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July 6th, 2010
The OFT has imposed requirements on Mr Nasser Mohammed Yusuf, a Manchester-based credit broker and debt management provider.
The requirements oblige Mr Yusuf, who uses trading names such as Advance Money Management and Loans 4 U, to:
- refund brokerage fees to consumers where no loan has been provided
- comply with the OFT’s Debt Management guidance
- implement adequate complaints handling procedures
The OFT can impose requirements on a credit licensee when it has concerns over a licensee’s business practices or compliance with specific consumer protection legislation.
Failure to comply with requirements can lead to further action by the OFT and the imposition of financial penalties of up to £50,000 per breach.
Nigel Cates, Deputy Director of the OFT’s Consumer Credit Group, said:
“It is important that all companies, especially those dealing with consumers facing financial difficulty, comply fully with the standards expected of them. The OFT will use its powers to ensure that consumers receive a proper standard of customer care and do not suffer detriment as a result of the behaviour of licensed businesses.”
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May 26th, 2010
Beautifully presented 4 beds, detached property with a glass roof conservatory, large private garden with riverside deck overlooking the River Almond for sale in Mid Calder, West Lothian.
http://www.tepilo.com/property/7596/wallace_mill_gardens_eh53/
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May 17th, 2010
When the court document arrives it will have a Form Number, keep a note of it. You MUST complete and return the summons by the date on the form. If you are a customer of DebtFC we will complete this for you.
You are the Defender and the creditor is the Pursuer.
Responding to the court documents
If you agree that you owe the money but you can’t afford to pay in full, apply for a ‘Time to Pay Direction’ by filling in the enclosed form. You admit the debt and offer to pay by installments. Return the form to the court by the specified date.
It is also advisable to include a detailed breakdown of your income and expenditure, as the ‘Time to Pay Direction’ does not allow for a detailed budget to be presented, and also enclose a list of all your creditors. If you are a DebtFC customer we will enclose a detailed income and expenditure for you. If the payment is acceptable to the creditor the Sheriff will grant a decree by installments. If you stick to this agreement, your unsecured creditors cannot take further action. If you miss the deadline, you can still apply for a ‘Time to Pay Order’, but this will be after the Decree has been given.
Defending The Claim
If you want to dispute the claim you need to complete the ‘Deny the Claim – Intention to Appear’ part of the form – stating your reasons for the dispute – and return it to the court.
Follow the instructions on the form and if possible get some legal representation. You must attend the hearing even if you do have a representative.
Ignoring The Summons
This is not advisable. If you do not reply to the summons, the creditor will ask the court to make an order against you. As they do not have your personal details, it is DebtFC experience that the payment they will ask for is usually high.
Post Decree Actions
The Sheriff may grant an Open Decree and set a payment higher than you can afford. At this stage it is important to negotiate directly with the creditor to set an arrangement you can afford each month.
If you do not return the summons or make payments as directed under the ‘Time to Pay Direction’, the creditor can take further enforcement action, by applying for a ‘Charge for Payment’ they can:
Apply for a Wage Arrestment to take payments direct from your salary before you get it. This obviously involves your employer
Apply to freeze your bank account.
Send Sheriffs Officer’s to ‘attach’ your goods outside your home e.g. car, garage or garden shed, or obtain an ‘exceptional attachment order’ which if granted by the Sheriff, would allow entry to your home to allow non-essential goods to be removed.
Or even make you bankrupt.
A creditor CANNOT take the above enforcement action without first obtaining a Decree.
Credit Rating
All court action is noted by the Credit Reference Agencies and this will affect your ability to obtain future credit including mortgages.
More importantly, it may affect your employment – some professions will not employ people with adverse credit histories e.g. Accountancy, Law and Financial Services. Check with your union or Personnel / Human Resource department for the effect on your particular occupation
If your circumstances change, apply for a Time to Pay Order to ask the Court to consider reducing the payment. At this stage it is important to both inform and negotiate directly with the creditor
IT IS IMPORTANT THAT YOU DO NOT IGNORE COURT FORMS AND THAT YOU REPLY TO THE SUMMONS MAKING AN OFFER THAT YOU CAN AFFORD.
Please contact DebtFC on 0800 007 5307 or email info@debtfc.co.uk for free advice and help on all debt problems.
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May 10th, 2010
When you contact DebtFC we will ask you who you owe money to, how much you owe, and if your debt is a credit card debt, a loan agreement, hire purchase, catalogue, store card, payday loan, overdraft, cheque centre etc
A DebtFC consultant will ask you about your monthly income and how much you pay each month towards your mortgage or rent, gas, electricity, telephone, mobile, council tax, insurance, car, public transport, food, clothing etc
We will ask you if you are a homeowner or a tenant as this may make a difference to the debt solution we may offer you.
Please do:
When speaking to any of your creditors, (people who you owe money to), make sure you note any reference numbers and amounts owing.
Keep any statements and letters demanding payment from your creditors, this will make it easier for us to assess your situation and allow us to contact your creditors on your behalf.
If any creditors take action against you, such as petitioning for your bankruptcy or threaten you by sending the bailiff round, contact DebtFC as soon as possible.
Please don’t:
Don’t bury your head in the sand and think your problems will go away if you do nothing about them – they won’t they will only get worse.
Ignore any legal proceedings.
Let your health and family relationships suffer.
Borrow more money.
Pay any upfront fees for advice or loans.
For free advice on any debt problem please contact DebtFC on 0800 007 5307 or email info@debtfc.co.uk
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April 26th, 2010
Scottish Protected Trust Deed (PTD)
- You can be debt free in 36 months
- Only pay what you can realistically afford
- Freeze interest and charges
- We can stop all further communication & action from creditors towards you
A Trust Deed is a solution to debt and a real alternative to Sequestration (Bankruptcy in Scotland). A Scottish Protected Trust Deed often known as a PTD is an arrangement between you and your creditors, usually over three years. At the end of a Trust Deed the balance of any unpaid debts is written off.
Under legislation, once protected a Trust Deed is legally binding on all your unsecured creditors. The terms of your Trust Deed are tailored to your own personal circumstances.
DebtFC will assess your situation and prepare your proposals and deal with your creditors. If your creditors do not object, the Trust Deed will become protected – that means your creditors are prevented from taking any further action as long as you keep to the agreement and you’ll be debt free, this is usually in 36 months. Call our debthelpline now on 0800 007 5307 or email info@debtfc.co.uk
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April 21st, 2010
Debtfc.co.uk is looking to build up a network of Introducers who can refer people with Payment Protection Insurance to DebtFC. Introducers will earn 50% commissions on all successful client claims. We believe this is the best commission rate available in the industry by far.
An Introducer may be for instance a Recruitment Company, Letting Company, Mortgage Advisor, an Independent Financial Advisor, an Accountant, or a Call Centre, in fact anyone who is in contact with people and who is in a position to discuss payment protection insurance claims with their clients.
The Introducer can ask the client if they have any PPI on any of their loans and credit cards, and if they do, it is possible that it has been mis-sold, often the client will not know they even had PPI.
Once the Introducer refers the client to DebtFC they then take over and handle the claim, in house, and once compensation is paid, the Introducer receives their 50% commission. This can typically be hundreds of pounds for each PPI case they refer, and is usually paid out between 8 to 10 weeks of the case being started.
Its a really good add on for any business or individual to earn extra cash, often with little effort, as once the PPI case has been identified, DebtFC handle the case and process it through to completion.
It is estimated that there are around 20 million PPI policies in the UK, many of them mis-sold. The FSA has fined many lenders such as Loans.co.uk, Capital One, Liverpool Victoria, Alliance & Leicester, Redcats, GE Money, Swinton amongst many others.
DebtFC has found that often people don’t understand what the PPI they have been sold is for, or how to go about claiming it back, it can be time consuming and frustrating if you don’t have the expertise, as lenders will often reject claims, made by the individual, and this stops them claiming the compensation they deserve. Here at DebtFC we are committed to fighting for the consumer and are very successful when it comes to PPI claims.
DebtFC forwards 50% commission to the Introducer, many Introducers for other companies typically get 10% to 12% so this 50% is a fantastic way to earn more revenue for little effort, a great add on for those with a client database to work through or who are in regular contact potential clients.
Contact us on 0800 007 5307 or email info@debtfc.co.uk
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April 12th, 2010
Kensington Mortgage Company Limited fined £1.225m
The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited (Kensington) £1.225 million for poor treatment of some customers facing mortgage arrears.
The firm has agreed to redress customers who were in arrears and charged specific unfair and/or excessive charges. It is estimated that the redress will cost the firm up to £1.066 million.
The FSA has identified a number of serious failings by Kensington which occurred between 1 January 2007 and 31 October 2008 in relation to its mortgage arrears handling processes and in its dealings with customers in arrears.
These include:
- Failing to ensure mortgage servicing staff acting on its behalf had adequate understanding of treating mortgage arrears customers fairly;
- Concentrating on the repayment of mortgage arrears over a short period of time rather than agreeing an arrangement to pay the arrears based on the customer’s individual circumstances;
- Applying three charges to customers’ accounts that were unfair and/or excessive. These were:
- A fee for a returned direct debit which was charged regardless of how many times the direct debit had already been returned unpaid;
- An excessive fee for cancelled direct debits which did not reflect administrative costs;
- An early repayment charge on mortgage balances which included arrears fees and charges within that balance.
The firm also failed to take reasonable care to organise and control its affairs responsibly and effectively, and to ensure adequate risk management systems. Its management information focused on the performance of the firm’s mortgage book and the profitability of the business, rather than on treating customers fairly.
Kensington qualified for a 30% discount under the FSA’s settlement discount scheme. Without the discount the fine would have been £1.75 million. The FSA has also taken into account that Kensington has made significant improvements to its arrears and repossession processes since the early part of 2008.
Margaret Cole, director of enforcement and financial crime, said:
“This case should serve as a strong reminder to firms dealing with retail customers, especially customers in a vulnerable position such as those with mortgage arrears, that the FSA will take robust action where it sees that customers are not treated fairly. Retail firms which fail in their obligations to customers should expect not only a substantial fine but also that they will have to pay back customers who have been disadvantaged.
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March 31st, 2010
The two main things you need to think about when buying something on credit is how much is the cost of borrowing going to cost you and how long is going to take you till you pay the debt off? The cost of borrowing, the annual percentage rate (APR) on the loan and the length of time (Term) you borrow the money for.
The higher the APR and the longer the term, the more you may have to pay back – and there can be a huge difference in the rates you pay and the overall cost of the loan. At DebtFC based in Scotland we find that many people don’t take into consideration the APR they only look at how much their monthly payment is before deciding if they can afford that new car, sofa’s or whatever.
Don’t be fooled into 0% interest deals as many Scottish salesmen that have used our services have advised DebtFC that the price of the item is hiked up to cover the so called 0% deal.
We would advice:
- Don’t borrow for longer than the life of the item you buy
- Plan ahead and shop around and use the internet comparison sites when choosing products
The examples below shows the effect of APR and term on the cost of borrowing:
£10,000 over 5 years (APR of 7.5%)
Monthly repayment of: £200.38
Interest: £2,022
Total Repayment £12,022
£10,000 over 10 years (APR of 7.5%)
Monthly repayment of: £118.70
Interest: £4,244
Total Repayment £14,244
£10,000 over 5 years (APR of 15%)
Monthly repayment of: £237.90
Interest: £4,273
Total Repayment £14,273
As you can see doubling the APR and the term more than doubles the cost of the loan. An extra 40% loading on the cost of the item.
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March 31st, 2010
If you have been made bankrupt (sequestration in Scotland) but feel you could have avoided it. One reason might be
that you overlooked the petition or the court summons. Or perhaps you offered to pay the petitioning creditor too late
for the court to be notified. In other words, if you are not really insolvent as you can pay your creditors.
Being made bankrupt is a very serious situation to be in.
The sequestration can be recalled but the process is not straightforward and if a petition for recall is to succeed, it is essential to go about it in the right way.
In most cases the debtor petitions for recall. The procedure is complicated and you must instruct a solicitor. Few solicitors are expert in this field and the procedures will be unfamiliar to many.
The Law Society of Scotland can give you the name of a solicitor who specialises in insolvency matters or we at DebtFC based in West Lothian Scotland can arrange for one of our partner solicitors to assist you.
You must present a petition for recall of a sequestration in the Court of Session and if you employ a local solicitor, they
must instruct an Edinburgh agent. This is expensive and usually you will have to pay. The solicitor must also a place
a notice of the petition for recall in the Edinburgh Gazette. Even after you present a petition for recall to the court, the
law says that your interim or permanent trustee must continue with your sequestration. In other words, your trustee will carry on as normal in the sequestration, running up more fees, while you are petitioning for recall. At best, if they think the chances of the sequestration being recalled are good, the trustee will avoid taking any drastic or irrevocable action like selling your assets or business.
It is particularly important for you to co-operate fully with the trustee while waiting for your petition to be dealt with
because it is in the trustee’s powers to object lodge answers to the petition for recall. They can do this either on their own behalf or on behalf of your creditors. It is unlikely that the court will grant a recall if the trustee objects.
You must inform the trustee about every debt you have because usually they will all have to be paid before the
recall of sequestration. However, it is possible that one or more of your creditors may agree that you pay off your debt
after the recall of sequestration. If this happens, ask these creditors to write and tell your trustee this has been agreed.
If you are trading at the date of sequestration and decide to petition for recall, your trustee may allow you to continue
trading. They will probably set a time limit for the presentation of the petition so that the risk of trading losses is kept to a minimum. It is extremely unlikely that they will allow trading to go on indefinitely. They might also only allow trading if a third party underwrites any trading losses. Even if a petition for recall has been presented, your trustee must still place a notice of the sequestration in the Edinburgh Gazette. They must also write to your creditors telling them of the sequestration and asking them to submit claims.
If you have paid your creditors the money you owe them, you must ask them to give written confirmation as proof
of payment. Where you have presented the petition for recall because you can pay all your creditors, the money or adequate security must be lodged in advance. If this doesn’t happen your trustee will object to the petition and will not withdraw the objection until their own fees and expenses and all your creditors’ claims have been paid in full.
In other words, it is not sufficient to wait until after the recall has been granted to lodge funds for the trustee or a solicitor to pay out, you must do it beforehand. You must add to your debts the contractual or statutory interest due until the date of payment. If you don’t, some of your creditors will probably object as they will want all the interest due.
Some creditors will probably object to the recall if you have run up more debts after your sequestration. For example,
HM Revenue and Customs have insisted on all outstanding debts being settled, not just the debt due at the date of
sequestration. While the Act doesn’t specifically say you must make these payments, failure to do so may result in the petition for recall being refused. You would then need to present another petition, and that would cost you more.
In the vast majority of cases, the trustee’s fees and outlays will be paid from the funds in your estate or from any money
someone else gives so that you can petition for the recall of your sequestration.
Even if you haven’t been sequestrated for long, your trustee may still have done a lot of investigative and procedural work. DebtFC can’t give an average cost, but you (or whoever has agreed to pay) must expect that the trustee’s fees and outlays will be high. At DebtFC we have experienced couples being sequestrated for a council tax arrears debt of
£3-4,000 and the trustee’s fees being £7,000 plus. The longer a case goes on, the higher those fees will be, so you should try to get the case recalled as soon as you can. If these costs are not agreed between you and your trustee before the recall being granted, the Accountant in Bankruptcy will decide what they will be. They will charge you for this. When your sequestration has been recalled, you will get back all the assets and property left after your creditors’claims and the trustee’s fees have been paid.
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March 30th, 2010
HMRC have the necessary power under existing tax law to publish the details of taxpayers where it is established that they have committed ‘deliberate’ tax offences. HMRC have confirmed that they will apply this provision for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this date. If you are worried about paying your tax please call us on 0800 007 5307 or email info@debtfc.co.uk for free confidential advice.
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