On 4 November 2020, KPMG, the Administrators of Elevate Credit International, started to email more than 500,000 Sunny customers who could get a refund for some of their borrowing. The Administrators have developed a Claims Calculator to work out which loans were likely to have been "unaffordable". If you get this email it is because they have decided some of your loans were … [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.
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...]
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...]
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...]
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...]
Major changes for thousands of customers with Aperture & Vanguard IVAs
In Autumn 2020 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. UPDATE: In February 2021 Jarvis rebranded and it now calls itself Debt Movement. Sale of Aperture's IVAs to Jarvis On 5 … [Read more...]
QuickQuid in administration – what is happening
It is now too late to submit a Claim for unaffordable lending. The last date was 14 February 2021. The Claims Portal remains open to allow people to update their bank account details. You cannot now submit a new Claim. 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 … [Read more...]
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...]
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 could only get six … [Read more...]
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...]
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