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...]
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.
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...]
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...]
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...]
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 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...]
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...]
Provident is paying 4.2557p in the £
Quick overview Provident's Scheme of Arrangement is now in the final stages. The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident. The FCA, Provident's regulator, said it did not approve of the Scheme. But as Provident has stopped … [Read more...]
Guarantor lender TFS Loans goes into administration
UPDATE: FCA fines TFS £880,000. On 10 June 2022, the FCA announced: TFS Loans Ltd (in administration) has been fined £811,900 by the Financial Conduct Authority (FCA) in relation to deficient affordability checks on 3,150 guarantors in its consumer credit business. The FCA has also imposed a requirement on TFS to redress the guarantors that were harmed by the firm not conducting appropriate … [Read more...]
Zable – a “credit builder” card to avoid [updated]
UPDATE - August 2023 - Zable hikes interest rates for some borrowers Some people have been told that Zable is increasing their interest rate from 38.9% to 48.9%. The customers were told the rate was being increased to reflect changes in Zable's assessment of their credit record. 48.9% is now the "representative rate" that Zable quotes - this makes it one of the most expensive credit … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- 6
- …
- 21
- Next Page »