QuickQuid has told some customers that it plans to delete loan data over seven years old with effect from today, 15th April 2019. It says this is to comply with its legal obligations. QuickQuid has sent emails to the affected customers asking if they would like a copy of their data before it is deleted. It seems to me that this new policy is not in the customers' interest because it will … [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.
Wonga – the adminstrators’ report – March 2019
The Wonga Administrators’ six month progress report to end February 2019 was emailed to creditors on 27 March 2019. The creditors include the so-called "redress creditors". These are the customers who complained to Wonga saying they were given unaffordable payday loans. Collecting outstanding loans When Wonga went into administration, the Gross Loan Book totalled £77 million. So far … [Read more...]
How many Wonga victims are there? 10k, 40k? More!
In February, Nicky Morgan, who chairs the Treasury Committee, said: It cannot be right that over 10,000 people who may have been mis-sold loans are just cast aside, especially as many will be vulnerable consumers. The Wonga administrators replied, saying: The total number of redress claims is currently more than four times the number you referred to in your press statement on 26 February and we … [Read more...]
The FCA’s High Cost Credit supervision priorities
The FCA has published its Portfolio Strategy Letter to firms providing high cost lending. This was sent on 6 March to firms that provide: guarantor loans (eg Amigo) payday loans high-cost unsecured subprime loans home-collected credit (eg Provident) logbook loans pawn-broking rent-to-own (eg Brighthouse). This letter doesn’t cover overdrafts, subprime credit cards or … [Read more...]
Guarantor loans – open to financial abuse #IWD2019
Guarantor loans are wide open to financial abuse, where the guarantor is pressured into agreeing to the loan, often without full knowledge of the borrower's situation. This can take many forms, but today, for International Women's Day 2019, here are some recent comments from women who were bullied into agreeing to be the guarantor for their partner or their ex-partner. I was bullied … [Read more...]
A takeover bid for Provident (PFG) by much smaller NSF
Non Standard Finance (NSF) made a surprise bid for the much larger Provident Financial Group (PFG) in February 2019. The bid was eventually withdrawn by NSF in June 2019. Every debt adviser will be familiar with "the Provvy" but it's interesting to take a look at the two companies and their respective brands - they cover most sorts of high cost, bad credit lending in the UK. NSF's … [Read more...]
IVAs in 2018 – numbers jump and so do failure rates
On 29 January 2019 the Insolvency Service published two sets of statistics for 2018: Insolvency Statistics: October to December 2018 Individual Voluntary Arrangements: Outcome Status 1990 – 2017. Here are what I think are the three most interesting points. 1. IVA numbers again rose faster than bankruptcy & DROs In 2018 IVAs increased by 20%. Already the most common type of … [Read more...]
January 2019 – Wageday Advance proposes cutting the refunds it pays
Wageday Advance asks the FCA for a Scheme of Arrangement On 31 January 2019, Curo, the American parent of payday lender Wageday Advance (WDA) announced it is in talks with the FCA about a Scheme of Arrangement (SOA) for its redress liabilities in the UK. See Curo's statement in its end-of-year results. These liabilities are the payday loan refunds that WDA is having to pay to current and … [Read more...]
QuickQuid’s refusal to refund loans after 2015 is wrong
In 2018 and early 2019 QuickQuid was 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), … [Read more...]
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...]
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