For many years Gregory Pennington (GP), part of the Financial Wellness Group (FWG), has charged its clients monthly fees for running Debt Management Plans (DMPs) But MaPS awarded Gregory Pennington a contract that began on 1 February 2023. And it can't charge fees for DMPs under this contract. StepChange, Payplan and CAP have always provided "fee-free" DMPs, where all a client's payments go … [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.
IVA mis-selling must stop – FCA finally acts to ban debt packagers
Many people have been mis-sold IVAs when they had a better (cheaper, quicker, less risky) debt option available. These other options were ignored or not properly described by some firms that should have given proper debt advice. IVAs are the only debt solution in England, Wales and Northern Ireland that generates large fees for the firms setting them up. These fees can distort debt advice given … [Read more...]
Has your debt with Hoist been sold to Lowell?
In September 2022, the debt collector Lowell bought Hoist's UK business, with over 2 million defaulted accounts. Most of these debts were loans, credit cards or overdrafts from lenders such as Barclays, Egg, HSBC, Newday and Santander. Lowell is moving over the Hoist accounts to its system. With so many accounts to be transferred, this is being done in batches. When yours is switched … [Read more...]
SafetyNet Credit goes into administration
UPDATE - in March 2024 the administrators announced they are no longer collecting any payments for the remaining loan balances. Also any more affordability complaints must made in the next few weeks. See SafetyNet & Tappily loans are written off for details. Indigo Michael Limited (IML) went into administration on 9 January 2023. It had two lending brands - SafetyNet Credit … [Read more...]
Personal Insolvency – the urgent need for change
The Insolvency Service issued a Call For Evidence (CfE) in July 2022, asking a wide range of questions about personal insolvency in England and Wales: The purpose of this document is to seek evidence that will help inform the Government on whether the current personal insolvency framework is still fit for purpose and, if not, what reforms are needed. The CfE started by saying: What should be … [Read more...]
The Money Platform takes payments for loans already repaid
Some Money Platform customers had a payment taken from their bank account unexpectedly and incorrectly on 22 July 2022. This is what one customer said: Shocking from The Money Platform. They’ve made a massive cock up and taken money out of peoples accounts on Friday for loans they had already paid in March. She wasn't the only one. This morning there were over 25 people saying similar things … [Read more...]
Provident Scheme is paying 4.2557p in the £
Quick overview Provident's Scheme of Arrangement is now in the final stages. The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident. The FCA, Provident's regulator, said it did not approve of the Scheme. But as Provident has stopped … [Read more...]
Guarantor lender TFS Loans goes into administration
UPDATE: FCA fines TFS £880,000. On 10 June 2022, the FCA announced: TFS Loans Ltd (in administration) has been fined £811,900 by the Financial Conduct Authority (FCA) in relation to deficient affordability checks on 3,150 guarantors in its consumer credit business. The FCA has also imposed a requirement on TFS to redress the guarantors that were harmed by the firm not conducting appropriate … [Read more...]
Vanguard, The IVA Adviser, QIS – all failed in 2022
Three large IVA firms failed in 2002: Vanguard Insolvency, which was wound up in May "in the public interest; The IVA Adviser, went into administration in August; QIS went into administration in November. Vanguard was closed after being investigated by the Insolvency Service On 13 May 2022, the Insolvency Service announced that Vanguard Insolvency had been wound up "in the public … [Read more...]
BrightHouse in administration – unlikely to be any money for refunds
UPDATE - in April 2022 the administrators said there was unlikely to be any money to pay any refunds to customers. See below. On 20 March 2020, BrightHouse went into administration. BrightHouse sold electrical appliances, furniture, computers and mobiles on hire purchase. Its customers made weekly payments, sometimes described as "rent-to-own". Some 172,000 people were buying an item from … [Read more...]
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