Mr A asks: I have had an arrangement with a debt collector for a number of years, paying £10 a month. They have sent a letter asking for a review. Do I have to do this? Can they do anything if I just continue with my current payments? You don't have to give these numbers but... It is a good idea to give revised details Everyone was happy when the arrangement was set up. Mr A was relieved … [Read more...]
My son has been asked to pay a water bill that’s in my name
A reader asked: My son has just opened a letter from a debt collector in his name with my debt and information on it asking him to pay. It's for a water bill which I owe but the bill is in my name! Surely they can't do this? I asked for some background on this - how old is her son, is he still living at home, if not when did he leave? And what date does the water bill relate to? He is 24 and … [Read more...]
Worried about the cost of your mortgage? Find out the help your lender can offer
If you are struggling to pay your mortgage now, or you will be soon when your fix ends, what are your options? Nearly 1.5 million mortgage fixes are ending in 2023. Many people will then face a new interest rate that is more than twice what they had been paying. The FCA says: if you’re struggling to pay your mortgage, or are worried you might, you don’t need to manage alone. Your lender has … [Read more...]
Support for Mortgage Interest (SMI) – should you take this loan?
Support for Mortgage Interest (SMI) helps some people with the cost of their mortgage if they aren't working. Since 2018 this help has been paid as a loan secured on your house, not a benefit, see the gov.uk page on SMI. But this loan is cheap, you don't have to make any repayments to it until the house is sold and it does not show on your credit record, so this is not as bad as it … [Read more...]
DROs – what if my pay increases or I get a lump sum of money?
A Debt Relief Order (DRO) is a simple and cheap alternative to bankruptcy if you are renting and have little money to spare each month to repay debts. A DRO lasts for 12 months and during this time you must inform the Official Receiver (OR): if you receive any money or other assets, or if your income increases. If this happens, the OR may 'revoke' your DRO. That is the legal term … [Read more...]
Amigo to close & Scheme goes into Fallback – implications for customers
August 2023 - the first "UPHOLD" decisions are being received. Comments on this article are now closed. Please see the comments below the main Amigo Claims page to see what is happening. On 23 March 2023 Amigo announced that it has been unable to raise the equity it needed to continue in business. This means that the Scheme of Arrangement currently underway will change into the … [Read more...]
“My DMP payment is too high”
A reader asked if it is OK to reduce your debt management payments when you need to? In 2023, with prices still rising fast, this is a common problem in Debt Management Plans (DMPs). Sometimes your income falls. Often your essential expenses go up faster than your pay does. In debt management, you pay a set amount to the DMP company and they divide it between your creditors. So what happens … [Read more...]
Problem overdraft? How to ask your bank for a refund of interest
Have you had big overdraft problems for a long period? You can make an affordability complaint and ask for a refund of overdraft charges if: your overdraft limit was increased to a level you are unable to clear; or your overdraft usage showed you were in long-term financial distress. For example, being in the overdraft all the time, or using an unauthorised overdraft a lot. This … [Read more...]
Klarna starts charging late fees and claims this will benefit customers
Klarna is going to charge fees to customers in the UK that miss payments. From the mid March 2023, these will be: £5 a late fee; no more than two late fees will be charged on an order; late fees cannot total more than 25% of the value of an order. This is a major shift for Klarna, who has so far charged late fees in other countries but not in the UK. Clearpay and Laybuy charge £6 … [Read more...]
2023 – looking for cheap ways to get fit or lose weight?
Want to lose weight or get fit? Millions of people have this as their main aim for the year. Signing up to an expensive gym isn't always the best way. Not only because of the cost but because you may simply not use it that much. Some new ways to exercise emerged during the pandemic. Many previous gym-regulars decided they weren't going back when gyms re-opened! One thing most people agree on … [Read more...]
Increasing the interest on a credit card – your rights
There are two situations a credit card can increase your interest rate: if the Bank of England base rate goes up and your credit card tracks that rate; or when your credit card decides to increase your interest rate. It is important you know which is happening when your interest rate rises, as in the second case you have the right to reject this change. This also applies to store … [Read more...]
“Persistent debt – Halifax want me to make higher credit card payments”
Mrs X was happy when Halifax told her in November 2022 that they were cutting the interest rate on her credit card - down from 32% to 15%. But just two months later Halifax sent another letter saying she must make higher "Recommended Payments" or she can't use the card any more. She says: Halifax want me to pay at least £102 a month, about £20 a month more than the minimum. They say this … [Read more...]
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 going under in 2023. Your employment rights If your firm has just closed suddenly, you may be worried about: getting paid for the weeks you have already worked; paid for … [Read more...]
Will an affordability claim hurt my credit record, and other questions
People often ask what happens to their credit score if they make a complaint. And what happens if they still owe a balance on the account. Here are some typical questions: " Lloyds increased my overdraft limit several times a few years ago when I had a gambling problem. But I have recovered and am hoping to get a mortgage soon. I don't want to complain if it will it harm my credit score, which is … [Read more...]
Maxed out credit cards & only able to pay the minimum
"I have three credit cards, all maxed out. I am only paying the minimum amounts each month as I can't afford more. What are my options as this will take forever and cost a lot in interest?" A lot of people are in this situation in 2024, with cost of living price rises leaving you with no spare money to make overpayments. Especially if a 0% balance transfer has ended and you can't get another … [Read more...]
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