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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.

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 customers owed refunds paid at 3.21p in the £

On 28 May 2021, the KPMG administrators announced they will be paying 3.21p in the pound to c 40,000 people who submitted a claim for unaffordable loans. All 500,000 customers with mis-sold loans should have had their credit records repaired, see below. 40,000 people is a low number as the administrators calculated that more than half a million were mis-sold loans. Many people may not have … [Read more...]

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

Money Shop Scheme starts paying out – customers will get 4.31%

I have asked Instant Cash Loans (ICL) what percentage rate will be paid in the ICL Scheme of Arrangement and when customers will be paid. I am told the Scheme will be paying 4.3p in the £ to customers who are due a refund. Some payments are starting this week, they are expected to complete by the end of June 2021. UPDATE - ICL have now officially said it will be 4.31% Which customers … [Read more...]

May 18, 2021 Author: Sara Williams

Good news – higher DRO limits from end June 2021!

UPDATE 2024 In the budget in March 2024, new changes to DRO limits and an abolition of the DRO fee were announced. These increase the total allowable debt in a DRO further to £50,000 and double the increases in the value of a car allowed to £4,000. The full DRO eligibility criteria are set out in What is a DRO UPDATE 10 May 2021 The Insolvency Service has announced the new limits that … [Read more...]

May 10, 2021 Author: Sara Williams Tagged With: DRO, For debt advisers, 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

StepChange redundancies & the funding of debt advice

On 22 April 2021, StepChange announced that it was proposing to cut its staff by 10%. It has started the process of consultations about 140-17o redundancies. To many people this will sound bizarre. In October 2020, the Financial Conduct Authority (FCA) found that 20 million people have seen their financial situation worsen because of Covid-19 and 7.7million people saw it worsen a lot. The FCA … [Read more...]

April 27, 2021 Author: Sara Williams Tagged With: For debt advisers

Provident’s Scheme to cap refunds – the background

UPDATE On 4 August 2021 the Scheme was approved in court. See Provident Scheme – 4 million people can now claim a refund to find out how it will work and how to make a claim. This article gives the background to the Scheme and what happened before voting started. In March 2021 Provident Financial Group (PFG) proposed a Scheme of Arrangement to reduce the refunds it has to pay to … [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

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