A reader asked: I have 5k debts and I’m now on ESA. I'm also a guarantor for my mum's Amigo loan - could that be included in a Debt Relief Order (DRO)? There are three types of personal insolvency in England: bankruptcy, IVAs and DROs. Normally if a debt can be included in one form of insolvency, the same applies to the other two. But for guarantor loans, it's more complicated. So this … [Read more...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
How to ask QuickQuid for a payday loan refund (old article)
UPDATE - on 25 October, CasheEuroNet which owns ate QuickQuid, Pounds To Pocket and On Stride brands went into administration. See QuickQuid goes into administration – what will happen for details. That article will be updated with any more news. This article will not be kept up to date. QuickQuid (QQ) and its smaller brand Pounds To Pocket (P2P), which in February 2019 rebranded as On … [Read more...]
“£20,000 credit card debt due to gambling – what should I do?”
A reader asked: "I have nearly £20,000 in credit card debts due to 8 years of gambling addiction. I asked several times to lower my interest, defaulted a couple of times and also they could see gambling on my account yet they still increased my credit limits. I was taking cash advances to pay for food. I have not gambled for 18 months now, but I am left with this horrible debt that I cannot … [Read more...]
“I have a CCJ for a guarantor loan – is it too late to complain?”
A reader asked: I agreed to be the guarantor for a loan for a friend, but he lied to me and couldn't pay it. Amigo were very difficult, wanting me to stop paying other debts so I could pay them, and got a CCJ. Is it too late for me to complain and ask to be removed as the guarantor? Guarantor lenders have a reputation for being very fast to go to court when a guarantor doesn't pay them. People … [Read more...]
How to complain when you are the guarantor for a loan
UPDATE: Do not use the templates on this page for the following lenders, instead see the specific page: George Banco & Trust Two a Scheme of Arrangement is being proposed, see Everyday Loan Scheme for details Amigo has set up a Scheme of Arrangement. the deadline for making a claim has now passed, see Amigo's Scheme for details. Buddy Loans went into administration in September … [Read more...]
“Lender says I lied – what should I do?”
Some lenders responding to affordability complaints by saying your application wasn't accurate about your income or expenses when you took out the loans. They are doing this to try to put you off taking your case to the Financial Ombudsman. That may save them a lot of money! Let's see why applications may have been inaccurate and whether this is a problem for your complaint. Most of the … [Read more...]
Why the Ombudsman released a guarantor from a loan
The Financial Ombudsman (FOS) has recently published two important decisions about guarantor loans, one where a borrower complained and one where the guarantor complained. I have covered the borrower case here: Ombudsman – Amigo did not check properly that a borrower could afford the loan. This article looks at the FOS decision about the guarantor for a loan. I have selected points from the … [Read more...]
Ombudsman – Amigo did not check properly that a borrower could afford the loan
The Financial Ombudsman (FOS) has recently published its decision on Miss G's complaint against Amigo. This FOS decision criticised Amigo's inadequate assessment of Miss G's income and expenses. It said her poor credit record meant Amigo should have verified the figures, for example by looking at bank statements. So FOS ordered Amigo to refund all the interest and charges she paid, plus 8% … [Read more...]
“When I am made redundant, should I go for a Debt Relief Order?”
Ms G asked: I have about £18,000 of debts which I can't afford to pay after my partner left. I am part-time at work, with very little money and renting, but I have been told I will be made redundant in November. I should get about £2,500 redundancy pay and I will need that while I look for a proper job - I won't get Universal Credit straight away. So is it best to wait and apply for a Debt Relief … [Read more...]
How Subject Access Request information can help an affordability complaint
If you are making an affordability complaint about a large bad credit loan (that includes logbook loans and car finance) or a guarantor loan, my template letters start by asking the lender to send you a copy of all your personal information. This is often called a Subject Access Request (SAR). Getting thus data has been free since 2018. So what do you do when you get this SAR information? … [Read more...]
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