Research shows that most people underestimate the chance of a negative event and overestimate the chance of a positive event happening to them. This is called Optimism bias as it results in us having an unrealistically optimistic view of the future. For example: although about half of Western marriages end in divorce, few people getting married think it may happen to them; and we … [Read more...]
Debt news – May 26
My pick of last week's news is Set curfew for online money lending, say academics. Tweet of the week 26 MPs signed this letter to @tescobankhelp "Your customers put their trust in Tesco. We hope that you will repay that trust by committing to only sell their mortgage to a fully regulated active lender which will offer them new deals and fixed rates." pic.twitter.com/119YS9KxNx — … [Read more...]
“What happens to a DRO if I move in with a new partner?”
A reader asked: I’m a single parent and have had about 10k of debts in a debt management plan for several years. I’m on low income and it looks like it will never end plus I have got some further debts. Now I’m considering a Debt Relief Order (DRO). But I met someone and I’m thinking about starting to live together. I don’t want to tell him about my debts and really want to sort this out … [Read more...]
DROs – what if my pay increases or I get a lump sum of money?
Debt Relief Orders (DROs) are a simple and cheap alternative to bankruptcy if you are renting and have little money to spare each month to repay debts. A DRO lasts for 12 months and during this time you must inform the Official Receiver (OR): if you receive any money or other assets, or if your income increases. If this happens, the OR may decide to 'revoke' your DRO. This means the … [Read more...]
Record numbers of CCJs in 2019 & for smaller amounts
On May 13, the statistics for CCJs for the first quarter of 2019. were published by Registry Trust, who keeps the records of CCJs in England and Wales. There were more than 320,000 consumer CCJs in the three months, the highest number recorded for a quarter. Consumers are being sued more often for smaller amounts of money The graph shows how the number of CCJs in the first quarter of … [Read more...]
Debt news – May 19
My pick of last week's news is Gen Z is paying the price for quick and cheap debt. Tweet of the week “We just want as many people to know about it so we can bring about a change" the team behind Killed by My Debt give an emotional acceptance speech as they collect the BAFTA for Single Drama 😢🙌@bbcthree #BAFTATV pic.twitter.com/JhIT4y2eeQ — BAFTA (@BAFTA) May 12, 2019 Debt … [Read more...]
Payday lenders tired of having to pay so many refunds – unsurprising!
The Financial Ombudsman Service (FOS) published its Annual Review this week which highlighted the massive jump in payday loan complaints - up 130% to c.40,000 in 2018-19. The Consumer Finance Association (CFA) has responded with a blog Reflecting on the FOS Annual Review. The CFA is the trade association for payday lenders, so you won't be surprised they are not happy... Mandy Rice-Davies's … [Read more...]
Going bankrupt in England and Wales – a checklist
Most people find going bankrupt is stressful. Although afterwards it is usually much easier than you have expected, at the time there seems to be so much to get right. Here is a checklist, covering everything you need to do before submit your bankruptcy application. The good news is that this is now all much simpler than it used to be. A few years ago you had to go to court with three copies … [Read more...]
Top tips for simple & realistic budgeting that works
You need something that puts you in control of your spending. Your grandparents used to budget using a pencil and paper. But they didn't have contactless cards and mobile bills and overdrafts and credit cards and takeaways... Now many people find it harder to budget and feel they have lost control. For a budget to make your life easier, it has to be simple, not time-consuming and … [Read more...]
Debt news – May 12
It's in America and it's unlikely to become law, but my pick of the week's news is Sanders, Ocasio-Cortez want to cap credit card interest rates at 15 percent. Tweet of the week As #MentalHealthAwarenessWeek begins (13 May) it’s important to remember nearly half of all people in debt said they also faced a mental health problem. A strong correlation. It’s key information for when we, … [Read more...]
Credit cards – to close or not to close?
If you have a credit card with a zero balance, should you close it? Would cancelling it improve or harm your credit score? This is important to get right if you are trying to clear your debts as fast as possible or if you are hoping to get a mortgage soon. It also applies to catalogue accounts. Here are the main arguments for and against closing the credit card: Four reasons to … [Read more...]
“Can I transfer a loan to my partner? It’s car finance.”
A reader asked: I got a car loan last September because I had better credit than my partner. She has been paying it off since the start by transferring the money to my bank account. Now the question is, would it be possible to transfer the loan to my partner so it's completely in her name? And if so would it move off my credit report? You can't "transfer" a loan The simple answer is No. … [Read more...]
Debt news – April 5
My pick of last week's news is the IMA's report on salaries in the sector. Tweet of the week THREAD: Last week the DWP said ‘advance payments’ solve the problem of waiting 5-wks for #UniversalCredit. This isn’t true. They provide a sticking plaster until a first payment comes in, but aren’t a proper solution for people waiting 5+ weeks because they need to be repaid 1/3 … [Read more...]
Wageday Advance (WDA) – latest news on the administration
Curo Transatlantic Limited (CTL) had two brands: Wageday Advance (WDA), a mid-sized payday lender; and Juo Loans, a small guarantor lender. CTL entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators. Latest news: The Administrators published Proposals for the … [Read more...]
Wonga – Latest News on refunds (kept updated)
Wonga stopped lending and went into administration on 30 August 2019, unable to pay refunds on all the payday loan affordability complaints it was getting. An unaffordable payday loan is one you could only manage to repay if you borrowed more elsewhere or didn't pay some bills. So you may have repaid a loan but still be able to claim a refund of the interest you paid if the loan was … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 31
- Next Page »