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...]
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.
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...]
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...]
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...]
QuickQuid goes into administration – what will happen
UPDATE - the Claims Portal is now live. CashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. I will be talking about QuickQuid (QQ) rather than CashEuroNet as it is the more familiar name. Everything here also applies to loans from Cashruronet's other brands, Pounds To Pocket and On … [Read more...]
Now is the time to reform SMI – before mortgage breaks end
Support for mortgage interest (SMI) provides help to people on benefits with part of the cost of paying a mortgage. Most homeowners whose household finances have been affected by Coronavirus have taken mortgage payment breaks. This has avoided problems with mortgage arrears and people haven't had to think about how they could get help with their mortgage costs. But mortgage payment breaks … [Read more...]
Coronavirus – what to do if you can’t pay bills & debts
This article looks at what you can do if you think your bills and debt repayments are becoming unmanageable because of coronavirus. If your income has fallen, or someone else in your house has been affected so you are having to pay more of the bills they used to help with, there are practical steps you can take. Why your income may fall You may be affected directly by the virus if you get … [Read more...]
Amigo won’t give details about how many complaints it has
On 20 July 2020 Amigo published its results for the year ending 31 March 2020. The financial headlines: Amigo made a loss after tax for 2019-20 of £27.2m. For the previous year this had been a profit of £88.6m; no guidance on financial performance for 2020-21 was given because it is too early to assess the impact of Covid-19; it had cash in the bank of over £135m at 30 June … [Read more...]
Coronavirus – help with loans, credit cards and other debts
Lenders have to offer you help if your household finances have problems because of Coronavirus. This article looks at the help you can get for loans, credit cards, car finance, overdrafts and mortgages. They are all regulated by the FCA. It gives an overview and has links to more detailed articles. It doesn't cover government debts, utilities or rent - see Coronovirus - can't pay bills for … [Read more...]
Covid-19 – you can now get a second 3 month mortgage payment break
All mortgage lenders will provide a three-month mortgage payment holiday for borrowers whose household finances are affected by coronavirus. By May 2020, 1.8 million people had taken a mortgage payment holiday. If you have already had one and your finances are still affected, you can now ask for a further three months. Ask your lender for a payment holiday You have to ask your lender for … [Read more...]
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