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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.

Bank accounts for all sorts of bad credit problems, even bankruptcy

In 2016 the major UK banks all introduced new "basic bank accounts". One of the main aims was to widen bank account access to groups of people who have found it difficult or impossible to open an account: people who have gone bankrupt previously found it very hard to get a bank account; people in an IVA, DRO or debt management need to change bank accounts and have the overdraft on their … [Read more...]

November 20, 2021 Author: Sara Williams

ClearScore adopts the new Equifax credit scoring out of 1000

In mid November 2021, ClearScore has finally adopted the new 1000 Equifax credit scores. Equifax credit scoring changed in April 2021, when it switched to calculating scores out of 1000 - they used to be calculated out of 700. It also changed the bands used to describe your credit rating. Equifax didn't make an announcement about these changes. The Equifax Credit Report & Score was … [Read more...]

November 19, 2021 Author: Sara Williams Tagged With: Credit ratings, General news & policy

Amigo’s Scheme 1st scheme – the timetable that ended in rejection

UPDATE In May 2022, the new Amigo Scheme was approved by the court and went live. See  Amigo’s Scheme  for details about this. This page on the old Scheme is now no longer relevant. Please leave any comments and questions on that new page. The approval process for the first Scheme (this ended in rejection) On 30 March, the First Court Hearing gave the go-ahead for Amigo to organise the … [Read more...]

August 26, 2021 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

The 2021 IVA protocol – what has changed & will it stop mis-selling?

The IVA Protocol 2021 was published in April 2021. This replaces the old 2016 Protocol which should not be used for new IVAs after 1 August 2021. The terms of  IVAs already in progress are not affected by the new version. The new Protocol aims to be easier to understand for people in debt - for example "debtor" has been replaced by "consumer" and it has been put into the typical "gov.uk … [Read more...]

August 12, 2021 Author: Sara Williams Tagged With: For debt advisers, Insolvency news & policy

Court rejects Amigo Scheme of Arrangement

On 19 May 2021 the Sanction Hearing was held for Amigo's proposed Scheme of Arrangement. On 24 May, judgment was given and the Scheme was rejected. The Amigo Board says : The Board is reviewing all options including an Appeal. A further update will be given in due course. This article looks at the Scheme, the judgment and what may happen next. The proposed Scheme The Scheme was proposed by … [Read more...]

May 25, 2021 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

Sunny administration. 500,000 had missold loans, only 3% refunds paid

  Background to the Sunny administration Sunny went into administration on 29 June 2020. It was one of the largest UK payday lenders. It joined a long list of lenders who have collapsed in the last nine months: QuickQuid, Moneybox 247, Swift Sterling, Piggybank, Nextcredit, Peachy, Uncle Buck. Sunny’s payday lending model was unusual, often lending very small amounts but very … [Read more...]

May 18, 2021 Author: Sara Williams Tagged With: High cost credit news/policy

Provident closes its doorstep loan operation after 140 years

On 10 May 2021, Provident Financial Group (PFG) announced that it was closing its home credit operation, also known as doorstep lending. Doorstep lending has been at the heart of Provident's business for most of its 140-year history. Agents would visit customers at home, giving loans and collecting weekly repayments. Now Provident says: In light of the changing industry and regulatory … [Read more...]

May 10, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident

How to choose an IVA firm

Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]

May 2, 2021 Author: Sara Williams Tagged With: Insolvency news & policy, IVA

Provident’s Scheme to cut refunds – background & voting

UPDATE This article gives the background to the Provident Scheme to massively reduce the refunds it is paying, the scheme proposal and the voting arrangements. On 4 August 2021 the Scheme was approved in court. See Provident Scheme –  claim a refund for details of the scheme claims and payouts. In March 2021 Provident Financial Group (PFG) proposed a Scheme of Arrangement to reduce the … [Read more...]

April 22, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

No set off in a Scheme/Administration when debt had been sold?

In 2021, the Instant Cash Loans (ICL) Scheme Arrangement, Money Shop, Payday UK and Payday Express customers whose debts were sold to PRAC Financial (PRAC) have not been given set-off between their ICL redress and the loan they still owe. The same situation could occur with other Schemes of Arrangement and other debt collectors.  In 2022, it seems to have happened to some Provident loans that … [Read more...]

April 20, 2021 Author: Sara Williams Tagged With: High cost credit news/policy

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