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High cost credit news and policy

 

Amigo’s new Scheme – the voting

UPDATE on the result of the voting voting has now closed. 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 Scheme approval process is the second court hearing which will be on 23 and 24 May. Over 160,000 people voted, which was twice as many as voted on the first Scheme in 2021.  The first Scheme was voted for … [Read more...]

May 13, 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: BrightHouse, 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

Provident is now assessing claims that have been made

Quick overview Provident's Scheme of Arrangement is now in operation. 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 providing … [Read more...]

March 22, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Refunds, Schemes of Arrangement

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

ICL / Money Shop – a 2nd small payment to be paid on Jan 14/18

A first payment of 4.31p in the £ was paid in May/June 2021. A second, much smaller payment of 0.65p in the £ is being paid on 14 or 18 January 2022. If you do not receive this second payment, see below for what to do.   Background to the Scheme This "Scheme of Arrangement" covers borrowers from the ICL brand names, Money Shop, Payday UK and Payday Express, who were given … [Read more...]

January 13, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, ICL & the Money Shop, Schemes of Arrangement

Amigo proposes a second Scheme – but is it fairer?

Amigo blue man looks worried

UPDATE - on 15 March, the court approved the voting arrangements for this new Amigo Scheme. This does NOT mean that the Scheme has been approved as "fair" - that decision will be made in late May after customers have voted. Customers will now be able to vote on the new Scheme. See Amigo's new Scheme - which way should I vote? for my thoughts on this. On 13 December 2021, Amigo … [Read more...]

December 13, 2021 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

Buddy Loans administration – no money for cash refunds

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 can get a loan!" Advancis's last available … [Read more...]

November 13, 2021 Author: Sara Williams Tagged With: Guarantor loans, High cost credit news/policy

Amigo’s Scheme rejected – now looking at a new Scheme

UPDATES This page refers to Amigo's first Scheme of Arrangement which was rejected in May after it was opposed by the FCA as unfair to customers and too generous to shareholders. See Court rejects Amigo Scheme for details. On 13 December 2021 Amigo published details of its new Scheme. See Amigo proposes a new Scheme – but is it fairer? On 15 March 2022 the court approved the voting … [Read more...]

August 26, 2021 Author: Sara Williams Tagged With: Amigo, High cost credit news/policy, Schemes of Arrangement

Provident Scheme – the voting and approval process

UPDATE - the Scheme has now been approved by the court. See Provident Scheme – 4 million people can now claim a refund for how to make a claim and what will happen in the Scheme. Provident Financial Group (PFG proposed a Scheme of Arrangement to reduce the refunds it has to pay to customers given unaffordable loans through its Provident Personal Credit (PPC) subsidiary. There are … [Read more...]

July 19, 2021 Author: Sara Williams Tagged With: High cost credit news/policy, Provident, Schemes of Arrangement

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