Blog · Debt Camel

Debt news – January 27

My picks of the week are the Bank of England speech on Debt Dynamics, if you like economics, and China trials 'Deadbeat Map' for a glimpse into a future you may not want to live in. Tweet of the week A long thread: How expensive it is. You can't buy groceries in bulk & often have to buy from corner shops with big markups. You probably have to use local cash machines that charge for … [Read more...]

Wageday Advance – delaying complaints and in financial trouble?

Wageday Advance (WDA) is not giving its customer a Final Response to complaints within eight weeks. At the end of the eight weeks it is telling customers it needs another eight weeks to consider their complaint. UPDATE two customers have reported in the comments below that they have still not received responses after 20 and 21 weeks. This article looks at why Wageday Advance is receiving so … [Read more...]

Caroline Wayman, Chief Ombudsman, on payday loan complaints numbers

Caroline Wayman, the Chief Ombudsman at the Financial Ombudsman Service (FOS) gave evidence to the House of Commons Treasury Select Committee on 22 January 2019: Here I am just picking out some remarks which are relevant to payday loan affordability complaints. Complaint numbers Wayman talked about "the unprecedented growth" in FOS complaints about payday lenders this year. This was … [Read more...]

6 ways to save – which will be the easiest for you?

Do you find it hard or impossible to save? many people feel they ought to be able save but always fail when they try. others are saving for a big goal but not as fast as they want. if you are struggling with money, you may desperately want a small emergency savings pot to make life a bit less stressful. There isn't a simple answer - no way is easy for everyone. What works for one … [Read more...]

Debt news – January 20

My pick of last week's news is Mastercard to block sneaky subscriptions - let's hope it happens! Tweet of the week The govt is simply bringing in Welfare Reform Act 2012 Schedule 2 para 64 passed when you were Pensions Minister voted for by you “1A) A claimant is not entitled to state pension credit if he is a member of a couple the other member of which has not attained the qualifying … [Read more...]

QuickQuid’s refusal to refund loans after 2015 is wrong

For several months QuickQuid has been refusing to consider any affordability complaints about loans made after March 2015. First it rejects a refund on any of these recent loans when a customer complains. Here is an example of how QuickQuid even classifies these loans separately in its reply to a complaint: Then, when a customer takes the case to the Financial Ombudsman (FOS), QuickQuid … [Read more...]

Don’t get an IVA if you expect to move house

A reader asked whether an IVA was suitable for her. As part of that she said: I am hoping to move in with a new partner later this year. I would have to pay more rent and bills but I would have lower petrol costs as he lives very close to my work. It is usually a bad idea to set up an IVA when you expect your living costs to change a lot in the near future and it is not certain what they will … [Read more...]

Recent payday loans make it hard to get a mortgage in 2019

Having a recent payday loan on your credit history can make it much harder for you to get a mortgage at a good rate - or even at all! If you have used payday loans, the best advice for a mortgage application is: wait until at least 12 months have passed after your last payday loan; always go through a good broker; a payday loan affordability complaint may help clean up your credit … [Read more...]

Claim PPI or make payment arrangement first… or neither?

A reader, Mr G, asks: Due to my personal circumstances, I was unable to repay my credit card and a personal loan to HSBC. My last payment and last contact with HSBC was ten years ago in 2008. Recently I have received a letter from Robinson Way, stating they have taken over my debts and I need to arrange repayment for a total of £2,900. My HSBC loan had the PPI that was sold to me for around … [Read more...]

How to get a payday loan refund – step by step with template letters

Did your payday loans cost so much you had to keep on borrowing? The regulator will say your loans were unaffordable and this was irresponsible lending. You can get a refund of the interest you paid on unaffordable loans. It's easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or if you still owe money. This … [Read more...]

Debt news – January 13

My pick of last week's news is the CPAG blog: Universal credit - a new era? Also a large number of gambling stories this week. Tweet of the week Imagine needing a Minister for Hunger in one of the richest nations on earth. https://t.co/WVPkxRyYvz — Frances Ryan (@DrFrancesRyan) January 10, 2019 Debt news Bailiffs - The Rules of Enforcement Citizens Advice The lack of an … [Read more...]

I have debts – can I get a mortgage?

Mortgage lenders have to assess in detail whether a loan is really affordable for the borrower. You may think "well the mortgage is going cost the same as my rent, so obviously I can afford it", but the mortgage lender will be thinking ahead to when interest rates go up in 2019 or 2020. A few years ago, lenders only looked at the size of your deposit, your credit rating and your income. Now in … [Read more...]

Your IVA annual review – what happens?

A reader asked: I’m worried about my first IVA annual review. How much detail will they go into? I've found the year tough with a few car problems. I switched gas and electric to try to save money but it hasn't helped much. This is one of the many IVA issues where I have to start by saying that there is no definitive answer for everyone. It depends on the terms of your IVA, your IVA firm, your … [Read more...]

Debt news – January 6

This is a bumper two-week round up as last week I published my review of 2018 instead. And it's a great start to 2019, with the news that the DWP is postponing the "managed migration" of 3 million people onto Universal Credit that was due to start this year. Tweet of the week Happy New Year debt advisory friends! We think we’ve found Britain’s worst debt advice … [Read more...]

How to succeed with your New Year debt and saving resolutions

What are your New Year Resolutions for 2019? Ones about money are common - how to save more, clear debts, improve your credit record etc. Some people scoff these resolutions. But it's a good idea to take a step back once a year and ask yourself what you would like to change in the next year. If you know where you want to get to, there is a better chance you will end up there! Though you do … [Read more...]