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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 – home credit in crisis

Provident shares crash, graph from Bloomberg

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...]

August 24, 2017 Author: Sara Williams Tagged With: High cost credit news/policy

PPI claims after your IVA has finished

PPI claims after an IVA has completed

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...]

April 25, 2017 Author: Sara Williams Tagged With: Insolvency news & policy

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The FCA says that over a hundred debt management firms who applied for authorisation have been refused or have withdrawn their application.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...]

November 2, 2016 Author: Sara Williams Tagged With: General news & policy

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...]

October 8, 2016 Author: Sara Williams Tagged With: Bankruptcy, Insolvency news & policy, Pensions

IVA early exit loans – Perinta/Creditfix and Sprout/Aperture

Should you take a loan to end your IVA early?

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...]

August 30, 2016 Author: Sara Williams Tagged With: Insolvency news & policy

IVAs – do you have to get a secured loan – a case story

Are you being fleeced in an IVA, like a sheep being sheared?

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...]

January 14, 2016 Author: Sara Williams Tagged With: Insolvency news & policy

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...]

October 6, 2014 Author: Sara Williams Tagged With: High cost credit news/policy, Payday loans

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