My pick of last week's news is that gambling on credit cards is to be banned. Tweet of the week Waiting for a funding decision today... everyone thinks clients with #deficitbudgets are a priority don't they? — Anna Hall Ⓥ (@Anna__Hall) January 17, 2020 Debt news Love Island stars promote buy now, pay later firm Klarna accused of pushing customers into debt Sun: Alongside … [Read more...]
Debts keeping you awake? Find a good way forward
In the small hours of the morning, worries about bills and debts can go round and round in your head: complicated ideas about how to juggle all the payments when there isn't enough money; worries about your partner who doesn't know how bad it is and how to stop your children being affected by your money shortage; panics about what "they" (debt collectors, a judge in court, bailiffs etc) … [Read more...]
January – can’t pay all the bills & debts this month?
January is often the hardest month for millions of people. You got paid early in December so the money has to last longer, but then the credit card and catalogue bills arrive with that extra Xmas spending on them. So if you can't pay all your bills and debts this month, what are your options? Here is a practical list - starting with some things not to do, as they will make your life … [Read more...]
Debt news – January 12
My pick of last week's news for people interested in debt policy is the FCA's Journey into distress. And the Under the wage floor demonstrates how good regulations are not sufficient if the detection rate and the sanctions for breaking them are too small. Tweet of the week Yes! This ⬇️⬇️⬇️. We give employment rights to people to help offset the power imbalance between (low paid) worker … [Read more...]
Wonga – Latest News about refunds
On 10 January 202, the Wonga administrators started sending emails to people who will be getting a refund. Dear X Case Number: Third Party Reference: We previously emailed you in relation to your successful claim in the Wonga administration. At the end of January, we will communicate by email the amount you will be due to receive as a dividend. Please be aware, the payment you receive … [Read more...]
When will default go from your credit record & can you get it deleted now?
"This default is destroying my credit score - how do I get rid of it?" This is a very common question! It's sometimes asked when people's finances have improved and they are trying to clean up old problems on their credit history as fast as possible. Or sometimes the default feels unfair in someway I will look at various cases to see what - if anything - can be done for each of … [Read more...]
Are your overdraft fees going up? New “simpler” charges may not be cheaper!
In June 2019, the bank regulator, the FCA, announced its new rules about overdraft charges. It called these: the biggest shake-up to the overdraft market for a generation. Banks have to change their overdraft charging before April 2020. But how much effect will they actually have? So far (8 January 2020) Nationwide, HSBS (including First Direct), M&S, Starling, Monzo, RBS, NatWest, … [Read more...]
Debt news – January 5
My pick of the week is I Worked at Capital One for Five Years. This Is How We Justified Piling Debt on Poor Customers - American but relevant to all high cost lending in Britain. And a shout out to Torsten Bell for "You think your meetings are boring? The Bank of England’s Monetary Policy Committee has met 107 times since 2010, and on only three occasions has it actually done anything to … [Read more...]
I have debts – can I get a mortgage?
You know a mortgage will cost the same or less than your rent which you have paid without problems for years - so it's obvious you can afford the mortgage. But that isn't what a mortgage lender looks at when they assess affordability! A few years ago, lenders only looked at the size of your deposit, your credit rating and your income. Now, in 2020, the "affordability calculations" look … [Read more...]
16 tips to turn New Years Resolutions about money into action!
Have you made some New Year Resolutions for 2020 - or even for the new decade? Millions of people in Britain want to improve their finances - start saving, clear debts, pay less interest, get a better credit rating etc. I think it's a good idea to ask yourself what you would like to change in 2020. If you carry on doing the same, then you probably aren't going to succeed with those … [Read more...]
Debt Advice – 2019 did not go well – what will happen in 2020?
Many annual reviews say the year has gone by so fast. But it seems like a very long while since I wrote my review of Debt Advice in 2018. 2019 has been very difficult for debt advice. There have been few bright spots (apart from affordability complaints), a lot of delays to policy decisions being taken and an ever-worsening benefits environment for our clients. 2019 - what happened & … [Read more...]
A Money Detox – seven steps to improve your finances
Want to be better with money in 2020? If you eat and drank and sat on the sofa far too much over Christmas, you may be thinking of detoxing your body and making 2020 the year you get fit. A Money Detox is the same approach for your finances if your bank balance is looking sick and your credit cards bill looking bloated. You want to track and then reduce or get rid of the things that are … [Read more...]
It’s harder to get good 0% transfer deals in 2020 – but worth trying!
For more than two years the 0% balance transfer credit cards on offer have been getting slowly less good. And there aren't so many, so they are also harder to get. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. Less deals on offer & the limits are lower In January 2020 Moneyfacts has counted 76 0% balance transfer … [Read more...]
Cheap ways to get fit in 2020 that will suit your life
Want to lose weight or get fit in 2020? Millions of people will have that as their main New Year's Resolution. Don't rush out join a gym... It's the most expensive of all the options and most people give up after a few weeks. Here are some suggestions, all free or low cost. The aim is to spend as little as possible until you find out what will suit you and fit with your life. Walk your … [Read more...]
Happy Christmas – and a better 2020!
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