The Financial Ombudsman (FOS) complaint statistics for April-Jun 2019 have just been published, see Product Complaints Data. For guarantor loans, FOS decided in favour of the consumer in 83% of cases. That is a dramatic increase from the uphold rate of only 32% for the previous financial year I have been saying for several months that almost all affordability complaints by both … [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.
And for my weekly round-ups of debt and poverty news items, see Weekly News Summaries.
Will the Money Shop really pay 80% of your payday loan refund?
UPDATE On September 13 ICL put an update on its website to say: Over the previous weeks, we have been refining how we will assess complaints made to us in the Scheme, and there have been some important developments, which might affect how much consumers might get in the Scheme. It has clarified how it will assess claims for refunds, accepting all loans over 6 years and more claims in general. … [Read more...]
UK credit records & scores – not fit for purpose!
The Financial Conduct Authority (FCA) has recently started a Credit Information Market Study. In the consultation on its terms of reference, the FCA is asking: Do you consider that the credit information market is working well? I don't think it is. It has grown up over the years into a poorly understood, complex system which has many problems. It isn't working well for consumers or … [Read more...]
Amigo – why the Ombudsman released a guarantor from a loan
The Financial Ombudsman (FOS) has recently published two important decisions about guarantor loans, one where a borrower complained and one where the guarantor complained. I have covered the borrower case here: Ombudsman – Amigo did not check properly that a borrower could afford the loan. This article looks at the FOS decision about the guarantor for a loan. I have selected points from the … [Read more...]
Ombudsman – Amigo did not check properly that a borrower could afford the loan
The Financial Ombudsman (FOS) has recently published its decision on Miss G's complaint against Amigo. This FOS decision criticised Amigo's inadequate assessment of Miss G's income and expenses. It said her poor credit record meant Amigo should have verified the figures, for example by looking at bank statements. So FOS ordered Amigo to refund all the interest and charges she paid, plus 8% … [Read more...]
Will new rules on overdraft fees help you? Will simpler mean lower?
In June 2019, the bank regulator, the FCA, announced its new rules about overdraft charges. It called these: the biggest shake-up to the overdraft market for a generation. The new rules come into effect from April 2020 - that's a long while to wait if you are currently paying very high overdraft fees. And how much effect will they actually have? Fees will be getting simpler The new rules … [Read more...]
Amigo guarantor loans – more refunds being paid!
In May 2019, adjudicators at the Financial Ombudsman (FOS) made several dozen decisions upholding affordabilty complaints by people with Amigo loans. So far as I know, Amigo has accepted all these decisions and has paid out refunds. These adjudicator decisions are not published by FOS but readers have sent me copies of them. This article has some extracts so you can see what FOS is looking at … [Read more...]
Credit card minimum payments – developments from 2000 to 2019
This is a guest post from The Money Charity, the UK's financial capability charity. If you would like to receive its monthly statistical report The Money Statistics, sign up here. This paper was written as background research for The Money Charity’s responses to the Financial Conduct Authority consultations on the short term credit market. As a reference document it may be of interest to … [Read more...]
SpeedyCash in administration – send affordability claims by end July 2019
SpeedyCash had several high-street stores which stopped lending in 2017. It was the trading name of SRC Transatlantic Limited which went into administration at the end of February 2019. SpeedyCash had c 183,000 former customers. If you borrowed from SpeedyCash, you may have a claim for unaffordable lending. An unaffordable loan is one you could not repay, or which you only repaid with … [Read more...]
Aperture – no longer taking new IVAs
Aperture has told many debt advisers it will not take referrals for Individual Voluntary Arrangements after the end of June 2019. The debt advice firms received an email saying: I write to inform you that Aperture Debt Solutions LLP has recently taken the decision to suspend our client acquisition strategy in the IVA sector; as such, we will be unable to deal with your client referrals with … [Read more...]
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