Bankruptcy badly affects your credit record for six years. This article looks at what should show on your credit record after you are discharged from bankruptcy. For almost everyone, discharge happens after a year. But if lenders don't record bankruptcy and your discharge correctly, they will continue to damage your credit record for longer than they should. Even if you … [Read more...]
How to improve your credit rating after a DRO
A Debt Relief Order (DRO) lasts for one year and then your debts in it are wiped out. But it shows on your credit record for six years. This article looks at what should happen to your credit record during the DRO year and after it has finished. If a creditor has got this wrong, ask them to correct any problems. You can start to improve your credit rating after the twelve months of your DRO … [Read more...]
What should the default date be & when will it disappear?
A default hurts your credit score, but how long for? That depends on the default date recorded on your credit file. If the default date is too late, it harms your credit score for longer than necessary. The Key Rule to remember is "A default drops off after 6 years". This always happens, regardless of whether: you have repaid it in full you made a partial settlement you are still … [Read more...]
The best free ways to check your credit score
Keeping track of your credit record is smart, but how do you go about it? With more than a dozen ways to check your credit record in the UK, it can get confusing. So, what are your options—and which are the best free ones? And is it ever worth paying for "extras"? Do credit scores actually matter? Not really. There is too much hype about credit scores. Lenders never see the score you see … [Read more...]
Loans2Go – the worst loans in Britain – ask for a refund
Loans2Go offers what I have called the worst loans in Britain. Their typical APR at the moment is 450% See the example Loans2Go quotes on its website: "Representative example: If you borrow £999 over 18 months at a flat rate of 132% per annum (fixed) with a representative 450.5% APR you will make 18 monthly payments of £165.39, repaying £2,977.02 in total. This means you would pay £1,978.02 … [Read more...]
“A mystery CCJ on my credit record – I know nothing about it”
A reader, Ms J asked about a CCJ that suddenly appeared on her credit report. "I check my credit record sometimes and there is now a CCJ on there. It looks like it was added a few months ago at an address I left ages ago, possibly 8 years. I don't even know if this is real or some sort of error. It's only a few hundred but I don't want to pay it if I don't have to and I don't know who to pay … [Read more...]
How to get refunds from catalogues and credit cards
Have you had a credit card, store card or catalogue where your credit limit was too high? So high that the monthly repayments were hard to manage and you got into more debt? For some people the limit was too high at the start. Others were originally given an OK limit, but the lender kept increasing it. or it was OK while the 0% offer lasted, then unmanageable. You may have a good … [Read more...]
Car finance commission – make a claim to the FCA scheme
The FCA Car Commission Compensation Scheme was announced on 30 March 2026. The FCA estimates that about 12 million HP & PCP agreements that started between 2007 and late 2024 may be eligible for a refund, averaging £829. Let's look at some of the details and what you should do now. What car finances are eligible for a refund? Finance types and dates The finance types covered are … [Read more...]
“My DMP payment is too high”
A reader asked if it is OK to reduce your debt management payments when you need to? This is a common problem in Debt Management Plans (DMPs). Sometimes your income falls. Often your essential expenses go up faster than your pay does. And in Spring 2026, with many bills increasing in April and petrol prices going up a lot, many people will find their current DMP payments hard to … [Read more...]
Increasing the interest on a credit card – your rights
Update: in March 2026, Lloyds, Halifax and MBNA (all card lenders in the Lloyds Banking Group) started sending out emails saying that card interest rates would be increased in May 2026. most of the increases are between 4.25% and 4.5% a year. If your credit card says it is increasing your interest rate, often you can simply reject this change and stay on the old rate. If you do … [Read more...]
Has a lender like Next or Barclaycard cut your credit limit?
When a lender like Next or Barclaycard slashes your credit limit, it can feel like an insult, especially when you’ve been managing your account responsibly. Here are some recent stories I have heard, and a look back at some older examples. These aren't the only two lenders that do this! Next cutting limits This has happened to a number of Next customers recently. In one case, a customer … [Read more...]
Affordability refunds from loans
The repayments on many loans and car finance are too high to be manageable so people get deeper into debt trying to repay them. When you applied, a lender should have checked a loan would be affordable for you - often they did not check properly and you should never have been given this loan. This article describes how to complain, with a template to use. Many people have won complaints … [Read more...]
Problem overdraft? How to ask your bank for a refund of interest
Have you had big overdraft problems for a long period? You can make an affordability complaint and ask for a refund of overdraft charges if: your overdraft limit was set too high at the start or increased to a level you are unable to clear; or your overdraft usage showed you were in long-term financial distress. For example, being in the overdraft all the time, or using an unauthorised … [Read more...]
“When can I offer £1 to a debt?” – FAQs about token payments
A reader asked if he should offer a £1 a month token payment to his debts, wondering if his creditors would ever accept it. A £5 a month payment to all creditors would also normally be called a token payment. The simple answer is that you should make token payment offers: TO non priority debts WHEN it is all you can afford. BUT if you don't expect your situation will improve soon, you may … [Read more...]
Is gambling wrecking your finances?
A gambling habit often starts small, some fun with your mates or a bit of excitement when you are bored at home. But soon you may be spending more than you can afford. Then your cards and overdraft are maxed out. It is so tempting to try to win back enough to clear the debts and pay your bills. You need money to do this, so you get a loan. But you lose more... Soon the only credit you can … [Read more...]
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