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You are here: Home / Blog

Is your pension safe in a DRO?

You may be worried about whether your pension will be safe if you are already in, or have finished, a Debt Relief order (DRO), or if you are thinking about applying for a DRO. The 2015 pension changes mean that many people over 55 can now withdraw some or all of their pension. so what happens if you take money out? Can you lose your pension? Can you get a DRO if you have a good pension? I … [Read more...]

May 5, 2015 Author: Sara Williams Tagged With: DRO, Pensions

Helping your son or daughter with debt or a house deposit

It's natural to want to help your children if they are in difficulty. But if your son or daughter has debts, can you afford to help them? And is paying their debts or giving them a loan the best thing to do, or are there better alternatives? I've written before about whether someone should help their parents with a debt problem - but helping your children has different implications, both … [Read more...]

April 24, 2015 Author: Sara Williams

Helping your mum or dad with their debts

Is paying your mum or dad's debts really a good idea? There was a lovely story a couple of years ago about Tyrone Mings paying off his mum's debt But he was a successful professional footballer so he could no doubt afford it. For the not so rich, there isn't a simple answer as every case is different, but I've put together some pointers for you to look at the options.   I'll talk … [Read more...]

April 9, 2015 Author: Sara Williams

Will my pension be safe in a DMP?

The pension changes that came in in 2015 gave many people over 55 a new option for paying off their debts, by taking money from their pension pot. I've looked at whether this is generally a good idea in Should you use your pension to pay your debts? but in this article I focus on people who are already in a Debt Management Plan (DMP). This article is relevant for people who are over 55 (or … [Read more...]

April 7, 2015 Author: Sara Williams Tagged With: DMP, Pensions

Should you use your pension to pay off your debts?

In 2020 more people than ever are retiring with significant amounts of debt. One in three people planning to retire this year expects to have debts - an average of over £17,000. And annuity rates are at record lows, see UK pension annuities under threat as rates plummet. So with more debt to pay and their likely pension income getting less, it's not surprising that many people are taking … [Read more...]

April 6, 2015 Author: Sara Williams Tagged With: Pensions

Is your pension safe in an IVA?

Many people who are over 55 can take some or all of their pension pot in cash before they actually retire. You need to know how this may affect you if you are considering an IVA. If you already have an IVA, you may be wondering if your pension is safe. First a warning: IVAs are individual arrangements and it is possible for almost anything to be included or excluded in the detailed terms and … [Read more...]

March 29, 2015 Author: Sara Williams Tagged With: IVA, Pensions

New Insolvency Service guidelines on pensions

On 26 March 2015, the Insolvency Service published Undrawn pension entitlements: Summary of guidance for insolvency practitioners and debt advisors. With "pensions freedom" coming into force on 6th April 2015, the Insolvency Service's aim was to clarify the murky situation around bankruptcy and pensions. Further clarification then came with the Guidance Issued to Receivers and Guidance Issued to … [Read more...]

March 26, 2015 Author: Sara Williams Tagged With: Insolvency news & policy, Pensions

Splitting up – how to separate finances

Emotions and coping with the children's concerns may be your immediate worries when you split from your partner. But even if financial concerns don't seem as important, it's a good idea to try to sort out any money problems and get separate finances as soon as possible. I'm going to look at four main areas which are important for separate finances: benefit claims; establishing a … [Read more...]

March 22, 2015 Author: Sara Williams Tagged With: Credit ratings

How can my creditors find me?

If you are very worried about your debts, you may be wondering how easy it would be to disappear and leave them all behind. Will your old records be linked with new ones on your credit records? Can your creditors find you if move, go abroad, change your name? This is an increasingly common problem with many EU citizens thinking of leaving because of Brexit. Some of these sorts of ideas … [Read more...]

March 18, 2015 Author: Sara Williams Tagged With: Credit ratings

Repossession after bankruptcy – be careful!

What do you need to do if you want your house to be repossessed after you go bankrupt in England, Wales or Northern Ireland? Perhaps the house is unaffordable, has negative equity, or it's the wrong size for you. For whatever reason, you want to move out, are happy for the mortgage lender to repossess and may want to "hand back the keys" as fast as possible to get it all over with. The … [Read more...]

February 18, 2015 Author: Sara Williams Tagged With: Bankruptcy, Mortgages

Debt consolidation – a Credit Union case study

This is a guest post by Julia Daniel, General Manager at North London Credit Union. Paying less interest is an important weapon in getting your debts under control and paid off, as the case study she discusses shows. You can find out what Credit Union you could join here.  A debt consolidation case study When Marie (not her real name), a council nursery worker with three children, applied … [Read more...]

February 4, 2015 Author: Sara Williams Tagged With: consolidate, guest post

How many DMPs succeed and how many fail?

If you are thinking about a Debt Management Plan (DMP), you may want to know how many DMPs succeed, and how many run into problems. This turns out to be a surprisingly difficult question to answer! Celebrating DMPs that do complete Many DMPs do get to the end and all the debt is paid off. Here are some recent announcements in late 2018 and early 2019 from the three main providers of free debt … [Read more...]

January 30, 2015 Author: Sara Williams Tagged With: DMP

How much should I offer to settle my IVA early?

An Individual Voluntary Agreement (IVA) is a formal, legal contract for a set period, usually five or six years. To finish your IVA sooner and have the remainder of your debts written off, you need to talk to your IVA firm, say how much you are offering and where the money is coming from. Your creditors will need to approve this offer. How much you should offer as a Full and Final (F&F) … [Read more...]

January 27, 2015 Author: Sara Williams Tagged With: IVA

Bad credit loans to avoid

debts to avoid

Logbook loans, guarantor loans, "pay weekly" shops such as BrightHouse - these may sound attractive if you are short on cash but have a poor credit rating or have been refused a payday loan. But this sort of debt can end in disaster if you have money problems. This article looks at bad credit loans, how they create a lot more problems than they solve and what alternatives might work better for … [Read more...]

January 11, 2015 Author: Sara Williams Tagged With: Guarantor loans

How can an experiment help with your debts?

How an "experiment" could help you out of debt

I'm interested in the psychology of debt -  what makes it harder or easier to tackle a debt problem. I think  you may be able to make use of the Hawthorne Effect to help you clear your debts. Never heard of it? Read on! The Hawthorne Effect is the tendency for humans to change their behaviour simply because they are being studied. It was named after the factory where it was first noticed 90 … [Read more...]

January 7, 2015 Author: Sara Williams Tagged With: Debt psychology

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