My pick of last week's news is the great report from ASIC: "Disclosure - why it shouldn't be the default." Everyone interested in consumer and financial regulation should read it! Debt news Has Wonga offered you a low settlement? This may be a bad offer! My article. Are the Wonga Administrators misleading people who have an outstanding loan? Rules juggle protection of payday loan … [Read more...]
£140 help with your electricity bill this winter
Are you worrying about how to afford the heating this year after the price rises in 2019? Millions of people on benefits or a low income can get £140 off their electricity bill through the UK's Warm Home Discount scheme. All the large electricity suppliers and some of the small ones offer this. 5 tips for applying for a Warm Home Discount if you are on Pension Credit you don't need to … [Read more...]
Has Wonga offered you a low settlement? This may be a bad offer!
People who still have a loan from Wonga that has been paid are getting emails with what sounds like a tempting offer: Loan settlement offer to restore your credit record. The offer details are: you only have to pay about 25% of the debt; the debt will be deleted from your credit record if you accept the offer; it says the offer is "time-limited" but doesn't give a date you have to … [Read more...]
Money Shop, Payday UK / Express – Latest News & FAQs
Instant Cash Loans (ICL) is sending emails to the 2.6 million previous customers of Money Shop, Payday UK or Payday Express headed: IMPORTANT INFORMATION INVITATION TO CLAIM: SCHEME OF ARRANGEMENT IN RELATION TO INSTANT CASH LOANS LIMITED These are being sent over the next few days, so don't worry if yours hasn't arrived yet. The email explains that the Scheme ICL had proposed is now live. It … [Read more...]
What to do if you get a Claim Form
If you receive a Claim Form from a County Court through the post you need to respond rapidly. Ignoring court papers is a bad idea, even if you think the debt is too old or you are worried you can't pay the money. If you agree you owe the money you will get a County Court Judgment (CCJ) but if you complete the Claim Form papers properly you will be able to make monthly payments and won't … [Read more...]
“Can mortgage lenders see old debts, no longer on my credit record?”
A reader asked: I know a debt drops off my credit file 6 years after it was settled or defaulted. I just want to ask when I apply for a mortgage, can the lender dig up unpaid debts if they are no longer showing on my credit report? This is a common question. The answer is Yes, sometimes because a lender can see other information that may show the debts. Let's look at what the lender can see, … [Read more...]
Are 35 or 40 year mortgages a good idea?
Mortgage terms are getting longer, especially for first-time buyers. Twelve years ago about half of all first-time mortgages were for 25 years or less. And only one in six first time mortgages was for 35 years or more. 2019 figures show how the mortgage world has changed. This year only 22% of first-time mortgages is for 25 years or less. And a dramatic 36% are for more than 35 years. So … [Read more...]
Debt news – October 13
My pick of last week's news is Barclay's decision to stop its customers taking money out in a post office. Debt news Government response to Treasury Select Committee re the FCA's perimeter Treasury Select Committee: "The Government does not therefore see the case for providing a formal power for the FCA to request changes to the perimeter." For why this matters to debt issues, see … [Read more...]
Is your pension safe if you go bankrupt?
If you expect to go bankrupt soon you may be worried about whether your pension will be safe. The Insolvency Service published a summary of its new guidance on pensions and bankruptcy in England and Wales in 2015 after the "Pension Freedom" changes that year made it possible for many people to take money out of their pension from age 55, even if they are still working. There was some legal … [Read more...]
Debt news – October 6
My pick of last week's news is the number of Wonga mis-sold loans. Debt news Wonga's legacy of nearly 400,000 mis-sold loans BBC: As the Wonga administrators stop accepting any more claims, the true extent of the number of customers who won't get a full refund emerges. Three changes you need to know about the DMHEF Money Advice Trust blog: simpler, no charges and now hosted at MAT not … [Read more...]
“Can I get a debt consolidation loan with a bad credit score?”
A reader asked: Are there debt consolidation options for really bad credit? I have a lot of debt and I'm not sure how to start getting out of it with a suitable loan or a credit card. A credit card won't work There are a couple of "bad credit rating" offers at the moment (October 2019), but they are only for 6 months and you will only get a very small credit limit. And after the six months, … [Read more...]
Wonga – Latest News about refunds
YOU CAN NO LONGER MAKE A CLAIM ABOUT WONGA LOANS THE DEADLINE WAS SEPTEMBER 30. A payday loan is "unaffordable" if repaying meant you had to get into more debt, by borrowing again or getting behind on bills or other debts. So you may have repaid all your loans but still have a good claim for a refund of the interest you paid - which is usually a LOT. Find out more about payday loan claims, … [Read more...]
Piggy banking / the envelope method – how to budget better!
Piggy banks are not just the cute pig-shaped money jars for kids. Piggy banking is also a system of dividing your money into different ‘pots’, or accounts. It is also known as "jam jar accounting" or "the envelope method". Each pot represents a different aspect of your life you need money for. So, for example, you might have one account for your most important bills such as the mortgage or … [Read more...]
Debt news – September 29
A bumper edition covering the last two weeks! The headline news has to be that Labout will radically overhaul Universal Credit, but for one you may not have seen, read Smart meters are turning into debt collecting gadgets. Debt news We are Stoke-on-Trent: 'Debt was a circle I could not get out of' BBC: Stories that every debt adviser will recognise. Stress testing for human beings FCA: … [Read more...]
Wageday Advance (WDA) – latest news on the administration
UPDATE - The administrators published their 1st progress report on 24 September. They had identifed 256,000 Wageday Advance customers as being owed redress for unaffordable payday loans. Of these, about 100,000 claims were submitted by customers (99,416 electronically and over 1,000 manually) before the deadline at the end of August. The administrators expect customers who sent claims … [Read more...]
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