Category Archives: Debt companies

Unable to get a refund on your card? Get a chargeback!

posted by in Credit cards, Dodgy practice Leave a comment

When you order items, there are many security measures in place to protect you against fraudsters, dishonest merchants and items not sold as described. This is good to know, as so many of us shop online nowadays. According to Internet Retailing, shoppers spent more than £130bn online in 2016, which is around £18bn more than in 2015.

Every now and then something can go wrong. A company might find they’ve overestimated how much of an item they have in stock. They may also find themselves unable to issue refunds.

A retail company has recently been in the news for offering goods such as Playstation VR headsets and Hatchimal toys before Christmas. Sadly, they were ultimately unable to honour thousands of purchases, which left a lot of people in a pre-Christmas panic (read more about it on MoneySavingExpert.com).

If you find yourself dealing with a purchase gone awry, it can be very frustrating. This is especially the case if you’re buying a Christmas or birthday present. Luckily, you DO have rights and there may be a way to get your money refunded: ask your bank to do a chargeback!

Continue reading »

Tags

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…

Continue reading »

Tags

Debt collection company refunds & writes off £414m

posted by in Debt, Debt companies, Dodgy practice Leave a comment

The Financial Conduct Authority (FCA) has announced that Motormile Finance, a debt purchasing and collections company, has agreed to write-off £414m of debt for over 500,000 of its customers for past failures in its collections process.

The redress will consist of £154,000 in cash payments to customers and the writing-off of £414m of debt where the firm’s been unable to provide evidence that the balance of a debt is correct and properly due to be repaid.

Bradford-based Motormile Finance are also known as MMF, MMF Debt Purchase and MMF UK.

What happened?

The FCA investigation found that the Motormile Finance had inadequate systems, and didn’t conduct the required checks when buying a portfolio of debts (commonly known as ‘debt books’) from creditors. This process, known as due diligence, meant that the firm couldn’t always be sure that the balance of some customers’ debts were correct.

Other poor practices were also found at the firm, and the company are reported to be making improvements to their processes to make sure this doesn’t happen again.

What’s Motormile Finance going to do about it?

Affected customers will receive either a cash refund, have their outstanding debt balances written off, or in some situations both. The redress will consist of £154,000 in cash payments to customers, and £414m will be used to write off debt balances.

The FCA have since authorised Motormile Finance to continue trading, after it was satisfied that the poor practices at the firm were historical, and major changes have since been made.

A spokesperson for the FCA said:

“We have agreed this package, and previous action, to protect the customers of Motormile from unfair practices. We have worked closely with Motormile, and are now satisfied with their progress and the way that they will address their previous mistakes.”

I’m a Motormile customer, what should I do?

If you’re affected, you don’t need to take any action. Motormile Finance will contact you to explain how the refund will be dealt with. They’ll be in touch by February 2017 at the latest.

There’s more information for customers who think they’re affected on the Motormile website.

I’m a StepChange Debt Charity client – what do I need to do?

If you’re on a debt solution with us and you’re told you’ll receive money or have your balance reduced or written off, you should get in touch with us to let us know. We’ll see if this affects your solution, and let you know if you need to do anything.

Tags

Payday lender refunds & writes off £34m

posted by in Debt, Debt companies, Dodgy practice Leave a comment

This week the Financial Conduct Authority (FCA) announced that the payday lender CFO Lending has been ordered to pay a £34m ‘redress’ package to 97,000 of its customers.

The announcement came after the FCA found a number of poor practices at the firm, dating back to 2009, that had caused detriment for many of their customers.

CFO Lending were also known as as Flexible First, Payday First, Money Resolve, Paycfo, Payday Advance and Payday Credit. Continue reading »

Tags

Been cold-called by a High Court Enforcement Officer? It could be a scam!

posted by in Bailiffs, Dodgy practice Leave a comment

We’ve all heard of scams from the news or current affairs programmes, and some of us have either been victims of scams or know someone who’s fallen afoul of them. It seems  there’s always someone out there trying to take advantage of us.

We recently received reports from clients who’ve been contacted by a company claiming to be High Court enforcement Officers (HCEOs) collecting a debt. If these kinds of calls aren’t alarming enough, we have reason to believe that they may be the actions of scammers.

The last thing we want to see is you being taken advantage of. While we can’t stop scammers or their dirty work, we can make you aware of some of the danger signs to look out for…

Continue reading »

Tags

Avoid online scams: top tips to help you

posted by in Dodgy practice Leave a comment

We like to think we’re a nice bunch of people and we can only assume that you are too. If only everyone could be as lovely as us, eh? Unfortunately, the world isn’t all sunshine and roses. Certain people are determined to scam us out of our money and they’ll try all manner of sneaky tricks to do it.

That’s right. You’re in the real world now and every day can feel like a battle against the con-artists of the web. From hacked email accounts, phishing scams or ID fraud there’s a lot to look out for.

Continue reading »

Tags

Warning: debt collection and council tax email scam

posted by in Dodgy practice Leave a comment

There always seems to be a scam trying to trick us out of our cash or attempting to give us a virus on our computers. Thanks for that, internet scam people. Who are you by the way? Who actually does this?

Anyway, whether it’s a witchcraft spell to make your ex-lover return to you or a request for money from a mysterious person in another country, we’ve got to be on the ball.

Continue reading »

Tags