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Debt news – 20 December 2020

My top pick of the week's debt news is Fraud victims' pay deducted for money they don't owe. Tweet of the week pic.twitter.com/WRvRRRmyjP — Jim Pickard (@PickardJE) December 19, 2020 Debt news FCA fines Barclays £26 million over treatment of customers in financial difficulty FCA: Between April 2014 and December 2018 some retail and small business customers who had been offered … [Read more...]

December 20, 2020 Author: Sara Williams

I’m in a DMP – can I get a mortgage?

A reader asked about applying for a mortgage when she is in a Debt Management Plan (DMP): "I have been in a DMP for 8 years and still have 6 to go as I still owe £16,000. With hindsight, I should have gone bankrupt!  My parents will give us a 20% deposit in 2021, but they don't know about my debts so I can't use their money to end the DMP. Will I be able to get a mortgage?" I've written before … [Read more...]

December 18, 2020 Author: Sara Williams Tagged With: A reader asks, Credit ratings, DMP, Mortgages

Debt news – 13 December 2020

My picks of last week's news are Klarna plans to tell credit agencies if repayments fail and, for people interested in debt policy, the Consumer Bankruptcy Reform Act of 2020 being proposed in the USA. Tweet of the week If you’re a debt adviser - and even if you’re not - please consider supporting this letter to create a better ‘breathing space’ for those struggling with debt in the … [Read more...]

December 13, 2020 Author: Sara Williams

Will you get a Bankruptcy Restriction Order (BRO)? Does it matter?

Here are some recent questions from people worried about going bankrupt and possible Bankruptcy Restriction Orders (BROs): I gambled a lot but stopped over a year ago. I want to apply for bankruptcy, but will I get a bankruptcy restrictions order? I have credit card debts which I can't pay as I have had to stop work because of a disability. I went bankrupt in 2003 and had a DRO in 2015. Will I … [Read more...]

December 11, 2020 Author: Sara Williams Tagged With: A reader asks, Bankruptcy

The better alternatives to payday loans

It's become harder to get a payday loan as large, medium and small payday lenders have gone bust or stopped lending because of Covid-19. So where can you go if you need a loan and you are refused? Or if you want to avoid the horrendous interest rates? Get a loan from a non payday lender? You can divide alternative lenders roughly into three sorts The good - ethical lenders Even if you … [Read more...]

December 8, 2020 Author: Sara Williams Tagged With: Payday loans

Debt news – 6 December 2020

My pick of last weeks news is Personal debt defaults almost double in a month. Debt news The effect of Covid-19: Covid has exacerbated soaring problem debt levels in the UK Guardian: Entrenched inequality even before the pandemic has left people on low incomes struggling to manage, let alone pay off debts. Lenders continue to provide financial support for customers impacted by … [Read more...]

December 6, 2020 Author: Sara Williams

Barclaycard to hike minimum payments in January – are you affected?

Barclaycard emailed customers in November 2020 about changes to their credit cards. With the title "Dear [customer name], we're updating your T&Cs ", you may have ignored it. But many people will find their minimum payments are going to be increasing from 26 January 2021. And some of the increases will be very large. This affects Barclaycard holders with Cashback, Freedom, Forward, … [Read more...]

December 1, 2020 Author: Sara Williams Tagged With: credit cards

Coronavirus – 4 steps to take if you lose your job

A reader asks: Help! I have just been made redundant and I don't know how I am going manage, especially as we have debts. I'm only getting a few weeks redundancy pay. What should I do? A lot of firms are closing or making some staff redundant because of Coronavirus. If your firm has just closed suddenly, you may be worried about getting the pay for the weeks you have already worked, the pay … [Read more...]

November 23, 2020 Author: Sara Williams Tagged With: A reader asks, benefits, coronavirus

When mortgage payment breaks end, can you pay your mortgage?

On 17 November 2020 the FCA confirmed its new mortgage payment break rules. You can have  6 months payment deferrals - sometimes called payment breaks or payment holidays - if you or someone in your household had had financial problems because of Coronavirus. If you originally had a three month payment break then went back to making the normal mortgage repayments, you can now get a second … [Read more...]

November 21, 2020 Author: Sara Williams Tagged With: coronavirus, Mortgages

Can you afford your car finance now payment breaks are ending?

Coronavirus payment breaks have been a lifeline for millions since the first lockdown started in March 2020. But now they are being restricted... You may have lost your job or be worried that may happen. You may be back on furlough or your partner may have had their  hours cut or a self-employed business may have been badly hit by Coronavirus. If you know you can't pay all your debts, bills … [Read more...]

November 20, 2020 Author: Sara Williams Tagged With: car, coronavirus

3 month car finance payment breaks because of Coronavirus

In April 2020, the Financial Conduct Authority (FCA ) set out new rules for car finance lenders on how they should respond to customers who are affected by coronavirus.  It followed the general "three-month payment breaks" approach used for other credit from mortgages to credit cards. In July, the FCA these rules were extended to allow for a first or second payment break to be taken up until … [Read more...]

November 20, 2020 Author: Sara Williams Tagged With: car, coronavirus

Three mind tricks to help clear debt

Loyalty cards encourage you to come back for your next coffee, pizza or supermarket shop. If you are trying to get rid of problem debt, then you need to beware of the temptation to overspend your budget, well that's obvious! But let's look at why companies use reward programs. Exploring the psychology involved reveals three factors which could also help you to get out of debt. 1) Simple … [Read more...]

November 9, 2020 Author: Sara Williams Tagged With: Debt psychology, Snowballing

“When can I offer £1 to a debt?” – FAQs about token payments

A reader asked if he should offer a £1 a month token payment to his debts, wondering if his creditors would ever accept it. The simple answer is that you should make token payments offers: TO non priority debts IF you CAN'T get a coronavirus payment break WHEN it is all you can afford AND you expect your situation will improve. In 2020 millions of people have reduced household incomes … [Read more...]

November 9, 2020 Author: Sara Williams Tagged With: A reader asks, coronavirus

Is gambling wrecking your finances?

A gambling habit often starts small, some fun with your mates or a bit of excitement when you are bored at home. But soon you may be spending more than you can afford. Then your cards and overdraft are maxed out. It is so tempting to hope to win back enough to clear the debts and pay your bills. You need money to do this, so you get a loan. But you lose more... Soon the only credit you can … [Read more...]

November 8, 2020 Author: Sara Williams Tagged With: gambling

500,000 Sunny customers owed refunds will get little or nothing

Have you had an email from the Sunny Administrators? On 4 November 2020, KPMG, the Administrators of Elevate Credit International, are starting to email more than 500,000 Sunny customers who could get a refund for some of their borrowing. The Administrators have developed a Claims Calculator to work out which loans were likely to have been "unaffordable". If you get this email it is … [Read more...]

November 4, 2020 Author: Sara Williams Tagged With: High cost credit news/policy, Sunny

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