Amigo is not taking proper care of its borrowers' personal information. Readers are reporting that their details are being sent to the wrong address, or have been so poorly packaged that they are arriving ripped open with some of the contents missing. Now once could be an accident, but I have five reports in five weeks. I am not seeing similar comments about other lenders. What information are … [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.
And for my weekly round-ups of debt and poverty news items, see Weekly News Summaries.
Update: on 26 February the FCA announced that Wageday Advance has gone into administration. See Wageday Advance (WDA) goes under – pre pack sale to Morses Club for details. Wageday Advance (WDA) is not giving its customer a Final Response to complaints within eight weeks. At the end of the eight weeks it is telling customers it needs another eight weeks to consider their … [Read more...]
Caroline Wayman, the Chief Ombudsman at the Financial Ombudsman Service (FOS) gave evidence to the House of Commons Treasury Select Committee on 22 January 2019: Here I am just picking out some remarks which are relevant to payday loan affordability complaints. Complaint numbers Wayman talked about "the unprecedented growth" in FOS complaints about payday lenders this year. This was … [Read more...]
For several months QuickQuid has been refusing to consider any affordability complaints about loans made after March 2015. First it rejects a refund on any of these recent loans when a customer complains. Here is an example of how QuickQuid even classifies these loans separately in its reply to a complaint: Then, when a customer takes the case to the Financial Ombudsman (FOS), QuickQuid … [Read more...]
At the end of 2017 I wrote: Persistent credit card debt and overdraft charges tackled, bailiffs brought under control, SFS being used by all creditors, and a breathing space that will actually work in practice – that would be a good 2018. That would have been an amazing 2018 - I would have been happy with just a couple of those. But it is disappointing that none of them were achieved this … [Read more...]
Have you had an email or a letter from Vanquis saying it is refunding you some money? In late 2018 tens of thousands of people are getting these refunds. Nice? Yes, but it may be too low... Some people are being given tens of pounds when I think they should get hundreds. And people getting hundreds should be getting thousands! There were no details of the refund in the email or letter … [Read more...]
Lending Stream has changed its complaints handling to make it harder for customers to make an affordability complaint and ask for a refund of the interest they have paid. Until recently you could send them a complaint email, as you still can to the other payday lenders. Now all emails to email@example.com or firstname.lastname@example.org bounce back. Instead, you have to complete … [Read more...]
In 2018 Barclays started a major refund program to customers with overdrafts, loans or credit cards who had been charged interest when Barclays knew they were in financial difficulty. The Arrears assistance review page on Barclays website says: After a careful review, we found that from October 2013, we didn’t always provide the service we should have to some customers who were over their … [Read more...]
The Financial Conduct Authority (FCA) is capping the cost of buying from BrightHouse, PerfectHome and other pay weekly shops from April 2019. This is very good news. It is not just a cap on the interest, where the FCA has imposed the same 100% cap that currently applies to payday lending. The FCA is also proposing controls over the prices of the goods the shops are allowed to charge. … [Read more...]
On 2 November 2018, RSM wrote to creditors of Ariste Holdings, best known for its Cash Genie payday lender brand, saying that it was no longer solvent. As a result, customers expected a refund or compensation will no longer receive the full amount they are due. Background - Cash Genie was solvent when it stopped trading in 2016 In 2015 the FCA, which regulates payday lenders, ordered Cash Genie … [Read more...]