Guarantor loans are coming into the regulatory spotlight. The FCA wrote to CEOs in March 2019 saying it will be looking at affordability and whether potential guarantors have enough information to understand how likely it is that they may have to make the loan payments. In a speech, Jonathan Davis said: Recent work we have done in this area showed that many guarantors are making at least 1 … [Read more...]
High cost credit news and policy
2018 FOS statistics – most complaints about QuickQuid
New statistics for July-December 2018 from the Financial Ombudsman (FOS) show how payday loan complaints have jumped in the second half of 2018. Almost all these cases are affordability complaints where a customer was given payday loans without proper affordability checks and is asking for a refund of interest paid. QuickQuid - the most complained about lender in 2018 January - June 2018 … [Read more...]
Why is QuickQuid going to delete old customer data?
QuickQuid has told some customers that it plans to delete loan data over seven years old with effect from today, 15th April 2019. It says this is to comply with its legal obligations. QuickQuid has sent emails to the affected customers asking if they would like a copy of their data before it is deleted. It seems to me that this new policy is not in the customers' interest because it will … [Read more...]
Wonga – new online Claims Portal goes live
Today the Wonga Administrators have published the new Online Claims Portal. This will let current and previous Wonga customers in the UK submit a claim for a refund for unaffordable loans. The Administrators have given a set of FAQs. What is the form for? The form has two main purposes - to submit a complaint about unaffordable lending by Wonga and to enable the Administrators to … [Read more...]
Wonga – Latest News on refunds (kept updated)
Wonga stopped lending and went into administration on 30 August 2019, unable to pay refunds on all the payday loan affordability complaints it was getting. This page looks at how these complaints will be now be handled by the Administrators and when refunds may be paid. I keep this page updated. Check out the comments at the bottom where readers report on what is happening to their complaints … [Read more...]
Wageday Advance (WDA) – latest news on the administration
Curo Transatlantic Limited (CTL) had two brands: Wageday Advance (WDA), a mid-sized payday lender; and Juo Loans, a small guarantor lender. CTL entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators. The Administrators published Proposals for the administration on 27 March … [Read more...]
Wonga – the adminstrators’ report – March 2019
The Wonga Administrators’ six month progress report to end February 2019 was emailed to creditors on 27 March 2019. The creditors include the so-called "redress creditors". These are the customers who complained to Wonga saying they were given unaffordable payday loans. Collecting outstanding loans When Wonga went into administration, the Gross Loan Book totalled £77 million. So far … [Read more...]
How many Wonga victims are there? 10k, 40k? More!
In February, Nicky Morgan, who chairs the Treasury Committee, said: It cannot be right that over 10,000 people who may have been mis-sold loans are just cast aside, especially as many will be vulnerable consumers. The Wonga administrators replied, saying: The total number of redress claims is currently more than four times the number you referred to in your press statement on 26 February and we … [Read more...]
The FCA’s High Cost Credit supervision priorities
The FCA has published its Portfolio Strategy Letter to firms providing high cost lending. This was sent on 6 March to firms that provide: guarantor loans (eg Amigo) payday loans high-cost unsecured subprime loans home-collected credit (eg Provident) logbook loans pawn-broking rent-to-own (eg Brighthouse). This letter doesn’t cover overdrafts, subprime credit cards or … [Read more...]
A takeover bid for Provident (PFG) by much smaller NSF
Non Standard Finance (NSF) has made a surprise bid for the much larger Provident Financial Group (PFG). The story so far: NSF made a bid on 22 February; it was rejected by PFG on 25 February; PFG and NSF have a large share of the doorstep lending market, so on 26 February the CMA issued an Initial Enforcement Order. Every debt adviser will be familiar with "the Provvy" but it's … [Read more...]
- 1
- 2
- 3
- …
- 6
- Next Page »