So you have graduated - you may be excited or apprehensive about your future. Sad because you will miss your uni friends or know it's time to move on. Or harassed and hungover as you try to get things packed up to leave. But whatever you choose to do next – a job, an intern position, go travelling, or more studying - there’s some financial admin you should deal with now, to stop big problems … [Read more...]
Debt news – June 17
The NAO report on Universal Credit was widely reported, but you may not have seen this article, a reprint of one written in 2010: Universal Credit: chronicle of a death foretold. And as general background to benefits policy, read The marshmallow test and the crisis in social policy. Tweet of the week Shambolic” Universal Credit may never realise promised benefits - read our Chair … [Read more...]
Rolling out a Universal Disaster – it’s time to stop
Today the National Audit Office has published Rolling out Universal Credit. This is the NAO's first report on Universal Credit (UC) since 2014. It makes grim reading for everyone: the DWP; taxpayers who are funding a huge bill for changes which may not achieve any useful purpose; local authorities, housing associations, food banks, benefits and debt advisers who are having to support … [Read more...]
Help to Buy mortgages now reaching the crucial 5 year point
The first Help to Buy mortgages were given in April 2013, so they are getting to the five-year point when the government's 20% share stops being "free". If you have used the Help to Buy scheme, find out what your options are at five years. And if you are thinking of buying your first home with Help to Buy, read this article so you know what happens in five years time! How Help to Buy … [Read more...]
Debt news – June 10
My pick of last week's news is the New Fintech Tool to assist consumers in debt. Anyone interested in debt advice should read it. Tweet of the week Full 2017 writ of control figures now out from @MoJGovUK. 89k last year, highest ever. TV stardom is clearly raking in business for HCEOs. pic.twitter.com/vCYgeUBtkZ — MichaelAD (@micagbdav) June 8, 2018 Debt news Civil Justice … [Read more...]
News snippets about high cost credit
This page brings together news items about various types of high-cost lending in Britain, including payday loans, guarantor loans, doorstep lending, logbook loans, rent to own and other forms of high-cost credit. My comments on the latest FCA High Cost Credit Review reports in June 2018, which cover many of the different types of lending covered on this page (with the regrettable exceptions of … [Read more...]
Car finance – what happens in an IVA?
Cars on finance can be a difficult problem if you are thinking of an IVA or already in one. And with more than a million cars a year in the UK being bought on finance, this is an increasingly common situation. It can make a big difference if you are leasing a new Range Rover or if you have a 5 year old small hatchback on HP! You will need to talk to your IVA firm about your particular … [Read more...]
Overdrafts – a hard type of debt to clear
Do you think you will never be able to get free from your overdraft? You aren't alone. Overdrafts can be the hardest sort of debt to pay off. Even authorised overdrafts aren't cheap (once you stop being a student) and unauthorised overdrafts are very expensive. Overdrafts are very common. The FCA (who regulates the banks) says: 37% of people use an arranged overdraft each year; 25% … [Read more...]
Debt news – June 3
The two FCA reports on High Cost Credit have been long awaited; two articles on credit cards look at how the lenders are responding to the FCA's rules on persistent credit card debt; Ombudsman complaints about payday loans jump again... but my pick of the week is the BBC article on How debt kills. Tweet of the week pic.twitter.com/Rjzqh5tml8 — Financial Ombudsman (@financialombuds) May … [Read more...]
FCA high cost credit review – great headlines, not so much action
The FCA published two High Cost Credit Review consultation papers published yesterday: rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit; overdrafts. Although these got some great headlines - the word crackdown appeared frequently - I think it is fair to say that most debt policy campaigners have been disappointed by the proposals … [Read more...]
Vanquis increases minimum payments & delays ROP refunds
Vanquis has now admitted that the timetable for making the Repayment Option Plan (ROP) refunds, ordered by the FCA in February, has slipped. And Vanquis credit card holders are getting texts and letters saying their minimum monthly payments will be increasing as the calculation is being changed. This is happening in July 2018 for some customers. These two facts are not connected, but the … [Read more...]
How fast can I improve my credit score for a mortgage?
Here are some questions I have seen recently about how long it takes to improve your credit score to get a mortgage: I was foolish with credit cards for years but now I am determined to buy a house - how long will this take? My credit score is dreadful. My new partner has a good credit record and we want to get a mortgage. I have a poor credit rating but I have now inherited a deposit. … [Read more...]
Debt news – May 27
Whilst we wait for the FCA's report on High Cost Credit (expected next week), my pick is the Ripoff Overdrafts article. The Citizens Advice article on To take the next step on digital is interesting for debt advisers thinking about "channel shifts". Tweet of the week ActionFraud told me that they get 40,000 reports from public a month ie 480,000 a year. Its own in 2016/17 stats show that … [Read more...]
Get a detailed list of your payday loans
To ask for a refund from a payday lender, it helps if you know the details of your loans - what you borrowed, what interest and other charges were added and what you repaid, with dates. Of course you do have to know which payday lenders you used before you can start this. If you have changed banks and got rid of old emails/letters, read Discover which payday lenders you used for ideas. If … [Read more...]
How to get a payday loan refund (with template letters)
Did payday loans make your finances more difficult or impossible? Those loans may have been "unaffordable" and you should not have been given them. You may be able to claim a refund of the interest you paid. It's easy to ask for a refund using the free template letters here. You can use these letters with any payday lender. They work if your loans were repaid on time, or late, or you still owe … [Read more...]
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