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News

The number of people who became insolvent in England and Wales in the first quarter of 2018 was 27,338. This consisted of 16,675 Individual Voluntary Arrangements (IVAs, 61% of the total). 6,524 Debt Relief Orders (DROs, 24%) and 4,188 consumer bankruptcies (15%).

Individual Voluntary Arrangements (IVAs)

The number of IVAs in Q1 2018 rose 8.3% compared with Q4 2017.This was the largest quarterly number of IVAs since they were introduced in 1987.

Read more: Individual Voluntary Arrangements (IVAs) surge in 1st Quarter of 2018

 

Ministers have announced that they will be launching a call for evidence following concerns raised by the advice sector that some bailiffs are aggressively pursuing debts. Review of government reforms highlights the positive impact of changes but also reveals lingering concerns over aggressive, intimidating and inappropriate behaviour when collecting money from debtors - particularly from vulnerable people.

Read more: Government sets out plans to crack down on rogue bailiffs - again

 

Mike Thomas was asked to comment on the new plans announced by ministers today to tackle intimidating and inappropriate behaviour by a minority of bailiffs who are still acting aggressively when collecting money from debtors - particularly from vulnerable people. Mike then reveals the three tricks a bailiff or enforcement officer will do to gain peaceful entry into the home and the dire consequences if this this happens.

How to listen - LBC John Stapleton (for Nick Ferrari) Monday 2 April 2018

Read more: LBC John Stapleton (for Nick Ferrari) 2 April 2018

 

Mike & Clive in the LBC studio

Below is the free podcast from Mike Thomas's appearance on LBC's Money Hour on Sunday, 15 April 2018, with Clive Bull. It's free to listen to.

How to listen

On this show, Mike, aka DebtWizard, talks to Clive about the latest news affecting consumers with debt issues, takes calls, texts and emails from listeners around the country.

Topics & Timeline

We have added a list of the topics and timeline of the audio to make it easier to access certain parts of the show. Just click below to start listening.

Read more: Free podcast now available LBC - 8-9pm, Sunday, 15th April 2018

 

Ofgem, which consulted on this issue last year, has decided to ban all domestic and microbusiness suppliers from issuing backbills for energy used more than 12 months ago.

Although there has been a voluntary agreement for suppliers not to backbill for past 12 months it does not protect all consumers from receiving these bills, as some of the energy providers who have signed up do not always follow this agreement.

How the backbill is calculated

Read more: Ofgem bans suppliers from backbilling customers beyond 12 months

 

The Financial Conduct Authority (FCA) has imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed to customers when they bought the ROP.

When selling the ROP, Vanquis told customers how the product worked and what the monthly charge was but did not inform customers that the full cost of the product included an interest component where there was an end of month unpaid balance on their credit card.

What exactly is Repayment Option Plan (ROP)?

Read more: Credit card lender forced to pay 169m back to customers

 

Mike ThomasMike Thomas, DebtWizard founder, spoke to Roberto Perrone about how and why police officers fall into debt, this following the arrest and conviction of Bedfordshire police officer Gary Suffling who has been sentenced to three years in prison for blackmailing a suspect for £1,000. Suffling, a police detective, claimed he had financial difficulties. Mike reveals the types of people and occupations he has helped and tells Roberto about one of his extreme cases whereby he save the police officer his job even though the officer had over £700,000 of debt.

How to listen

Read more: BBC 3 Counties Radio - Drivetime with Roberto Perrone - 4.15pm 23/2/18

 

Mike & Clive in the LBC studioBelow is the free podcast from Mike Thomas's appearance on LBC's Money Hour on Sunday, 18 March 2018, with Clive Bull. It's free to listen to.

On this show, Mike, aka DebtWizard, talks to Clive about the latest news affecting consumers with debt issues, takes calls, texts and emails from listeners around the country. We have added a list of the topics and timeline of the audio to make it easier to access certain parts of the show. Just click below to start listening.

Topics

Read more: Free podcast now available - Clive Bull - Money Hour - Sunday 8-9pm 18/3/18

 

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