A reader, Mr D, asked: I had a mortgage shortfall from 2006 after my house was repossessed by Natwest. As a mortgage shortfall stays on file for 12 years, I decided to make a Full and Final settlement offer in January this year which they accepted and which has now been paid. Now with both Equifax and Experian, the account has disappeared, it doesn't appear in my open or closed accounts. … [Read more...]
Overtime & new baby costs – how do these affect an IVA?
A reader, Mr G, asked: I’ve had a lot of overtime recently covering for someone at work who was very ill. This has come in handy as it coincided with my wife’s maternity leave and the extra expense of a child. Will my IVA expect me to pay them the overtime money after my annual review in a couple of months? Overtime and IVAs As with many questions about Individual Voluntary … [Read more...]
Debt news – July 15
My pick of the week's news are the two Times articles on Amigo. Tweet of the week When ill & disabled people are wrongly turned down for #ESA, they can get 'pending appeal' payments while they wait the 6 months or more for their tribunal hearing. But under #UniversalCredit there's no such payment. Read our blog on what this means: https://t.co/9R9s5KVvs3 — Zacchaeus 2000 Trust … [Read more...]
Game, set and match – how to ace your debts!
Paying off debt can feel like a long war with your creditors - you may have a good few months and then some setbacks. But what if this battle was a game of tennis? Listening to the Wimbledon commentators gives clues about how the top players approach training and big matches ... Here are five ideas that can also be applied to clearing debt. 1) Improve your skills "She's been working … [Read more...]
Introducing a cap on the cost of Rent To Own lenders such as Brighthouse
The FCA's Consultation on High Cost Credit 18/12 is clear about the harm caused by Brighthouse and other rent-to-own (RTO) lenders: Our findings make clear that the costs of RTO are high, sometimes exceptionally so. RTO users are paying an average premium of 3 or 4 times the typical retail price of goods. At the extreme, this can be nearly 5 or 6 times ... We think it is highly likely that harm … [Read more...]
Why do people lose payday loan refund cases at the Financial Ombudsman?
People often ask Do I have a good case for a payday loan refund? If you are wondering this, it can help to look at why some people have their complaints rejected by the Finanical Ombudsman as this shows which complaints may be tricky. You may then realise that your complaint probably won't be difficult at all! Read How to ask for a payday loan refund for template letters. It has comments … [Read more...]
Debt news – July 8
My top pick from last week's news is the latest JRF Minimum Income Standard report. For a quick read, go for Italy approves blanket ban on gambling ads and Santander makes big changes to overdraft charges. Tweet of the week Italy approves blanket ban on gambling ads https://t.co/fflUf7CDaB pic.twitter.com/91PfXdB0BA — Soccerex (@Soccerex) July 4, 2018 Debt news PPI (these … [Read more...]
Buy Now Pay Later – why it often goes badly wrong
Buy Now Pay Later (BNPL) and other deals promising no interest sound so appealing. And so sensible if you are short of money. But very often you end up being charged large amounts of interest. The retailers offering these "bargains" know this happens and that they will make a lot of money from them So what goes wrong? Here are three things to look out for if you see one of these … [Read more...]
Debt news – July 1
My pick of last week's news is Crumbling Britain: The quiet decline of English courts. Debt news Banking: FCA Strategic Review of Retail Banking - Progress report FCA: This review looks at the sources of competitive advantage that have helped the major banks to retain their market shares in the recent past, with a view to evaluating the potential for change and the impact of that … [Read more...]
How to find out which payday lenders you used
A reader if there is an easy way to find out which payday lenders he used a few years ago. This is a really common question. Many people who had big problems with payday loans before 2015 ended up switching bank accounts, as it was the only way to stop the lenders emptying their account when they were paid. Some people even changed email addresses and phone numbers to escape from the payday … [Read more...]
Vanquis ROP(2) – over limit charges not included in the refunds
I have asked Vanquis how they are calculating the FCA-ordered refund of the interest that people have paid because of their ROP purchases. One thing that Vanquis have explained is that they are not including a refund of any additional over the limit charges. This won't affect everyone getting a refund but it will be important for some people. Why aren't Vanquis refunding these? Vanquis … [Read more...]
Squirrel – a clever approach to budgeting
Do you have money problems because you get paid at different times to when your bills need paying? Or does your pay burn a hole in your pocket so you can't save? Here are some typical things I hear: "I get paid every 4 weeks and it's hard to make sure money is in the account when monthly direct debits come out"; "We spend too much at the start of the month and have nothing left for the … [Read more...]
Debt news – June 24
My pick of last week's news is the two Amigo stories - the guarantor loan market is one the FCA should be introducing a price cap and other regulation for. On a personal note, the total number of Debt Camel page views has now passed five million! Tweet of the week ‘We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the … [Read more...]
Vanquis ROP (1) – are the refunds being calculated properly?
People are starting to get refunds from Vanquis for the extra interest they paid if they had the Repayment Option Plan (ROP). That's the good news. But some of the amounts being refunded seem lower than had been expected. This is the first article in a series looking at this problem. The second article is Vanquis ROP (2) – over limit charges not included. This doesn't explain why the … [Read more...]
“I’m bored, Mum” – cheap/free ideas for Summer 2018
Are you wondering how to keep your children happily occupied at the lowest possible cost all through the summer holiday? Here is a pile of ideas, including a lot of new ones for 2018, and they are mostly free or pretty cheap. A summer bucket list? Why not create a summer holiday bucket list and pin it to the fridge or noticeboard? try to cross one off a day... they don't all have to be big or … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 30
- Next Page »