This article relates to Amigo’s first Scheme, which was rejected in May 2021. Amigo's second scheme was approved in May 2022. See Amigo's Scheme for details. The good news is that Amigo has agreed to remove CCJs in the second scheme. The bad news is that it has retained the unfair "deductions for unpaid interest" which it is calling "reinstated interest". I asked Amigo about some details … [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.
Amigo’s 1st Scheme – key points to think about
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo's second Scheme for the latest news. On 25 January 2021 Amigo announced that it is proceeding with the next stage of its proposed Scheme of Arrangement and published the formal Practice Statement Letter (PSL) that describes the Scheme for the customers affected. This article looks at seven points … [Read more...]
Amigo – many customers may do better in Administration than a Scheme!
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo's second Scheme for the latest news. When Amigo announced it was proposing a Scheme of Arrangement in December, it said: Amigo continues to explore alternative options but it is likely the alternative options would result in those with Redress Claims receiving considerably lower amounts (if any at … [Read more...]
Amigo first Scheme – my estimated numbers don’t look good
This article relates to Amigo’s first Scheme, which was rejected in May 2021. See Amigo’s second Scheme for articles on the second Scheme. When Amigo announced it was seeking a Scheme of Arrangement on 21 December 2020, I said there were very few details and asked some questions. On 25 January more information about the Scheme was given. But there weren't any of the useful numbers I … [Read more...]
Amigo seeks refuge from refunds in a Scheme (December 2020)
UPDATES In May 2021 the court rejected the Amigo Scheme accepting the arguments of the FCA that it was not the fairest that could be proposed to customers. See Court rejects Amigo Scheme of Arrangement for details. In December 2021 Amigo published the proposals for its Second Scheme. See Amigo's new Scheme for the latest news. Amigo announced on 21 December 2020 that it is seeking … [Read more...]
Barclaycard send letters saying they raised credit limits too high
UPDATE in April 2021, Barclaycard has made another set of cuts to customers' credit limits. 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 … [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...]
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...]
Amigo won’t give complaint details in July 2020 & the board room bust up
This article summarises four articles: three that looked at how Amigo has reported to shareholders about complaint numbers in 2019 and early 2020 and one about the major Amigo board room and shareholder battles in 2020 Affordability complaints about guarantor loans First, as background, what are these complaints about? Although the existence of the guarantor gives Amigo additional comfort it … [Read more...]
Wageday Advance – administration completed in 2020
Summary of the administration Curo Transatlantic Limited (Curo) had two UK lending brands: Wageday Advance (WDA), a mid-sized payday lender; and Juo Loans, a small guarantor lender. Curo entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators. The Administrators … [Read more...]
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