Why have IVAs increased in 2nd quarter 2014?

Does it matter if more people choose IVAs?

This week the insolvency statistics for April-June 2014 were published. Company insolvencies dropped 15% on the same time last year – good news as fewer people will have lost their jobs.  However personal insolvency numbers were up 5% and the breakdown by the type of insolvency varied significantly: IVAs were up a huge 20% bankruptcies […]

Cleaning up your credit file after bankruptcy, IVA or a DRO

Clean up your credit file after bankruptcy

Bankruptcy will badly affect your credit record for six years. This article looks at what should happen, how you can correct any problems, and ways to improve your credit rating when you are discharged. Even if you have no intention of accumulating debt again, a good credit record makes it easier to rent a house, get […]

Bankruptcy – will the OR make me …. ?

Bankruptcy Qs - can the OR make me... ?

Debt Camel’s bankruptcy information looks at the major questions most people have about bankruptcy – will my job be affected, what will happen to my house etc. There are two other types of queries that people have: concerns about their assets, which I covered in a previous article, and worries about what powers the Official Receiver […]

Life in a DMP – what is it really like?

What is life like in a DMP?  A large-scale survey.

A Debt Management Plan (DMP) can be a temporary measure but they often last for years. Debt advisors normally only see people with an ongoing DMP if it runs into problems so I was very interested by the large client survey Payplan conducted last year. I wanted to find out what it is really like […]

“I’m bored, Mum” – cheap things to do in the holidays

"I'm bored" cheap things for holiday kids

The first weekend of the summer holidays for many people, and I’m betting a few of you have already had kids complain they are bored. And your suggestions that they read some poetry or tidy their room didn’t seem to hit the mark… Out and about Picnics! In the back garden or the local park. […]

Payday loans cap – three implications for borrowers

Cap on payday loans - 3 implications for borrowers

The FCA announced yesterday that it intends to introduce a cap on the costs of payday loans: Initial cost cap of 0.8% per day. For new loans, or loans rolled over, interest and fees must not exceed 0.8% of the amount borrowed. So for a one month loan of £100, the interest and fees if […]

FCA announcement expected on payday loans

Capping payday loan costs - woman jumping for joy

It is expected that the Financial Conduct Authority (FCA)  will make an announcement this week on capping the costs of high-interest, short term credit usually known as payday loans. It isn’t clear if this will be a single proposed measure or a range of options leading to further industry consultation. ***Edit: The FCA has now detailed its proposed […]

Is it a lot of work to run your own DMP ?

I wrote last week about the CABmoney site, which now has over 1,000 people using it to manage their own debt management plans (DMPs). A reader commented that they liked the idea of being in control, but would this be a lot of work? In a DMP, creditors are asked to accept a lower monthly […]

My debt has been sold to a debt collection agency

Help! My debt has been sold to a debt collector

If you get a letter saying that Splendid Loan Company has sold your debt to Snake & Weasel Debt Collectors you may be worried that the debt collection agency (DCA) will be horrible to deal with. This article looks at the implications of this sale and answers the questions people have about this situation. (NB I […]

IVAs and secured loans – how to complain

IVAs & Secured Loan - how to complain

Last week I wrote an article about IVA complaints, looking at when it is worthwhile complaining and how to go about it. This is a follow-up: what to do if your Insolvency Practitioner (IP) says you have to take out a secured loan. This is a key issue at present as some firms have been asking clients with […]

More than 1,000 people using CABmoney’s free DMP facility

More than 1,000 people using CABmoney

Over 1,000 people are now using North East Derbyshire CAB’s (NEDCAB)  award-winning debt advice website to run their own Debt Management Plans (DMPs). Since its launch in 2102, the NEDCAB system has now grown into a comprehensive on-line resource, helping users find the best debt solutions for them and with pages of information e.g. how to complete […]

A simpler way to snowball debts

Looking for a simpler way to snowball your debts?

Everyone loves the idea of snowballing – pay the minimum to all your debts apart from one, overpay that one by as much as possible (“the snowball”) and watch your debts fall faster each month as the snowball gets bigger.  It’s described in detail here. But a few months in and some people find it a […]

How to complain about an IVA

how to complain about your IVA

Complaining has a bad image these days: it’s seen as weak, better to have a positive attitude and “get on with your life”. But in some situations making a complaint is absolutely your best option. If there is something badly wrong with the way your IVA is being handled, then you can and should make […]

33 months – longest ever 0% balance transfer card

Elephant - is you memory as good as his?

There is a lot of competition to get the top spot in the credit card tables at the moment. After Halifax announced a 32 month 0% balance transfer card this week, Barclays quickly brought out a 33 months deal. Wow – you may be wondering what the catch is? How banks make money from these […]

Managing debt with mortgages set to rise

Managing debt with mortgage rates set to rise

Last week Money Advice Trust published a major report on Household Debt that analysed who is contacting National Debtline for help with what sorts of debts. This warned that many people with mortgages are likely to find it hard to cope with mortgage rate rises.  Then two days later, Mark Carney, Governor of the Bank of England […]