Category Archives: Payday Loans

December’s debt and money news

posted by in benefits, Debt, Economy, Housing, Money saving, Payday Loans, Welfare Benefits Leave a comment

It’s time for our usual round-up of the latest debt and money news! Since our last update, there’s been plenty going on, including the Government’s Autumn statement. We’ve looked at in detail to see how you’ll be better, or worse off when the changes kick in.

But that’s not all; we’ve also heard some alarming news regarding some payday lenders who may have been targeting the homeless.  There’s a call from our friends at Moneysavingexpert.com to fix your utility bills NOW, and an inspiring story about how one woman reduced her spending dramatically and changed her outlook on life in one year…

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November’s debt and money news

posted by in benefits, Debt, Debt companies, Dodgy practice, Payday Loans Leave a comment

It’s time for debt news again! As usual, things have been happening. Money things. Debt things. Things for us to report to you.

What can be expected from this month’s round up? Payday loans are causing problems, married couples are missing out on tax allowances, and we’re getting a new pound coin.

That’s not all though. Voucher scams, benefits caps and a debt collection company writes off millions of pounds worth of debt. Well, I did say things had been happening! There’s a lot to catch up on, so you’d better read on…

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Are payday loans still a problem?

posted by in Debt, Payday Loans, StepChange Leave a comment

Back in 2013 the payday loan market was booming. Chirpy jingles and TV puppets were advertising quick cash solutions to get you through those last few days before payday.

Many people saw payday loans as a quick and easy way to get cash for unexpected expenses. The trouble was payday loans often caused more problems than they solved.

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October’s top debt and money news

posted by in Debt, Payday loan refund, Payday Loans Leave a comment

Payday loans were certainly a hot topic recently, when it was revealed that short-term lending giant Wonga admitted it had double-charged thousands of customers by mistake. Mortgage customers may also be due some compensation due to charges for late payments.

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Official warning: watch out for lousy Christmas loans!

posted by in Dodgy practice, Payday Loans 3 Comments

The Financial Conduct Authority (FCA) issued a warning recently to anyone considering taking out a loan to cover costs this festive season. They have reason to believe that at least 15 firms are offering Christmas loans to UK customers without official permission or authorisation.

Almost all firms and individuals carrying out consumer credit activities in the UK must be authorised by the FCA. However, there are still some firms that act without their permission.  This leaves anyone who borrows from these firms vulnerable, as they won’t have the protection of a regulatory body to ensure they’re treated fairly.

While the sites listed by the FCA are simply not regulated, this also exposes a wider issue, that some loans could potentially be scams.

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Cash Genie to refund £20m: does it affect you?

posted by in Debt, Payday Loans Leave a comment

[UPDATE: In January 2016, Cash Genie went into liquidation. According to the Financial Conduct Authority (FCA), the liquidation won’t affect the payment of refunds mentioned in this article.]

Payday loans company Ariste Holding Limited, which trades as Cash Genie, has agreed to pay out over £20 million to more than 92,000 of its customers.

The announcement comes a year after Cash Genie voluntarily told the Financial Conduct Authority (FCA), the body which regulates them, that they had treated customers unfairly.

Linda Woodall from the FCA said: “We have been encouraged that Cash Genie has been working with us proactively and openly to put things right for its customers after these issues were reported.

“Although standards in the consumer credit sector are improving, it is disappointing that examples of poor practice in the payday market keep surfacing.”

Francis McGee, Director of External Affairs at StepChange Debt Charity, said: “It has been well established that unfair practices were widespread in the payday loan industry. Today’s news that tens of thousands who were on the receiving end of unscrupulous behaviour will be compensated is extremely welcome.”

So what actually happened?…

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April’s top debt and money news stories

posted by in Bankruptcy, Debt, Debt advice in Scotland, Debt companies, Debt Law, Payday Loans 5 Comments

Know your rights

April 2015 debt news

As the new tax year begins, we’ve seen the introduction of large-scale pension changes that have a wide-ranging impact for many people, including our clients.

April has also seen the introduction of a new type of debt solution in Scotland to help people with lower incomes who are struggling with their debts. In other news, caps on hefty bills caused by unauthorised calls are set to be limited by mobile phone companies and the UK’s largest payday loan company Wonga has announced a significant profit loss and is considering a change of name.

And finally, find out how one restaurant owner’s act of kindness went viral on social media!

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