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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.

StepChange IVAs – a mass variation to help with cost of living problems

UPDATE - Unfortunately this mass variation was not approved. But any StepChange clients who are having difficulty with their IVA payments should contact StepChange, who can look at what help can be provided for you. It is still possible to get individual IVAs changed, it was just the attempt to get all IVAs changed that was not agreed. Many people with IVAs are finding it difficult to … [Read more...]

November 25, 2022 Author: Sara Williams Tagged With: Insolvency news & policy

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...]

October 25, 2022 Author: Sara Williams Tagged With: For debt advisers, Insolvency news & policy

Car finance affordability – what you get if you win a complaint

Refunds for unaffordable credit are usually simple - you get a refund of interest paid and, if you still have the account, only have to repay what you borrowed with no added interest. And your credit record is cleaned. That is the basis for car finance affordability complaints too. But here there is an extra factor - what happens to the car? When you make a car finance payment, some of it is … [Read more...]

September 20, 2022 Author: Sara Williams Tagged With: cars

Morses Club – you can still make complaints (August 2022)

UPDATE - in November 2023 the Morses Scheme failed - see Morses Club goes under – in administration  for details In July 2022, Morses Club announced it was looking into a Scheme of Arrangement to cap affordability complaint refunds. At that point there was no mention of any change to its complaint handling, see my article Morses considers Scheme to cut refunds to customers. Morses … [Read more...]

August 22, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, morses

Ofgem says don’t cancel direct debits – but has no good alternatives

Ofgem says you shouldn't cancel the direct debit to your energy supplier. This is in response to the Don't Pay UK campaign, which is suggesting supporters cancel their energy direct debits on October 1st: It's simple: we are demanding a reduction of energy bills to an affordable level. Our leverage is that we will gather a million people to pledge not to pay if the government goes ahead with … [Read more...]

August 9, 2022 Author: Sara Williams Tagged With: energy crisis

Should you cancel your direct debit if you can’t pay your energy bill?

The situation in August 2022 The average UK household annual energy bill is now expected to jump 70% to £3,358 in October. Cornwall Insight predicts that in January 2023 there will be a further increase to about £3,600. That's almost treble what it was at the start of this year. The government's current help with energy bills, including £400 off everyone's electric bill this winter, and … [Read more...]

August 3, 2022 Author: Sara Williams Tagged With: energy crisis, Priority debts

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...]

July 25, 2022 Author: Sara Williams Tagged With: High cost credit news/policy

Morses considers Scheme to cut refunds to customers [July 2022]

UPDATE - in November 2023 the Morses Scheme failed - see Morses Club goes under – in administration  for details Comments are now closed on this old article. Britain's largest doorstep lender, Morses Club, announced in July 2022 that it was considering a plan to reduce its liability to pay compensation to customers mis-sold unaffordable loans. The announcement  of a possible Scheme of … [Read more...]

July 20, 2022 Author: Sara Williams Tagged With: morses, Schemes of Arrangement

July 2022 – SafetyNet Credit halts lending after FCA restrictions

UPDATE - In January 2023, Indigo Michael, who operates the SafetyNet Credit and Tappily lending brands, went into administration. See SafetyNet Credit goes into administration for a description of SafetyNet Credit's previous lending and what is expected to happen in the administration. This is bad news for customers hoping for a refund for unaffordable lending. The rest of this article is … [Read more...]

July 15, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, safetynet credit

Ofgem names energy firms who must improve their Direct Debit setting

Ofgem has been investigating how energy suppliers set customers' direct debits. The energy regulator has found: more than 7 million consumers on a Standard Variable Tariff (SVT) had their direct debits increased between February and April 2022; direct debits went up 62% on average; half a million households had an increase of more than 100%. Ofgem has told 6 energy suppliers to take … [Read more...]

July 13, 2022 Author: Sara Williams Tagged With: energy crisis

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