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What to do if a creditor won’t freeze interest

What can you do if a creditor is still adding interest when they have been asked to stop? This can happen if you have a payment arrangement. It also sometimes happens, but much more rarely, in a Debt Management Plan (DMP). Most creditors do freeze interest if you have supplied a reasonable Income & Expenditure Statement. If you are in a DMP, your DMP firm will have sent the creditor … [Read more...]

January 10, 2025 Author: Sara Williams Tagged With: consumer duty, DMP

Lloyds and Halifax to charge up to 49.9% interest on overdrafts

The Lloyds Banking Group - Lloyds, Halifax and Bank of Scotland - are changing overdraft charges for customers from August. Some are increasing, some are reducing. The new 19.9% and 29.9% charges are lower than most major banks. But the new 49.9% charge will be the highest overdraft rate charged by a high street bank. The current charges This is the first change since 2020. Before that Lloyds … [Read more...]

June 4, 2024 Author: Sara Williams Tagged With: consumer duty, overdraft

Barclaycard cuts minimum payments – this may cost you a lot

the minimum payment on a credit card

In April 2024, Barclaycard has told many customers that it will be setting lower minimum payments on their accounts from July. From a poll I ran on Instagram, Barclaycard has informed about 90% of cardholders. It looks as though this change is going to be across the board, affecting everyone.  The messages are going out by email, letter or text. Look out for the communication if you haven't yet … [Read more...]

April 18, 2024 Author: Sara Williams Tagged With: Barclays, consumer duty, credit cards, General news & policy

Loans2Go – the worst loans in Britain – ask for a refund

Loans2Go offers what I have called the worst loans in Britain. Since 2021 they have been charging 770% APR.  See the representative example Loans2Go quotes on its website: £550 borrowed for 18 months is a monthly payment of £113 this adds up to £2035, a bit less than four times what was borrowed. MUCH cheaper to get a payday loan than a Loans2Go loan Of course Loans2Go don't … [Read more...]

December 29, 2023 Author: Sara Williams Tagged With: consumer duty, High cost credit news/policy, Payday loans

The FCA’s Consumer Duty – a new overarching principle

the Consumer Duty - an overarching principle

On 31 July, the FCA's new Consumer Duty came into force, bringing in higher standards of consumer protection. You may not have heard of it, but financial services firms have been working for a couple of years to be ready for this. Delivering good outcomes for retail customers is the new 12th principle in the FCA's handbook and is described as the overarching principle. That sounds very … [Read more...]

July 31, 2023 Author: Sara Williams Tagged With: consumer duty, General news & policy

Are you still paying fees on an old Gregory Pennington DMP?

For many years Gregory Pennington (GP), part of the Financial Wellness Group (FWG), has charged its clients monthly fees for running Debt Management Plans (DMPs) But MaPS awarded Gregory Pennington a contract that began on 1 February 2023. And it can't charge fees for DMPs under this contract. StepChange, Payplan and CAP have always provided "fee-free" DMPs, where all a client's payments go … [Read more...]

June 13, 2023 Author: Sara Williams Tagged With: consumer duty, DMP, General news & policy

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