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High cost credit news and 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

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...]

November 21, 2023 Author: Sara Williams Tagged With: High cost credit news/policy, morses

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...]

August 3, 2023 Author: Sara Williams Tagged With: Guarantor loans, High cost credit news/policy

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...]

January 10, 2023 Author: Sara Williams Tagged With: High cost credit news/policy, safetynet credit

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 25, 2022 Author: Sara Williams Tagged With: High cost credit news/policy

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...]

July 1, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

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...]

May 23, 2022 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

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...]

April 30, 2022 Author: Sara Williams Tagged With: High cost credit news/policy

QuickQuid administration is paying 53.5p in the £

Payments - UPDATE - 25 April 2022 Administrators have started sending emails to everyone with an upheld claim telling them what they will be paid. "The Joint Administrators are now in a position to declare a first and final dividend of 53.5p in the £" The average claim value is c £1,700. Someone with that claim value will get a payout of about £910. The payout details are given in the … [Read more...]

April 25, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, Payday loans, QuickQuid

Why the FSCS doesn’t cover payday and other lenders

In 2018, when Wonga went into administration, people started asking isn't there some kind of guarantee system that would step in if Wonga fails? Won't the FSCS help? This has become more important every year since then, with most of the major payday lenders failing, including the Money Shop, QuickQuid, Sunny and Myjar. From 2020, other sorts of high cost lenders have also being failing, … [Read more...]

February 6, 2022 Author: Sara Williams Tagged With: For debt advisers, High cost credit news/policy, Payday loans, Wonga

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