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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.

Why all coronavirus payment breaks should be extended

UPDATE: On 2 November the FCA said it WILL be proposing further extensions for other types of consumer credit - that if you haven't had a break so far, you can get a 6 month break and if you have had a 3 months break since July, you can have another 3 months. On 31 October, after the Prime Minister had announced a month national lockdown, the FCA issued a statement: we will propose that … [Read more...]

November 1, 2020 Author: Sara Williams Tagged With: coronavirus

Barclaycard send letters saying they raised credit limits too high

In July 2020 Barclaycard sent out letters to some customers saying their credit limit may have been set too high. They say: We've recently reviewed the way we set some of our customers' credit limits and can see that the limit we gave you previously may have been higher than it should have been at that time. We are sorry this happened and recognise that this may have had an impact on your … [Read more...]

October 30, 2020 Author: Sara Williams Tagged With: credit cards

Board room bust-up at Amigo

March 2020 On 4 March 2020 the founder and majority shareholder of Amigo, James Benamor, resigned from the board which he had only rejoined in December and published a blog saying that the company was: committing slow motion suicide. Benamor said the board needed to choose between challenging recent FOS decisions on affordability complaints in court by Judicial Review or accept that "almost all … [Read more...]

September 29, 2020 Author: Sara Williams Tagged With: Amigo

FCA to look into unregulated credit such as Klarna & Wagestream

On 16 September, the Financial Conduct Authority (FCA) announced a review into unsecured credit market regulation. This will be chaired by Christopher Woolard, the outgoing interim Chief Executive, which suggests how seriously the FCA sees this subject. The FCA says: The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into … [Read more...]

September 17, 2020 Author: Sara Williams Tagged With: General news & policy

Major changes for thousands of customers with Aperture & Vanguard IVAs

Two of the largest IVA firms have recently announced the latest in a long line of customer transfers within the industry: all Aperture's open IVAs have been sold to Jarvis Insolvency; and Vanguard's open IVAs will be administered by Ebenegate. Sale of Aperture's IVAs to Jarvis On 5 September 2020 Jarvis Insolvency announced: Jarvis Insolvency have recently taken over your IVA from … [Read more...]

September 6, 2020 Author: Sara Williams Tagged With: Insolvency news & policy, IVA

QuickQuid in administration – what is happening

QuickQuid goes into administration

UPDATE - the emails from QQ on 5/6 November were sent in error. Many people were worried these were a scam as the wording was odd, contradictory and often simply wrong. They weren't a scam - but they were very wrong and sending them was a mistake. QQ are now sending more emails saying: You may have received one or more unexpected emails from us on 5 November 2020 relating to the assessment of … [Read more...]

September 4, 2020 Author: Sara Williams Tagged With: High cost credit news/policy, Payday loans, QuickQuid

Kerrigan v Elevate Credit – an “unfair relationship”

The judgment in the Kerrigan & others v Elevate Credit International Ltd was published on 5 August 2020. Elevate Credit International was a large UK payday lender, trading as Sunny. Kerrigan and the other eleven claimants were Sunny customers who had made affordability complaints to Sunny through a claims company. The claims company brought the case and selected six claimants; Sunny … [Read more...]

August 13, 2020 Author: Sara Williams Tagged With: High cost credit news/policy

SMI needs to be reformed now most people can’t have more payment breaks

Support for mortgage interest (SMI) provides help to people on benefits with part of the cost of paying a mortgage. Most homeowners whose household finances have been affected by Coronavirus have taken mortgage payment breaks. This has avoided problems with mortgage arrears and people haven't had to think about how they could get help with their mortgage costs. But people can only get six … [Read more...]

July 28, 2020 Author: Sara Williams Tagged With: coronavirus, Mortgages, SMI

Amigo won’t give details about how many complaints it has in July 2020

On 20 July 2020 Amigo published its results for the year ending 31 March 2020. The financial headlines: Amigo made a loss after tax for 2019-20 of £27.2m. For the previous year this had been a profit of £88.6m; no guidance on financial performance for 2020-21 was given because it is too early to assess the impact of Covid-19; it had cash in the bank of over £135m at 30 June … [Read more...]

July 20, 2020 Author: Sara Williams Tagged With: Amigo

Covid-19 – you can have up to 6 months of mortgage breaks

UPDATE  The first set of two three-month mortgage payment breaks ended at the end of October 2020. But the FCA later changed the rules so everyone can have a total of 6 months pf payment breaks. If you have already had 6 months mortgage payment break, this will not help you. See When mortgage payment breaks end, can you pay your mortgage? for what support your lender now has to give … [Read more...]

June 30, 2020 Author: Sara Williams Tagged With: coronavirus, Mortgages

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Recent articles

Latest news round-up:  January 17th

  • Is Amigo allowed to delay paying refunds? Does it have a DISP waiver?
  • Lessons from Amigo – FOS complaint handling needs to be faster
  • Amigo’s Scheme – who’s next? Implications for the bad credit market

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