Non-Standard Finance group (NSF) proposed a Scheme of Arrangement in March 2023: Launch of Scheme. This Scheme has now been voted on and approved by the Court on 22 June 2023. NSF has written to all affected customers. Everyday Lending Ltd has three brands: Everyday Loans (lending from its high street shops) and George Banco and Trust Two (two guarantor lenders). All customers with loans … [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.
Are you still paying fees on an old Gregory Pennington DMP?
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...]
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...]
Amigo to close & Scheme goes into Fallback – implications for customers
August 2023 - the first "UPHOLD" decisions are being received. Comments on this article are now closed. Please see the comments below the main Amigo Claims page to see what is happening. On 23 March 2023 Amigo announced that it has been unable to raise the equity it needed to continue in business. This means that the Scheme of Arrangement currently underway will change into the … [Read more...]
Klarna starts charging late fees and claims this will benefit customers
Klarna is going to charge fees to customers in the UK that miss payments. From the mid March 2023, these will be: £5 a late fee; no more than two late fees will be charged on an order; late fees cannot total more than 25% of the value of an order. This is a major shift for Klarna, who has so far charged late fees in other countries but not in the UK. Clearpay and Laybuy charge £6 … [Read more...]
SafetyNet Credit goes into administration
Indigo Michael Limited (IML) went into administration on 9 January 2023. It had two lending brands - SafetyNet Credit (SNC) and the much smaller Tappily. In this article, I just talk about SNC but this all applies to Tappily too. I'll start with the background - how SNC lending worked; why they have been losing so many cases at the Financial Ombudsman (FOS); and the recent restrictions that the … [Read more...]
The FCA consults on supporting mortgage borrowers
On 7 December 2022, the FCA issued a consultation on Guidance for firms supporting their existing mortgage borrowers impacted by the rising cost of living. FCA consultations are normally lengthy, but here the FCA said: To ensure we can act quickly to enable firms to help consumers, we are consulting on this guidance over the next 10 working days. This is the sort of short deadline the FCA … [Read more...]
The new DRO hubs start in February – how will they work?
MaPS announced in November that it had signed contracts for debt services that will be effective from 1 February 2023. The two contracts for Debt Relief Order (DRO) hubs have been awarded to: Citizens Advice; and Gregory Pennington. There is a lot of uncertainty in the debt advice community about how these new DRO hubs will work in practice. With less than two months before they start, … [Read more...]
QIS is the second large IVA firm to go under in 2022
Quality Insolvency Services (QIS) went into administration on 23 November 2022. They are one of the larger IVA firms. It is estimated that there may be about 13,500 IVAs currently in progress at QIS and they were 5th in the Insolvency Service's table of IVAs registered in 2021: 1 Creditfix 17,758 21.90% 2 The Insolvency Group 10,962 13.5% 3 Hanover … [Read more...]
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