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General debt news & policy

Here are my articles on news and policy except for high cost credit and Insolvency, which are separate as there as so many of them.

Are people being told the truth about DMP fees and no-fee DMPs?

Misleading DMP advice Mrs B was advised to go into a Debt Management Plan (DMP) by an IVA firm. They referred her to a firm that charges fees for running a DMP. I suggested that she should talk to StepChange or another provider that doesn't charge any fees for a DMP. Mrs B went back and queried the advice with the IVA firm. This is the WhatsApp conversation: I explained to Mrs B that … [Read more...]

June 19, 2024 Author: Sara Williams Tagged With: DMP, For debt advisers, General news & policy, Insolvency news & policy

Barclaycard cuts minimum payments – this may cost you a lot

the minimum payment on a credit card

In April 2024, Barclaycard has told many customers that it will be setting lower minimum payments on their accounts from July. From a poll I ran on Instagram, Barclaycard has informed about 90% of cardholders. It looks as though this change is going to be across the board, affecting everyone.  The messages are going out by email, letter or text. Look out for the communication if you haven't yet … [Read more...]

April 18, 2024 Author: Sara Williams Tagged With: Barclays, consumer duty, credit cards, General news & policy

The new DRO hubs – what happened in 2023

2023 DRO statistics

In January the Insolvency Service published data showing how the volumes of Debt Relief Orders (DROs) done by advice agencies changed in 2023, see Monthly IS statistics Jan-Dec 23, Table 3.2. In February 2023, the two new MaPS-funded DRO hubs began operating. These are run by Citizens Advice and Money Wellness (called Benesse Advice in the IS statistics, also known to debt advisers as Gregory … [Read more...]

February 14, 2024 Author: Sara Williams Tagged With: DRO, For debt advisers, General news & policy, Insolvency news & policy

27% of adults use Klarna or other BNPL – regulation is needed

The FCA has published new research on Buy Now Pay Later (BNPL) usage which shows that BNPL was used by 27% of UK adults in the last 6 months of 2022. That is a large increase - only 17% of UK adults had used BNPL in the 12 months ending May 22. But if this is interest-free credit, does this matter? Other statistics from this research suggest that it does. What is BNPL? In this article, … [Read more...]

October 31, 2023 Author: Sara Williams Tagged With: BNPL, General news & policy

The FCA’s Consumer Duty – a new overarching principle

the Consumer Duty - an overarching principle

On 31 July, the FCA's new Consumer Duty came into force, bringing in higher standards of consumer protection. You may not have heard of it, but financial services firms have been working for a couple of years to be ready for this. Delivering good outcomes for retail customers is the new 12th principle in the FCA's handbook and is described as the overarching principle. That sounds very … [Read more...]

July 31, 2023 Author: Sara Williams Tagged With: consumer duty, General news & policy

Big hikes in Paypal interest rate & minimum payments

Paypal's interest rate increases Readers have reported getting an email from Paypal in June or July saying their interest rate will be going up a lot. In the email, Paypal warns: You will pay more each month and take longer to repay any outstanding balance on your account. Not good! A poll I ran on Instagram suggested more than half the Paypal accounts in the UK may be seeing an interest … [Read more...]

July 22, 2023 Author: Sara Williams Tagged With: credit cards, General news & policy

Are you still paying fees on an old Gregory Pennington DMP?

For many years Gregory Pennington (GP), part of the Financial Wellness Group (FWG), has charged its clients monthly fees for running Debt Management Plans (DMPs) But MaPS awarded Gregory Pennington a contract that began on 1 February 2023. And it can't charge fees for DMPs under this contract. StepChange, Payplan and CAP have always provided "fee-free" DMPs, where all a client's payments go … [Read more...]

June 13, 2023 Author: Sara Williams Tagged With: consumer duty, DMP, General news & policy

BNPL is now often on credit records, but it’s ignored in credit scores

Klarna details will start to be added to TransUnion and Experian records from June 2022. TransUnion says: Incorporating this data into credit reports will support consumers that are using this type of point-of-sale finance, whilst also ensuring lenders have a comprehensive picture of a borrower’s financial position. But this year TransUnion will not be using the BNPL information when it … [Read more...]

May 4, 2022 Author: Sara Williams Tagged With: BNPL, Credit ratings, General news & policy

ClearScore adopts the new Equifax credit scoring out of 1000

In mid November 2021, ClearScore has finally adopted the new 1000 Equifax credit scores. Equifax credit scoring changed in April 2021, when it switched to calculating scores out of 1000 - they used to be calculated out of 700. It also changed the bands used to describe your credit rating. Equifax didn't make an announcement about these changes. The Equifax Credit Report & Score was … [Read more...]

November 19, 2021 Author: Sara Williams Tagged With: Credit ratings, General news & policy

3 month car finance payment breaks because of Coronavirus

In April 2020, the Financial Conduct Authority (FCA ) set out new rules for car finance lenders on how they should respond to customers who are affected by coronavirus.  It followed the general "three-month payment breaks" approach used for other credit from mortgages to credit cards. In July, the FCA these rules were extended to allow for a first or second payment break to be taken up until … [Read more...]

November 20, 2020 Author: Sara Williams Tagged With: General news & policy

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