How much will my credit rating go up or down is a very common question, It's often tricky to answer. But here are some guideline numbers from Experian that may help. These are only indications - your credit score may not go up or down by this much. They assume nothing else has changed on your record. They also apply to single issues. If you have two defaults already, getting a third won't be as … [Read more...]
Debt news – November 17
My pick of last week's news is one you may have missed: Online broker launches free bad credit mortgage advice. Graphic of the week The breathtaking decline in child mortality across the world by @toddrjones pic.twitter.com/mkVXhL82gn — Matt Ridley (@mattwridley) November 16, 2019 Debt news Stella Creasy calls for inquiry into FCA over Wonga and QuickQuid Guardian: "The … [Read more...]
Payday loan refunds – how long till a lender replies? pays out?
When you get a payday loan, it arrives very quickly... so why does it take some payday lenders so long to pay out refunds for unaffordable lending? Especially as a few lenders are very fast? Thousands of people have left comments on the main How to get a payday loan refund page on the progress of their claims. This article summarises recent comments about the large and mid-sized lenders, … [Read more...]
“Why I had to go bankrupt & how it went”
Everyone’s bankruptcy case is different. Here is L’s story. Few people will have the combination of a high income and high health costs that she had. But many will recognise the problem of consolidation loans not resolving their debt difficulties and have L's worries about bankruptcy. After years of struggling with debts and a chronic health condition, I applied for bankruptcy early in … [Read more...]
Threats of CCJs and bailiffs – are debt collectors bluffing?
Have you received scary letters from a debt collector demanding payments? These letters may threaten defaults, county court judgments (CCJs) and bailiffs taking your possessions. Sometimes the letters are bluffing, but the number of CCJs is continuing to go up. In the first half of 2019, there were 586,765 CCJs and more than half were for less than £650. This article covers consumer debts … [Read more...]
Debt news – November 10
Two wins for campaigners this week, with the admission, that VAT can't be charged on HCEO fees and the DWP told not to run misleading Universal Credit adverts again. Tweet of the week “You won’t see our branding [on the #UniversalCredit ads], and this is deliberate” We’ll let the below internal memo from the @DWP speak for itself … Join our campaign to demand @DWP #StopMisleading … [Read more...]
Sunny concerned about lack of regulatory clarity – really?
Many people hoping for a payday loan refund from Sunny were watching for the third quarter results from Elevate, Sunny's US parent. Would Elevate decide to close Sunny, so they wouldn't get their refunds? Two weeks earlier QuickQuid had gone into administration after its American parent announced it was exiting the UK. That left Lending Stream and Sunny as the largest payday lenders in … [Read more...]
Who should you tell after you go bankrupt?
Who do you have to tell when your bankruptcy application has been approved? You don't have to tell anyone! All the debts listed on your bankruptcy application will be informed by the Official Receiver (OR) that you are now bankrupt. But this takes a few weeks, so there are some situations where it's good to tell a creditor yourself because it will make your life easier. Debts you … [Read more...]
Debt news – November 3
In a quiet week for debt news, my pick of the articles are the two items on Fines. Tweet of the week Watch this extraordinary exchange: ‘You should be ashamed,’@KenLoachSixteen He challenges former Barnet councillor Brian Coleman who tries to defend the poor living conditions - cockroaches, damp and drug users, revealed in our film.https://t.co/UoDAu8mHy8 … [Read more...]
“If I get a PPI refund, what will happen to a DRO?”
A reader, Mrs H, asked: I am thinking of applying for a Debt Relief Order (DRO) but I have a PPI claim in progress. If I am successful in the PPI claim will I still get it if I have the DRO? Many PPI claims sent in just before the end August 2019 deadline are still waiting for a decision. So this is going to be a common question over the next 6-12 months. And this applies to other sorts of … [Read more...]
How to cut your grocery bill
If you want to cut your expenses, food should be high up on your list. Food shopping is a large part of most people's budgets and it's also one that you have a lot of control over. It's not easy or quick to cut what you spend on rent, council tax or transport costs, but adopting a few new food habits can help you reduce your grocery bill and still eat well. Plan, plan, plan Planning is the … [Read more...]
An emergency fund – how much do you need & how to save it
A lot of personal finance advice starts out with “Everyone needs an emergency fund”. A survey showed that a third of middle-class families couldn’t pay an unexpected bill of £500 without borrowing, so the lack of savings is a very widespread problem. But what if you already have debts that you are paying off? Accumulating an emergency fund will delay clearing the debts … but having a rainy day … [Read more...]
Debt news – October 27
QuickQuid collapses Sky broke the story: Biggest payday lender QuickQuid on brink of collapse. This was then confirmed when QuickQuid's American parent said it was exiting the UK: Customers owed refunds to lose out as QuickQuid closes My story QuickQuid owner on brink of collapse as payday lender complaints surge Guardian; QuickQuid: UK's largest payday lending firm to close … [Read more...]
QuickQuid goes into administration – what will happen
CashEuroNet (CEN), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. Grant Thornton have been appointed as Administrators. They have set up a page about Redress Complaints - this is their term for people who have asked for a refund because they were given unaffordable loans. Many people with current loans or … [Read more...]
Customers owed refunds to lose out as QuickQuid closes
UPDATE After a worrying day for customers, late in the afternoon of 25 October it was announced that CashEuroNet had gone into administration. See QuickQuid goes into administration – what will happen for the latest news and how this will affect you. That article will be kept update from now on. This one won't be. On 24 October, Enova, the American parent of CashEuroNet, announced it is … [Read more...]
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