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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.

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, ICL & the Money Shop

Barclaycard – more big cuts to credit limits in 2021

In April 2021, Barclaycard is cutting a lot of customers' credit limits. Some of the reductions are dramatic. Here is what one Debt Camel reader said: Today I received a letter from Barclaycard informing me my credit limit is being reduced from £5,000 to £250 in 1 months time. My balance is zero and has been for several months. Not very happy about this as it’s there for emergencies etc and … [Read more...]

April 14, 2021 Author: Sara Williams Tagged With: Barclays, credit cards

Will Amigo’s Scheme reject too many claims?

This article relates to Amigo's first Scheme, which was rejected in May 2021. In December, Amigo published details of its proposed new Scheme. See Amigo's new Scheme for the latest news. Surprise, surprise, the new Scheme also gives no details about how many claims may be upheld. In 24 March 2021, Amigo announced some feedback from the Financial Conduct Authority (FCA) on its proposed … [Read more...]

March 31, 2021 Author: Sara Williams Tagged With: Amigo, Schemes of Arrangement

Amigo should end unpaid interest deductions and remove CCJs

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...]

March 27, 2021 Author: Sara Williams Tagged With: Amigo

Provident’s Scheme – will customers get less than 2% ?

Provident is proposing a Scheme of Arrangement to limit the refunds it has to pay to customers making affordability complaints about provident doorstep lending and Satsuma payday loans. UPDATE the Scheme was approved in August 2021. See Provident's Refund Scheme for how it works and how a customer can make a claim The £50m the company is putting up to pay refunds is not nearly enough to pay … [Read more...]

March 17, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

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...]

February 2, 2021 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

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...]

January 24, 2021 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

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