Blog · Debt Camel

How long do IVAs last? How many fail?

If you are thinking of starting an IVA, the Insolvency Service's IVA Outcomes - 2017 has some useful information about how many years IVAs usually last for and what is the success rate for IVAs. How long do IVAs last? IVAs are promoted as lasting five years, with an extra year being added on the end if you have a house with equity and can't remortgage. Well that is what is supposed to happen, … [Read more...]

Payday UK sends £75 for a credit record error

In January 2018, Payday UK has written letters to thousands of people saying that an incorrect search was made on their credit record between August and November 2016. The Financial Conduct Authority (FCA), who regulates payday lenders, has made them write to everyone affected and offer £75 as compensation. Here is an extract from the letter one reader receive: This isn’t a scam Some … [Read more...]

Debt news – January 28

Two top picks this week: the Wyman Report on funding debt advice and the Insolvency Service's IVA Outcomes, which is dismal reading with failure rates increasing. Tweet of the week The need for #faircredit from #CreditUnions and #cdfis to address high-cost credit and the #povertypremium paid by 13 million poorest household beautifully explained by @michaelsheen https://t.co/17urFHW0O6 — … [Read more...]

Too broke to go bankrupt – why bankruptcy fees should be cut

This article looks at the public policy implications of the current high bankruptcy fees in England, Wales and Northern Ireland: £680 (£659 in Northern Ireland) is a big obstacle to fairness at the moment, causing people stress and sometimes leading them to make poor choices between debt solutions. If you want to go bankrupt and can't afford the fees, this is not the right article for you. … [Read more...]

Debt news – January 14

My pick of last week's news is the Debt Solutions in the UK report. Graph of the week One of the graphs from Bank Underground, a Bank of England blog, Who's driving credit growth. The article is more interesting and nuanced than the news stories that reported on it. Debt news New year, same old stigma for people in debt Money Advice Scotland blog: David Hilferty says a recent … [Read more...]

Will asking for a payday loan refund affect a DMP?

Setting up a Debt Management Plan (DMP) is a great way to escape from payday loans and then you can also ask the payday lenders for refunds by making affordability complaints. But what if you are already in a DMP? Here you can still make affordability complaints. This article looks at some of the questions people have about this. Should my DMP carry on paying a lender if I complain? Yes. It's … [Read more...]

MoJ consulting on default CCJs… but what about defaults?

The Ministry of Justice is consulting on the current processes in which someone has a judgment made against them without their knowledge. Finding a CCJ you knew nothing about on your credit record is a very unfair situation. People may only find out about a CCJ at an old address when their mortgage or other credit application is declined, or they fail a tenancy check. Here are some of the … [Read more...]

Debt news – January 7th

Here is my pick of last few week's news. If you only have time to read a couple, go for the first two, both round-ups of 2017. Graph of the week (3/10) 14% of working-age households report spending >10% of their pre-tax income on unsecured repayments. The proportion rises to 22% of those in the poorest fifth, with 8% in this group allocating more than one-third of their income to … [Read more...]

Refunds from Payday UK/Express & the Money Shop (updated)

Can you get a refund from Payday UK, Payday Express or The Money Shop? If you had loans from them that you struggled to repay, perhaps rolling the loans or having to borrow again every month, then you may be able to win an "affordability complaint". Read How to ask for a payday loan refund (with template letters) for details about what an affordability complaint is. These three large payday … [Read more...]

What to do if you can’t pay a debt this month

Are you facing a debt crisis? 7.9 million people in Britain will be in January 2018 according to a this survey. So if you can't pay all your bills and debts this month, what should you do? Here is a practical list - starting with things you shouldn't do, as they will make your life harder next month! Don't panic Many of the worst fears about missing a loan or credit card payment aren't … [Read more...]

A Money Detox – seven easy steps to improve your finances

In a Money Detox, you want to find and eliminate the things that are poisoning your finances right now - and then look for ways to make the rest of the year easier and less stressful. These seven ideas here are aiming for the biggest long-term gains with the least pain. You don't have to have a debt problem for these ideas to be useful. They will also help if you are saving a house deposit or … [Read more...]

2017 – a bad year for debt advisers and our clients

Very little has happened in 2017 that is good for the free debt advice sector: for the agencies, the advisors or - most importantly - our clients. This article is for front-line debt advisers across the country, because someone needs to say just how bad things are out there at the moment. I hope it will also be read by all the regulators, quasi-regulators, government departments and creditors … [Read more...]

Walking, yoga or zombies? Cheap ways to get fit in 2018

Want to lose weight or get fit as one of your 2018 New Year's resolutions? Don't rush out and buy a gym membership or a fitbit. Spend as little as possible until you find out what will work in your life. Here are a pile of ideas, all free or low cost. There's one for you whether you want to walk more or run to escape from zombies, if you need a 12 minute power workout or you are looking for … [Read more...]

Happy Christmas

It's Christmas Eve again. Even if you hate Christmas songs and you aren't feeling especially festive, it's a holiday, so enjoy it in whatever way you want: staying in your PJs all day or put on a party frock; binge-watch a TV series or go for a Park Run; go for the full roast turkey production or eat pizza; be woken by excited small children way too early or roll out of bed when it's … [Read more...]

Knightsbridge IVAs – must you agree to Creditfix’s variation?

15,000 people are being asked by Creditfix to agree to a variation that will increase the fees Creditfix gets from 15% to 23%. These are the Knightsbridge customers whose IVAs have recently been sold to Creditfix, If you have had one of these emails, do you have to agree? What are the pros and cons? IVA fees do matter Creditfix has said in the email about the proposed variation: The … [Read more...]