UPDATE - the FCA opposed Amigo's first Scheme on the ground that it was not the fairest possible for customers. The Scheme was rejected by the court in May 2021. Amigo proposed a new Scheme in December 2021, see Amigo's Second Scheme for the latest news. If Amigo's proposed first Scheme of Arrangement is allowed to go forward by the Financial Conduct Authority (FCA), what would be the impact on … [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.
Will an Amigo Scheme of Arrangement abandon vulnerable customers?
A whole book could be written about the different ways vulnerable customers can have problems with guarantor loans - I wrote about some of them in Guarantor loans – why guarantors & borrowers need extra protection. But here are a couple of very recent cases for illustration. Case 1 - mental health problems The borrower informed Amigo when he made an affordability complaint in September 2020 … [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 to hike minimum payments in January 2021 – are you affected?
Barclaycard emailed customers in November 2020 about changes to their credit cards. With the title "Dear [customer name], we're updating your T&Cs ", you may have ignored it. But many people will find their minimum payments are going to be increasing from 26 January 2021. And some of the increases will be very large. This affects Barclaycard holders with Cashback, Freedom, Forward, … [Read more...]
3 month car finance payment breaks because of Coronavirus
In April 2020, the Financial Conduct Authority (FCA ) set out new rules for car finance lenders on how they should respond to customers who are affected by coronavirus. It followed the general "three-month payment breaks" approach used for other credit from mortgages to credit cards. In July, the FCA these rules were extended to allow for a first or second payment break to be taken up until … [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...]
Board room bust-up at Amigo
March 2020 On 4 March 2020 the founder and majority shareholder of Amigo, James Benamor, resigned from the board which he had only rejoined in December and published a blog saying that the company was: committing slow motion suicide. Benamor said the board needed to choose between challenging recent FOS decisions on affordability complaints in court by Judicial Review or accept that "almost all … [Read more...]
FCA to look into unregulated credit such as Klarna & Wagestream
On 16 September, the Financial Conduct Authority (FCA) announced a review into unsecured credit market regulation. This will be chaired by Christopher Woolard, the outgoing interim Chief Executive, which suggests how seriously the FCA sees this subject. The FCA says: The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into … [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...]
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