On 22 August 2017, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [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.
PPI claims after your IVA has finished
In March 2017, the Court of Appeal decision in the Green v Wright case was published: Mr Wright's IVA firm was allowed to collect PPI after his IVA ended, even though he hadn't consented to this before his completion certificate was issued. As questions about this continue to arrive, I thought it would be useful to summarise the current situation: what is clear and what is less clear. The … [Read more...]
Debt Clever – trying to profit from closing down?
The FCA says that over a hundred debt management firms who applied for authorisation have been refused or have withdrawn their application. In September 2016, Debt Clever became one of these firms. Some firms that are closing are looking for ways to continue to make money from their clients. This article looks at the approach that seems to have been adopted by Debt Clever. Background on Debt … [Read more...]
Pensions safe in bankruptcy after Appeal Court decision
Following an Appeal Court ruling on Horton vs Henry, published in October 2016, pensions are once again safe if you go bankrupt. The full judgment is here. The background to this case was: before 2000, pensions formed part of a bankrupt's estate and would be taken once the bankrupt reached pension age; the Welfare Reform and Pensions Act changed this. For people going bankrupt after … [Read more...]
IVA early exit loans – Perinta/Creditfix and Sprout/Aperture
Early IVA exit loans from Perinta offered in 2016 to Creditfix customers Some people have been told they can end their IVA by taking an "early exit loan" from Perinta Finance Ltd, via a broker called Just Lending. Creditfix is sending these emails, but the loan may be available to people in IVAs with other firms. Pearse Flynn, the CEO of Creditfix, used to be a director of Perinta, but no longer … [Read more...]
IVAs – do you have to get a secured loan – a case story
A reader asked this in a comment, but it needs a whole article to tell the story properly: "We are currently 4.5 years into an IVA, we have got to raise £15,000 through remortgage. We have been told from the start to not worry as there is little to no chance of us being offered it, however we have been offered a £15,000 loan over 15 years and paying back £45,000. I can’t believe this is an … [Read more...]
Do a million need payday loan compensation?
On 2nd October 2014 the Financial Conduct Authority (FCA) announced that Wonga had agreed to compensate an estimated 375,000 customers where Wonga's "affordability" checks are likely to have been inadequate. The common reactions were first that Wonga was being made an example of to warn other payday lenders and second that this was a huge number of refunds... But should many more people get … [Read more...]
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