If you owe council tax, you are not alone. In 2018: 2.2 million people had council tax arrears; council tax debts were the most common type of problem debt that Citizens Advice saw. And in April 2019, the average council tax bill increase was 4.5% - well ahead of most people's pay rises - so this year is likely to be even more difficult for many people. It's a "priority debt" Council … [Read more...]
A template letter to ask for a BrightHouse refund
Have you bought items from Brighthouse where the repayments were too much for you to be able to manage? Or another "pay weekly" shop such as PerfectHome? This article looks at how you can complain about "pay weekly" credit affordability and ask for a refund of the interest you paid. It looks at: what is an "affordability complaint"? how big a refund could you get? a template letter … [Read more...]
Debt news – 28 April
My picks of last week's news are the Citizens Advice report on Council Tax debt collection and my article on Why guarantors need extra protection. Tweet of the week Turns out that fining people because they’ve got no money doesn’t actually encourage them to have more money. https://t.co/FxJEtFnwQn — Ash Sarkar (@AyoCaesar) April 22, 2019 Debt news Cross-border credit reporting is at … [Read more...]
Credit cards – the minimum payment trap
Do you only make the minimum payments on your credit cards? If money is tight, you may feel minimum payments are your only option, but do you know how much they are costing you and how long it will take to pay it all off? And do you know that there is a simple alternative that will speed up debt repayments a lot and not cost you any more? Read on! How long does it take to clear the … [Read more...]
PPI – complain before August 29th – even if you have been rejected before!
In 2017, the FCA launched a PPI advertising campaign telling you to make a decision about claiming PPI, because a deadline is being introduced. You MUST complain before 29th August 2019 That's only a few months away. You may be busy at the moment, but it's now really quick to start a PPI complaint, so don't delay. You should do this now even if you complained before and your complaint was … [Read more...]
Guarantor loans – why guarantors & borrowers need extra protection
Guarantor loans are coming into the regulatory spotlight. The FCA wrote to CEOs in March 2019 saying it will be looking at affordability and whether potential guarantors have enough information to understand how likely it is that they may have to make the loan payments. In a speech, Jonathan Davis said: Recent work we have done in this area showed that many guarantors are making at least 1 … [Read more...]
“Is it too soon for low settlement offers to be accepted?”
A reader, Mr P, asked: I have debts of around £30,000 on five credit cards and loans, which I couldn't pay from last summer. A Debt Management Plan (DMP) was set up a couple of months ago. This will take about ten years to pay off. The DMP firm suggested an IVA or bankruptcy as I'm not a homeowner but I do not really want to get into an IVA or bankruptcy as these will affect my credit score … [Read more...]
Debt news – 21 April
My pick of last week's news is the article on "Buy Now Pay Later" deals - a growing problem. Tweet of the week 1.Just back from ESA appeal hearing for victim of horrific acid attack with 50% burns all over her face and body, is in constant pain and 'burning sensation', cannot move, sit or stand for long without pain and of course, there is the trauma. DWP awarded 0 points & fit for … [Read more...]
2018 FOS statistics – most complaints about QuickQuid
New statistics for July-December 2018 from the Financial Ombudsman (FOS) show how payday loan complaints have jumped in the second half of 2018 and give details for how many complaints the larger lenders had. Almost all these cases are affordability complaints where a customer was given payday loans without proper affordability checks and is asking for a refund of interest paid. The … [Read more...]
Are you worried about a charging order?
Can your house really be at risk if you get into difficulties repaying something like a credit card bill? You might think the answer is "no", but there are some very rare situations where this can happen. It helps to know the facts, so you can make good decisions about how to deal with your debts. To be able to sell your house a creditor has to: start by getting a County Court Judgment … [Read more...]
Why is QuickQuid going to delete old customer data?
QuickQuid has told some customers that it plans to delete loan data over seven years old with effect from today, 15th April 2019. It says this is to comply with its legal obligations. QuickQuid has sent emails to the affected customers asking if they would like a copy of their data before it is deleted. It seems to me that this new policy is not in the customers' interest because it will … [Read more...]
Debt news – April 14
My pick of last week's news is one you may not have read: Why do we believe Americans spend too much money on coffee and avocado toast? Tweets of the week Let’s hope this is the end of commercial advertising on postnatal wards - Time to wave bye bye to Bounty and all marketing to pregnant women and new mothers .@babyfriendly @MidwivesRCM BBC News - Bounty pregnancy club fined £400,000 … [Read more...]
Wonga – new online Claims Portal goes live
In April the Wonga Administrators published the new Online Claims Portal. This lets current and previous Wonga customers in the UK submit a claim for a refund for unaffordable loans. The Online Claims Portal will close at the end of September, so all claims should be submitted before then. The Administrators have given a set of FAQs. What is the form for? The form has two main … [Read more...]
Debt news – April 7
My pick of last week's news is the BBC article Payday lender's collapse to hit borrowers. This is about a payday lender many people will not have heard of... yet 330,000 people may have been given unaffordable loans, out of a total customer base of 650,000. Tweet of the week 1st Debt Relief Order application submitted 10 years ago today - a significant landmark for @insolvencygovuk … [Read more...]
“I really want to get a mortgage but my credit score is very poor”
A reader asked: I really want to stop renting and own my own house. But I'm in my mid thirties and my credit score is very poor. I've been careless and sometimes stupid, there were two defaults in 2018 and several more before that. None of them yet repaid. I've not used my credit card since January but the balance is huge. Can this be done? Is it worth trying to fix this? You have to decide … [Read more...]
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