A "Scheme of Arrangement" is in place for borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans. The ICL Scheme of Arrangement has paid the large majority of ICL customers who had a claim for unaffordable lending accepted in May and June 2021, see Money Shop, Payday UK / Express – Latest news for details. What happens next? A few people have not … [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.
I write a weekly round-up of debt and poverty news on Sundays. There are only kept for a month or two, see Weekly News Summaries.
Amigo – what is happening with “Scheme 2.0”?
It is now three weeks since Amigo's proposed Scheme of Arrangement was rejected by the court. The FCA told the court the Scheme was not fair to customers, a more fair Scheme could be proposed and it didn't think Amigo would go into administration immediately. The judge concluded by saying: The FCA expects the directors to continue to explore and promote a restructuring which fairly allocates the … [Read more...]
Equifax changes credit scores on the quiet
Equifax used to calculate credit scores for consumers out of 700. But in April 2021 it switched to calculating scores out of 1000 and has changed the bands used to describe your credit rating. Oddly Equifax hasn't made an announcement about these changes. The Equifax Credit Report & Score has been updated but hardly anyone uses that. Most people see their Equifax score using the … [Read more...]
Court rejects Amigo Scheme of Arrangement
On 19 May 2021 the Sanction Hearing was held for Amigo's proposed Scheme of Arrangement. On 24 May, judgment was given and the Scheme was rejected. The Amigo Board says : The Board is reviewing all options including an Appeal. A further update will be given in due course. This article looks at the Scheme, the judgment and what may happen next. The proposed Scheme The Scheme was proposed by … [Read more...]
Sunny customers owed refunds paid at 3.21p in the £
On 28 May 2021, the KPMG administrators announced they will be paying 3.21p in the pound to c 40,000 people who submitted a claim for unaffordable loans. All 500,000 customers with mis-sold loans should have had their credit records repaired, see below. 40,000 people is a low number as the administrators calculated that more than half a million were mis-sold loans. Many people may not have … [Read more...]
Good news – higher DRO limits from end June 2021!
UPDATE 10 May 2021 The Insolvency Service has announced the new limits that will be introduced for Debt Relief Orders (DROs) from 29 June 2021. These are: the total debt allowable in a DRO goes up from £20,000 to £30,000. the level of "surplus income" after paying your bills and everyday expenses has been increased from £50 to £75 per month. an increase in the general assets you … [Read more...]
Provident closes its doorstep loan operation after 140 years
On 10 May 2021, Provident Financial Group (PFG) announced that it was closing its home credit operation, also known as doorstep lending. Doorstep lending has been at the heart of Provident's business for most of its 140-year history. Agents would visit customers at home, giving loans and collecting weekly repayments. Now Provident says: In light of the changing industry and regulatory … [Read more...]
The ICL / Money Shop Scheme – customers paid 4.3% in June
UPDATE A few people have not been paid by the end of June. And everyone will receive a second, much smaller payment in December 2021. See Money Shop Scheme to pay 2nd small refund for details. A "Scheme of Arrangement" is in place for borrowers from the Money Shop, Payday UK or Payday Express who were given unaffordable loans. Background to the Scheme Failure to assess affordability … [Read more...]
How to choose an IVA firm
Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]
StepChange redundancies & the funding of debt advice
On 22 April 2021, StepChange announced that it was proposing to cut its staff by 10%. It has started the process of consultations about 140-17o redundancies. To many people this will sound bizarre. In October 2020, the Financial Conduct Authority (FCA) found that 20 million people have seen their financial situation worsen because of Covid-19 and 7.7million people saw it worsen a lot. The FCA … [Read more...]
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