Yesterday the government announced that it was dropping the proposed new logbook loan legislation. This is a very disappointing move, the bill would have had all-party support. I agree with these comments on Twitter: Strange one - never spoken to anyone who didn't think it was a good idea and the current legislation causes huge problems for some people. Joe Lane. Pretty odd decision. These … [Read more...]
High cost credit news and policy
Vanquis ROP – a million customers will get refunds
Vanquis is repaying £168,000,000 to over a million customers who had its ROP (Repayment Option Plan) on a Vanquis credit card since 2003. UPDATE In summer 2018 the first refunds were credited to people's accounts ... but they looked surprisingly low. See ROP - the refunds are too small. In February 2018, the FCA (Vanquis's regulator) decided this meant that the ROP had been missold to every … [Read more...]
Lending Stream – poor and slow complaints handling
Lending Stream, a mid-sized payday lender in Britain, is noticeably bad at handling payday loan affordability complaints. This article looks at what often happens in a Lending Stream affordability complaint so you are prepared. By taking your complaint to the Ombudsman you may get a much better award. In the first half of 2018, the Financial Ombudsman was agreeing with the customer in more than … [Read more...]
Dear CEO… how to improve payday loan complaints handling
The FCA wrote a "Dear CEO" letter to all consumer credit firms on September 13th 2017. This said the FCA has reviewed complaints handling at a range of firms and found material non-compliance and other concerning practices. The letter details these problems and ends by saying that the FCA expects firms to: review how your firm identifies, records, and deals with complaints as well as how this … [Read more...]
Provident – home credit in crisis
On 22 August 2017, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [Read more...]
Do a million need payday loan compensation?
On 2nd October 2014 the Financial Conduct Authority (FCA) announced that Wonga had agreed to compensate an estimated 375,000 customers where Wonga's "affordability" checks are likely to have been inadequate. The common reactions were first that Wonga was being made an example of to warn other payday lenders and second that this was a huge number of refunds... But should many more people get … [Read more...]
Wonga write-offs for 375,000 people in 2014
Wonga is offering write-offs to 375,000 of its current customers because its affordability assessments have been inadequate. This was agreed with its regulator, the Financial Conduct Authority (FCA) and announced on 2nd October 2014. Wonga has agreed to make significant changes to its business immediately to try to prevent these problems happening in future. Who is being compensated? The … [Read more...]
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