream.co.uk bounce back. Instead, you have to complete … [Read more...]
Barclays & Barclaycard refund thousands of customers in arrears
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...]
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 great in 2019 but still good!
Balance transfer deals are less good than they used to be. In May 2017 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, at the start of 2019, the two longest deals available are a 32 month deal at 2% fee and a 30 month deal at a 3% fee. Why are the 0% offers now worse? There are two … [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...]
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