What is the difference between a formal and an informal arrangement with my creditors? a reader asked. This post looks at what the alternatives are and how to decide which is better for you. If you pull on a pair of jeans and a T-shirt, then it's easy enough to add a jumper if it gets chilly or switch to old trainers if your new shoes are rubbing. But you need to plan formal dress more … [Read more...]
Should I use DLA / PIP money to pay debts?
Disability benefits such as Disability Living Allowance (DLA), Personal Independence payment (PIP) and Attendance Allowance (AA) are meant to cover the extra costs you get because of the disability. So is it right to use this extra money to pay off debts? Can your creditors make you do this? That may sound a bit abstract, but it leads to a very practical question - if you need a Debt Management … [Read more...]
When to send a Prove It letter about a debt
If you get a letter saying you owe money on a debt you don’t recognise, or which you thought you had paid off, you need to challenge the creditor to prove that you do owe the money. Sometimes debt collectors have simply got the wrong person. This is sometimes called a mis-trace. This is what the Financial Ombudsman says about mis-traces: We would ask a debt collector to provide evidence to … [Read more...]
What to do if Full & Final settlement offer is rejected?
A reader asked what she should do as her reasonable Full & Final settlement offer had been rejected. It's going to seem obvious, but the creditor rejected the offer because it didn't seem reasonable to them. You may be thinking "I paid off the amount I borrowed ages ago, their interest is too high" or "They probably bought this debt for pennies, so they should be happy to accept 10%" but … [Read more...]
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