In November 2023, MSE announced that its Credit Club report would soon switch to cover TransUnion data, not Experian data. MSE has told subscribers: The need-to-know change: Experian is stopping giving us access to its full credit report. So ... we’re moving to one of the other three big credit reference agencies, TransUnion. MSE has tried to dress this up - the first paragraph was headed The … [Read more...]
The best free ways to check your credit score
Keeping an eye on your credit record is a good idea, but how should you do it? There are more than 18 different ways to check your credit record! Which is confusing. And in late 2023, things have become more difficult as MSE's Credit Club is switching from reporting Experian data to using TransUnion data. So what are your options now - and importantly what are the best free … [Read more...]
Morses Club goes under – in administration – Scheme fails
Morses Club went into administration on 17 November 2023. Morses Club was the largest doorstep lender in the UK after Provident stopped lending in 2021. Last year it had 144,000 customers. Morses also provided some payday loans through a subsidiary, under the name Dot Dot loans - this subsidiary is also now in administration. Morses employed 373 staff. The administrators have made 101 … [Read more...]
7 ways to speed up a DMP so it finishes sooner
A reader asked: I'm being told a DMP would take more than 10 years. Is that too long - I hope my situation will improve? Ten years is a long time. But lots of things can happen during a Debt Management Plan (DMP) which will change the time it may take. Here are seven ways the DMP could be speeded up - not all of them may apply to you. 1. No DMP fees If the DMP firm you are talking to charges … [Read more...]
How much should I offer to settle my IVA early?
An Individual Voluntary Agreement (IVA) is a formal, legal contract for a set period, usually five or six years. To finish your IVA sooner and have the remainder of your debts written off, you need to talk to your IVA firm, say how much you are offering and where the money is coming from. Your creditors will need to approve this offer. How much you should offer as a Full and Final (F&F) … [Read more...]
Minimise the impact of gambling on your finances – tips from GamCare
This is a guest post from GamCare who provide information, advice, and support for anyone affected by gambling harms. GamCare operates the National Gambling Helpline, with Advisers available for free 24/7 by phone and online chat. We also provide treatment in all regions across England, Scotland and Wales, and support against gambling-related financial harm, through our Money Guidance … [Read more...]
Statute barred debt – common questions
If you have an old debt, you may wonder if you still have to pay it? Can your creditors really take you to court after this long? English law says a creditor only has a limited amount of time - typically six years - to take you to court. The term for a debt that is so old that it can't be enforced in court is "statute barred". (You may have heard the phrase being time-barred, that means the … [Read more...]
27% of adults use Klarna or other BNPL – regulation is needed
The FCA has published new research on Buy Now Pay Later (BNPL) usage which shows that BNPL was used by 27% of UK adults in the last 6 months of 2022. That is a large increase - only 17% of UK adults had used BNPL in the 12 months ending May 22. But if this is interest-free credit, does this matter? Other statistics from this research suggest that it does. What is BNPL? In this article, … [Read more...]
Amigo’s Scheme – decisions are at last being issued
UPDATE - November 2023 Amigo says it has now issued 45% of decisions Amigo has been deleting a lot of loans from all three credit reference agencies If your loans have been cleared, this is probably because your claim will be upheld. But this isn't definite until you get the claim decision. UPDATE - Amigo Update - October 2023 Amigo has only issued 38% of decisions. It says … [Read more...]
PPI – does new legal action mean you can still get a refund?
In 2017, the FCA imposed a deadline of August 2019 for PPI claims that could be taken to the Financial Ombudsman. That deadline has now passed and you now can't start a new PPI complaint with a lender and take it to the Ombudsman. But there are still some court cases being brought to get PPI refunds. These are being brought following a Supreme Court judgment in 2014 on the Plevin v … [Read more...]
IVA scammers pretending to be bailiffs or the FCA
If you get an email entitled LEGAL NOTICE OF ATTACHMENT OF EARNINGS that sounds very alarming... But this may be the start of a scam and the sender wants you to panic so you will make a bad decision. An example of a scam email Here is one such email: This is xxxxxx from CBL ( Collection Bailiffs Limited ). Hope you are doing well. I just would like to tell you that we have got a legal … [Read more...]
DRO applications – frequently asked questions
A Debt Relief Order (DRO) is often the best debt solution if you have under £30,000 of debt, you are renting and you have hardly any spare money to repay your debts. You don't have to make any payments in a DRO and, after a year, your debts are wiped out. See What is a DRO? which looks at the eligibility criteria and how to apply for an overview. Here are some common questions I hear about … [Read more...]
Can I get a new mortgage fix with poor credit?
A couple of readers have asked about mortgage fixes when they have a poor credit record or simply a lot of other debt: Ms A: We are in a DMP and we were told it would make it very hard to remortgage. So we are now on Santander’s SVR and it’s over 7%. Can we really just ask them for a new fix and they won’t say no? Mr B: I'm worried about talking to Nationwide when our current mortgage fix ends. … [Read more...]
Plum – an app that makes it simple and painless to save
Should you have money left each month but it just seems to vanish? If you are paying off debts, it is still useful to have a bit put aside so it's easier to cope with unexpected problems. This article looks at Plum Basic, an app that takes the hard work out of saving. It moves small amounts that you won't miss from your bank account into a savings account several times a month. (Originally … [Read more...]
Worried about starting a DMP? Answers to common questions.
A reader said she was scared about starting a Debt Management Plan (DMP). Her worries were that her husband's credit rating would be affected and that she would get lots of phone calls from creditors. Another reader has asked if he can get a new mortgage fix if he is in a DMP I thought it would be useful to look at the most common concerns people have about DMPs. Setting up a … [Read more...]
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