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...]
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.
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 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...]
In November 2019, 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? In late October QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream, Myjar and Sunny as the largest … [Read more...]
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...]
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...]
In March 2019, the FCA identified complaint handling as a key component of its supervision of high cost credit lenders. From what I have seen since then the FCA supervision teams must be pretty busy! But in September 2019 there was a brand new excuse from a payday lender. "Your refund will be slower to be paid because of Brexit" All the refunds mentioned here have been awarded by the Finacial … [Read more...]
This is a guest post by Dr Joseph Spooner, Assistant Professor of Insolvency Law at the LSE and the author of Bankruptcy – the Case for Relief in an Economy of Debt. He had previously worked at the Law Reform Commission of Ireland, where his papers influenced the enactment of the Irish Personal Insolvency Act 2012. Systems for addressing difficulties of over-indebted households in England … [Read more...]
On 29 August 2019, Amigo published its financial results for the April-Jun 2019 quarter. I wanted to see how Amigo was going to refer to the very high percentage of complaints against it which have been upheld by the Financial Ombudsman - see 83% of guarantor loan cases won at Financial Ombusdman - and whether Amigo is making any changes because of this. The Amigo announcement Here are … [Read more...]
The Financial Conduct Authority (FCA) has recently started a Credit Information Market Study. In the consultation on its terms of reference, the FCA is asking: Do you consider that the credit information market is working well? I don't think it is. It has grown up over the years into a poorly understood, complex system which has many problems. It isn't working well for consumers or … [Read more...]