On 3 March 2021, the Financial Ombudsman Service (FOS) published two sets of statistics. quarterly data for October-December 2020 summarises the types of complaints FOS has received. half-year data shows which firms had the most complaints in July-December 2020 and how often FOS upheld the customers' cases. Caroline Wayman, the FOS CEO says: "Excluding PPI, new complaints are up by … [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.
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...]
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...]
Is Amigo allowed to delay paying refunds? Does it have a DISP waiver?
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 in December 2020 that it was seeking a Scheme of Arrangement to cap the amount it has to pay to customers owed refunds for unaffordable lending, it said: To ensure equal treatment of customers with Redress Claims, Amigo will stop the ongoing … [Read more...]
Lessons from Amigo & Provident – FOS needs to be faster
In administration, customers with complaints at the Financial Ombudsman (FOS) have them returned to the administrators to resolve. The same happens in a Scheme of Arrangement which has been proposed by Amigo in December 2020 and by Provident in March - there FOS complaints are returned to the Scheme to be determined. FOS said in January 2021 it had about 13,000 open Amigo cases and about 500 … [Read more...]
Amigo’s Scheme – who’s next? Implications for the bad credit market
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...]
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...]
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