On 28th January 2020, the Wonga administrators announced that they will be paying all unsecured creditors 4.3% of their agreed Claim. They stated: This is a first and final dividend totaling £23,090,071.32, representing 4.3p in £ on agreed creditor claims of £535,636,017.75. No further dividends are expected to be paid to the Company’s creditors. Most of the unsecured creditors are the c. … [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.
New “simpler” overdraft charges in 2020 are higher for 8 million people
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. Banks have to change their overdraft charging before April 2020. On 22nd January the last of the banks announced how they were changing their rates. And the FCA has now admitted that about 8 million people will be paying … [Read more...]
Debt Advice – 2019 did not go well – what will happen in 2020?
Many annual reviews say the year has gone by so fast. But it seems like a very long while since I wrote my review of Debt Advice in 2018. 2019 has been very difficult for debt advice. There have been few bright spots (apart from affordability complaints), a lot of delays to policy decisions being taken and an ever-worsening benefits environment for our clients. 2019 - what happened & … [Read more...]
QuickQuid – the Casheuronet administrators’ Proposals & Voting
The Administrators for Casheuronet LLC (CEU) have published their Proposals for how the administration should be handled. CEU went into administration on 25 October 2019. CEU is better known by its brand names: QuickQuid, Pounds To Pocket and Onstride, all major UK payday lenders. If you have a complaint against one of these payday lenders you may have been sent a copy of these Proposals and … [Read more...]
More payday lenders go under – was anything learned from Wonga?
In the last six weeks, Britain's largest payday lender, QuickQuid, went into administration followed by three smaller lenders: 247 Moneybox, PiggyBank and Swift Sterling. Have the lessons from Wonga's collapse last year been leaned? And how can regulators and debt advisers do better in future to protect borrowers, not just of payday loans but other sorts of high cost credit as well? My 6 … [Read more...]
Amigo’s half year results – the rising cost of paying refunds to customers
Amigo's half-year results for April-September 2019 show a big increase in complaint costs about its guarantor loans. The majority of these complaints are affordability complaints, by the borrower or by the guarantor. Here is the management presentation on the results. What Amigo says about complaints Here my thoughts on some of the points Amigo makes about complaints in the management … [Read more...]
Sunny concerned about lack of regulatory clarity – really?
Many people hoping for a payday loan refund from Sunny were watching for the third quarter results from Elevate, Sunny's US parent. Would Elevate decide to close Sunny, so they wouldn't get their refunds? Two weeks earlier QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream and Sunny as the largest payday lenders in … [Read more...]
QuickQuid goes into administration – what will happen
CashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. I will be talking about QuickQuid (QQ) rather than CashEuroNet as it is the more familiar name. Everything here also applies to loans from Cashruronet's other brands, Pounds To Pocket and On Stride. Grant Thornton has been appointed as … [Read more...]
Customers owed refunds to lose out as QuickQuid closes
UPDATE After a worrying day for customers, late in the afternoon of 25 October it was announced that CashEuroNet had gone into administration. See QuickQuid goes into administration – what will happen for the latest news and how this will affect you. That article will be kept update from now on. This one won't be. On 24 October, Enova, the American parent of CashEuroNet, announced it is … [Read more...]
Has Wonga offered you a low settlement? Is this a good offer!
People who still have a loan from Wonga that has been paid are getting emails with what sounds like a tempting offer: Loan settlement offer to restore your credit record. The offer details are: you only have to pay about 25% of the debt; the debt will be deleted from your credit record if you accept the offer; it says the offer is "time-limited" but doesn't give a date you have to … [Read more...]
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