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A Money Detox – seven steps to improve your finances

Want to be better with money in 2019? If you eat and drank and sat on the sofa far too much over Christmas, you may be thinking of detoxing your body and making 2019 the year you get fit. A Money Detox is the same approach for your finances if your bank balance is looking sick and your credit cards bill looking bloated. You want to track and then reduce or get rid of the things that are … [Read more...]

January 1, 2019 Author: Sara (Debt Camel) Tagged With: Budgeting

Walking, yoga or run from the zombies? Cheap ways to get fit in 2019

Want to lose weight or get fit in 2019? Millions of people will have that as their main New Year's Resolution. Don't rush out join a gym... It's the most expensive of all the options and most people give up after a few weeks. Here are some suggestions, all free or low cost. The aim is to spend as little as possible until you find out what will suit you and fit with your life. Walk your way … [Read more...]

January 1, 2019 Author: Sara (Debt Camel) Tagged With: Budgeting

Debt Camel’s most read articles in 2018

It's been another busy year on Debt Camel. More than 2.2 million page views, up from 1.7 million in 2017. Normally August is a quiet month, but look what happened this year: Debt Camel's top ten articles in 2018 How to get a payday loan refund (with template letters) Wonga – Latest News on refunds (kept updated) Can you get a refund of interest on doorstep … [Read more...]

December 31, 2018 Author: Sara (Debt Camel)

Debt advice in 2018 – my round up of the year

At the end of 2017 I wrote: Persistent credit card debt and overdraft charges tackled, bailiffs brought under control, SFS being used by all creditors, and a breathing space that will actually work in practice – that would be a good 2018. That would have been an amazing 2018 - I would have been happy with just a couple of those. But it is disappointing that none of them were achieved this … [Read more...]

December 30, 2018 Author: Sara (Debt Camel)

Making bankruptcy look more scary than it is

It's natural to feel worried about bankruptcy, but some websites set out to make it sound a lot worse than it is. Some of what they say is simply wrong. Other bits may be right but they leave out important facts, so the issue sounds more difficult than it is in practice. And it's common for problems associated with bankruptcy to be listed in detail, but very similar points … [Read more...]

December 28, 2018 Author: Sara (Debt Camel) Tagged With: Bankruptcy, IVA

Too much debt – shall I stop paying into a pension?

If you are paying high interest on credit cards or other debts should you use every penny possible to reduce your debts? You certainly shouldn't have a lot of savings whilst you are in debt, but there are many good reasons why you should continue to make pension contributions. Nearly 10 million people have started saving money into their pension since auto-enrollment came in, where employers … [Read more...]

December 27, 2018 Author: Sara (Debt Camel) Tagged With: Pensions, Snowballing

Happy Christmas!

… [Read more...]

December 24, 2018 Author: Sara (Debt Camel)

Debt news – December 23

The week before Xmas was not peaceful and quiet... My top pick is one you may not have spotted: Is Lithuania another Iceland banking crisis in the making? Next week's round up post will be replaced by my Review of 2018. Statistic of the week From the Financial Ombudsman's Strategic Plans and budgets for 2019/20:   Debt news Banking; Is Lithuania another Iceland … [Read more...]

December 23, 2018 Author: Sara (Debt Camel)

Is your refund from Vanquis right? It’s probably too small!

Have you had an email or a letter from Vanquis saying it is refunding you some money? In late 2018 tens of thousands of people are getting these refunds. Nice? Yes, but it may be too low... Some people are being given tens of pounds when I think they should get hundreds. And people getting hundreds should be getting thousands! There were no details of the refund in the email or letter … [Read more...]

December 19, 2018 Author: Sara (Debt Camel) Tagged With: High cost credit news/policy, Vanquis

Lending Stream stops customers complaining by email

Lending Stream has changed its complaints handling to make it harder for customers to make an affordability complaint and ask for a refund of the interest they have paid. Until recently you could send them a complaint email, as you still can to the other payday lenders. Now all emails to complaints@lendingstream.co.uk or payments@lendingstream.co.uk bounce back. Instead, you have to complete … [Read more...]

December 18, 2018 Author: Sara (Debt Camel) Tagged With: High cost credit news/policy, Payday loans

Debt news – December 16

My pick of last week's news is the FCA Insight Blog: Don’t look here: do risk warnings really work? On my list for future reading - what else is there to do over Christmas? - is the book Automating Inequality by Victoria Eubanks which is discussed in Algorithms and their unintended consequences for the poor. Tweet of the week A payday loan refund of over £9,000 from Myjar for a Debt … [Read more...]

December 16, 2018 Author: Sara (Debt Camel)

Settling old debts – ask for the CCA agreement

A reader asked: I have a Debt Management Plan where I still owe 17k to 10 creditors. I have been paying for ten years at £150 a month, so it will end in about 8 years. Most of the debts have gone from my credit record but a few are marked as “on a DMP”. I want to pay off the debts and improve my credit rating. I have been offered about 7k by a relative, so I could offer all my DMP creditors … [Read more...]

December 13, 2018 Author: Sara (Debt Camel) Tagged With: A reader asks, DMP, Full & Final settlements

When and how to negotiate about payday loan refunds

I have been encouraging people to send a simple template letter to ask for a payday loan refund if they were given payday loans they could only repay if they then borrowed again. And often people get template letters in reply - the lender just copies a standard rejection filling in the number of loans. Is this the point you should go back and try to negotiate with the lender to get a better … [Read more...]

December 12, 2018 Author: Sara (Debt Camel) Tagged With: Payday loans

Debt news – December 9

My pick of last week's news is DWP forces carer to sell home or face jail to repay benefits. Tweet of the week Don’t swim with the sharks this Christmas, a small loan can lead to massive repayments in the New Year! Report illegal money lenders to @Loansharknews on 0300 555 2222 #SLSWeek18 #BrumTS @BhamCityCouncil @AgainstScams @CTSI_UK pic.twitter.com/1SslnVGvcM — Trading Standards … [Read more...]

December 9, 2018 Author: Sara (Debt Camel)

Refused or want to avoid a payday loan – the alternatives

It's become harder to get a payday loan: Wonga borrowers dropped from one million in 2013 to under than 600,000 in 2014. By the time they gave up in August 2018 and stopped lending their number of new loans had shrunk further; the two big high street lenders,  Cheque Centres and the Money Shop, stopped lending in 2017 and 2018; Payday UK and Payday Express stopped lending in 2017. So … [Read more...]

December 8, 2018 Author: Sara (Debt Camel) Tagged With: Payday loans

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