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...]
High cost credit news and policy
Morses Club goes under – in administration – Scheme fails
UPDATE - March 2024 - the administrators have sold some loans to Lantern and written off all the others. See Morses administration – what is happening to loans. That article is now the current Morses article and if you have any questions, please ask them in the comments there. Morses Club went into administration on 17 November 2023. Morses Club was the largest doorstep lender in the UK … [Read more...]
Buddy Loans administration – no money for cash refunds
UPDATE Advancis was dissolved in December 2023 Advancis Ltd, trading as Buddy Loans, went into administration on 7 September 2021. Buddy Loans was a small guarantor lender. Its loans were typical of the UK guarantor market - between £1,000 and £10,000 lent on a 1-5 year term at a 49.9% APR. The FCA describes these loans as "high cost". Buddy's slogan was: If you've got a good BUDDY, you … [Read more...]
SafetyNet Credit goes into administration
UPDATE - in March 2024 the administrators announced they are no longer collecting any payments for the remaining loan balances. Also any more affordability complaints must made in the next few weeks. See SafetyNet & Tappily loans are written off for details. Indigo Michael Limited (IML) went into administration on 9 January 2023. It had two lending brands - SafetyNet Credit … [Read more...]
Morses Club – you can still make complaints (August 2022)
UPDATE - in November 2023 the Morses Scheme failed - see Morses Club goes under – in administration for details In July 2022, Morses Club announced it was looking into a Scheme of Arrangement to cap affordability complaint refunds. At that point there was no mention of any change to its complaint handling, see my article Morses considers Scheme to cut refunds to customers. Morses … [Read more...]
The Money Platform takes payments for loans already repaid
Some Money Platform customers had a payment taken from their bank account unexpectedly and incorrectly on 22 July 2022. This is what one customer said: Shocking from The Money Platform. They’ve made a massive cock up and taken money out of peoples accounts on Friday for loans they had already paid in March. She wasn't the only one. This morning there were over 25 people saying similar things … [Read more...]
July 2022 – SafetyNet Credit halts lending after FCA restrictions
UPDATE - In January 2023, Indigo Michael, who operates the SafetyNet Credit and Tappily lending brands, went into administration. See SafetyNet Credit goes into administration for a description of SafetyNet Credit's previous lending and what is expected to happen in the administration. This is bad news for customers hoping for a refund for unaffordable lending. The rest of this article is … [Read more...]
Provident is paying 4.2557p in the £
Quick overview Provident's Scheme of Arrangement is now in the final stages. The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident. The FCA, Provident's regulator, said it did not approve of the Scheme. But as Provident has stopped … [Read more...]
Amigo’s new Scheme – approved by the Court
UPDATE the Scheme is now live After the court approved the Amigo scheme in May 2022, the Scheme is now live. The deadline for making claims has now passed. See Amigo’s Scheme – waiting for claims to be decided for details. UPDATE on the result of the voting Amigo announced on 13 May that c. 89% of people voting had voted in favour of the new Business Scheme. the next stage in the … [Read more...]
BrightHouse in administration – unlikely to be any money for refunds
UPDATE - in April 2022 the administrators said there was unlikely to be any money to pay any refunds to customers. See below. On 20 March 2020, BrightHouse went into administration. BrightHouse sold electrical appliances, furniture, computers and mobiles on hire purchase. Its customers made weekly payments, sometimes described as "rent-to-own". Coronavirus has meant that its 240 shops … [Read more...]
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