How to help someone with debts – coffee, biscuits and a stapler

debts coffee biscuits stapler thumb

Your friend or a relative is very worried debt and doesn’t know what to do… you could just tell them to read Debt Camel, but  if they seem in a real mess, you may want to give some practical help.  This article looks at the best ways to do this. The answer isn’t money You probably […]

What to do when a creditor won’t freeze interest

What do to if creditor doesnt freeze interest

A reader has asked if there is anything you can do if  you have asked a creditor to freeze interest on your debt and they have refused. Yes there is – it’s not guaranteed to work, but this article has a template letter you can use. Why should a lender freeze interest? In a Debt […]

Going to uni – should you get a credit card?

uni credit card

If you are off to university soon, you may be reading articles with useful money tips for students. Many suggestions (get a job in the holidays, get insurance etc) are very sensible. But some articles are recommending you should get a credit card – not a good idea! Student loans are tricky to manage This […]

Council tax and the different types of insolvency

council tax insolvency thumb

In December 2013 there was a judgment in Kaye v South Oxfordshire District Council  that business rates for the current tax year should be included as a debt in a Company Voluntary Arrangement even though the company had made all payments to date. The judge commented that the ruling would seem to be equally applicable […]

Ten warning signs of a debt crisis

Do you have a debt crisis looming? You don’t have bailiffs knocking at the door or creditors taking you to court…  but you may be headed in that direction. If you can spot the early warning signs that your debt is becoming a problem, then you will be able to take action now to stop […]

Debt and mental health problems

man in darkness thumb

Even a “mild” problem with depression, anxiety or other mental health issues can make it harder to manage debts – taking decisions and dealing with creditors may feel like impossible tasks. Financial problems can also be worse for people with mental health problems who may find it hard to carry on with their job or […]

The secured loan clause in IVAs – a potential timebomb?

IVA time bomb

The IVA Standing Protocol Committee meets about three times a year.  Part of the committee’s remit is to identify problems/issues arising in the operation of the Protocol at an early stage. I understand that the CAB’s representative on the standing committee raised the issue of secured loans at their July meeting but no amendments were considered […]

DRO consultation – what changes are needed?

The Insolvency Service wants comments on DROs

Today the Insolvency Service has issued a Consultation on Debt Relief Orders (DROs) and Bankruptcy petition limits.  I think there are a lot of problems with the personal insolvency regime in England and Wales (see my article last week about the recent insolvency statistics) and so this consultation provides a welcome opportunity for the Insolvency Service to […]

2015 pension changes – a new option for paying off debts

Pensioner with glass of beer

In March, George Osborne announced major changes to pensions from April 2015 and more details about how this will work are now being published. These will enable many people to access the money in their pension pot from aged 55. So if you are wrestling with a debt problem and you are over 55 or […]

Why have IVAs increased in 2nd quarter 2014?

Insolvency Statistics - fewer DROs, more 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 […]

Repair your credit record after bankruptcy, IVA or a DRO

Clean up your credit file after a DRO

Bankruptcy will badly affect your credit record for six years. This article looks at what should happen, how you can repair 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 […]