Varden Nuttall, a mid-size Individual Voluntary Arrangement (IVA) firm, was placed into administration on 24 March 2016. The administrators discovered that £9million was missing from the client account and evidence of fraudulent practices by Philip Nuttall, one of the insolvency practitioners and a director of Varden Nuttall Limited, In October 2018, Philip Nuttall was found to be in … [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.
Why the FCA should ban the Compass debt advice model
In March 2016, the clients of Compass Debt Counsellors found out their debt management firm had gone into administration. Many people had thousands of pounds being held by Compass and may not get this money back. In This Compass points to Debt Misery, Legal Beagles points out: "This form of daylight robbery is hugely rewarding because no one ever seems to go to prison for such crime. If I … [Read more...]
IVAs – do you have to get a secured loan – a case story
A reader asked this in a comment, but it needs a whole article to tell the story properly: "We are currently 4.5 years into an IVA, we have got to raise £15,000 through remortgage. We have been told from the start to not worry as there is little to no chance of us being offered it, however we have been offered a £15,000 loan over 15 years and paying back £45,000. I can’t believe this is an … [Read more...]
Swift Sterling & Pounds Till Payday – refunds and complaints
Before December 2015 Swift Sterling, Pounds Till Payday and My Money Partner were trading names of Northway Financial Corporation Limited, a Maltese company. In 2016 these brand names were bought by a UK company called MMP which went into administration in December 2019. When were your loans? This affects who to complain to If your loans were before December 2015 Then you need to complain to … [Read more...]
Creditfix’s proposed PJG IVA variation (2014)
In October 2014, some people who had IVAs with PJG Recovery had their cases transferred to Creditfix. The people who have been transferred were told that nothing else would change in their IVA. Two months on in December 2014 however, they are being asked to agree to a variation in the terms of their IVA, including increasing the fees that Creditfix charge. Some people have expressed unhappiness … [Read more...]
New Insolvency Service guidelines on pensions
On 26 March 2015, the Insolvency Service published Undrawn pension entitlements: Summary of guidance for insolvency practitioners and debt advisors. With "pensions freedom" coming into force on 6th April 2015, the Insolvency Service's aim was to clarify the murky situation around bankruptcy and pensions. Further clarification then came with the Guidance Issued to Receivers and Guidance Issued to … [Read more...]
Do a million need payday loan compensation?
On 2nd October 2014 the Financial Conduct Authority (FCA) announced that Wonga had agreed to compensate an estimated 375,000 customers where Wonga's "affordability" checks are likely to have been inadequate. The common reactions were first that Wonga was being made an example of to warn other payday lenders and second that this was a huge number of refunds... But should many more people get … [Read more...]
Debt Camel is One – and it’s been a busy year!
On 12th September 2013, Debt Camel went live. This seems like a good time to reflect on how the first year has gone and look forward to the next year. Most read pages Apart from the Home page, the most read page was the main one explaining Bankruptcy – the big questions. I think I would have guessed that correctly if I had been asked on launch day! What I wouldn't have predicted were the next … [Read more...]
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