On 22 August 2017, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [Read more...]
Bailiffs – do you have to let them in? What you need to know.
A visit from bailiffs is a nightmare idea for many people. They have changed their name to enforcement agents but that doesn't make it any less scary. This article looks at what happens after a debt is sent to the bailiffs, the two key rules for dealing with bailiffs and what to do if things go wrong. There is a section at the end about good (and bad) places to get help. In 2021 the new Debt … [Read more...]
What should the default date for a debt be?
A default badly damages your credit score, so how long will it stay there? That depends on what the default date is on your credit record. In Britain, the credit record rules say: the debt, including the default, is deleted from your credit record six years later after the first default. A debt that is marked as defaulted will be deleted after six years in all the following … [Read more...]
Answers to the Quiz about types of debt
SPOILER ALERT Have a go at the quiz here before reading this page! A reminder: all the examples are for someone living in England, Wales or Northern Ireland. The same general diagram may apply in other countries, but the types of debts, the timescales and credit recording may be very different. A brief (no jargon!) explanation of my terms: Priority = a debt that is important, because … [Read more...]
Do you know your debts? A quiz!
Is that debt is a priority? Could you get a CCJ for it? Why isn't it on your credit record? If you have problems with your debts, it helps to understand why different debts sometimes have to be handled differently. Getting one wrong could be a big mistake! Here is a quiz, seeing if you can place some debt examples into the right place on the diagram below. Whether you think you are a debt … [Read more...]
Inheriting money when in a DMP, DRO, IVA or bankruptcy
What happens if you inherit money when you are in a debt management plan or one of the three forms of insolvency: Debt Relief Order (DRO), bankruptcy or IVA? The answers are surprisingly different... Inheriting in a DMP This is the easiest case. Any money you inherit comes to you, not to your creditors or your DMP firm. It doesn't matter if the person dies before your DMP started or during … [Read more...]
Can I get another car after VT or is part exchange better?
A reader asked: I want to terminate my PCP car finance. The car's fine, good condition, but we now need a bigger car. According to my contract I can hand it back. But I am going to need to get another car, so I am worried this will harm my good credit record. Would part exchange be better? Your right to end a PCP contract early Personal Contract Purchase (PCP) is the most common way to buy … [Read more...]
How to stop a debt being sent to the bailiffs
Are you worried about bailiffs? If you have problem debts, seeing programs like Can't pay? We'll take it away can be alarming. As one reader said: If I stop my direct debit and don't pay them this month surely they will not be happy? I don’t want bailiffs around my house. If you have already had a letter from a bailiff read: Bailiffs - do you have to let them in? What you need to know. This … [Read more...]
Have you told people about your debts?
Talking about your debts can be hard. You might feel it’s nobody’s business but your own and you just want to sort it out yourself, rather than reaching out to other people. Or you may not want to explain how your debts got so large in the first place - perhaps feeling embarrassed about it. But that’s not the case for everyone. Perhaps talking it through, perhaps with just one person, has … [Read more...]
Why debt advisers should take the IMA’s Certificate of Money Advice Practice
The Institute of Money Adviser's Certificate of Money Advice Practice (CertMAP) is a qualification for people who are already working or volunteering as money advisers. You need to have a year's full-time experience or two years part-time. The course is provided by the IMA jointly with Staffordshire University. About 1,300 people have attained the CertMAP qualification, which is accredited by the … [Read more...]
I want to sell my house to end my IVA
A reader asked: We are desperate to end our IVA. So difficult. The IVA firm that seemed helpful at the start now after two years doesn't care about our extra costs. We have decided to sell and downsize. My wife is hoping for a discount but I said they were more likely to charge us more to get out early! We need as much equity as possible for the next house. This is a tricky situation. There … [Read more...]
Has your budgeting gone off track?
If you have decided to take control of your expenditure, you may get depressed when it doesn't all go to plan. But improving your finances is a journey – one that takes time and planning. And as with all journeys, there can be stops and starts along the way. Don't let these derail your plan. Why budgets go astray Some of these reasons can be unexpected. A big bill that’s landed on your mat … [Read more...]
What are your car finance options?
Cash is often the most cost-effective way to buy a car. But this isn’t always possible, especially if you have money problems. In 2018 more than 80% of new cars in Britain were bought on finance - but that doesn't mean it's going to be right for you! The four ways to finance your car a personal loan - a loan from your bank or building society to spread the cost over 1 to 7 years. Here … [Read more...]
PPI claims after your IVA has finished
In March 2017, the Court of Appeal decision in the Green v Wright case was published: Mr Wright's IVA firm was allowed to collect PPI after his IVA ended, even though he hadn't consented to this before his completion certificate was issued. As questions about this continue to arrive, I thought it would be useful to summarise the current situation: what is clear and what is less clear. The … [Read more...]
Won your Financial Ombudsman case but worried you won’t be paid?
Financial Ombudsman decisions are legally binding on the firm. But if it's been a couple of weeks and you haven't been paid, you may be feeling worried... This article gives some information on how you can enforce a decision from the Financial Ombudsman Service (FOS) through the courts. I'm doing this to re-assure you that it can be done, not to encourage you to rush out and do it! It is … [Read more...]
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