Blog · Debt Camel

“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...]

Lending Stream blames refund delays on Brexit!

This is the first in a new series of short articles looking at some lenders' poor complaint handling. In March, the FCA identified complaint handling as a key component of its supervision of high cost credit lenders. From what I have seen since then the FCA supervision teams must be pretty busy! So first up, Lending Stream, who has previous form in this area. I have already written about … [Read more...]

Holding Money & Debt up to the Light: the Case for Transparency in the Standard Financial Statement

This is a guest post by Dr Joseph Spooner, Assistant Professor of Insolvency Law at the LSE and the author of Bankruptcy – the Case for Relief in an Economy of Debt. He had previously worked at the Law Reform Commission of Ireland, where his papers influenced the enactment of the Irish Personal Insolvency Act 2012. Systems for addressing difficulties of over-indebted households in England … [Read more...]

Debt news – September 15

My pick of last week's news is that more than one million parking ticket debts were sent to bailiffs by local authorities. Tweet of the week It's wonderful to receive a letter from the Student Loans Company and see that my debt is only £46,198.83. Massive thank you to the @Conservatives & @LibDems. Forever grateful to you guys. ❤️ pic.twitter.com/DsnSBRQa63 — Zarah Sultana … [Read more...]

Can guarantor loans be included in DRO / IVA / bankruptcy ?

A reader asked: I have 5k debts and I’m now on ESA. I'm also a guarantor for my mum's Amigo loan - could that be included in a Debt Relief Order (DRO)? There are three types of personal insolvency in England: bankruptcy, IVAs and DROs. Normally if a debt can be included in one form of insolvency, the same applies to the other two. But for guarantor loans, it's more complicated. So this … [Read more...]

How to ask QuickQuid for a payday loan refund (old article)

UPDATE - on 25 October, CasheEuroNet which owns ate QuickQuid, Pounds To Pocket and On Stride brands went into administration. See QuickQuid goes into administration – what will happen for details. That article will be updated with any more news. This article will not be kept up to date. QuickQuid (QQ) and its smaller brand Pounds To Pocket (P2P), which in February 2019 rebranded as On … [Read more...]