A reader asked: I've got a parking ticket in a car park which isn't right because you couldn't see the signs the way I went in. I've been sent a letter saying if I don't pay they will go to court and this will then show on my credit record. My partner says she got a speeding fine and that wasn't on her credit record. Are they lying to me? This article looks at what will happen if you don't pay a … [Read more...]
SafetyNet Credit goes into administration
UPDATE - in March 2024 the administrators announced they are no longer collecting any payments for the remaining loan balances. Also any more affordability complaints must made in the next few weeks. See SafetyNet & Tappily loans are written off for details. Indigo Michael Limited (IML) went into administration on 9 January 2023. It had two lending brands - SafetyNet Credit … [Read more...]
Is Santander routinely rejecting overdraft complaints?
A reader used my overdraft affordability complaint template letter to ask Santander for a refund: Santander are refunding 5, nearly 6, years worth of fees and interest and 8%. It's over £3.5k... amazing! This pays off my overdraft completely with spare and the overdraft will be removed. That was a "full refund" - the maximum she could have got from the Financial Ombudsman (FOS). She was very … [Read more...]
Can’t pay your bills & debts? What help can you get?
What help can you get if you can't pay your important bills and debts? in March 2023, it has been a hard winter for millions. And many bills are increasing in April. If you don't think you can manage to pay everything, this article looks at your options for priority and nonpriority debts. And how to get help, with debts and with benefits. Get a budget & know what is top … [Read more...]
2022 – a very bad year for debt advice
This is my annual review, looking at the major events of 2022 for the debt advice sector and with some thoughts about 2023. It concentrates on the bits I was most interested in. As it's aimed at debt advisors and people interested in debt policy, I haven't explained terms and acronyms they will all know. A year of interlinked crises Inflation One of the first articles I wrote in 2022 year … [Read more...]
Piggy banking / the envelope method / sinking fund = better budgeting!
Piggy banks are not just cute money jars for kids. Piggy banking is also a system of dividing your money into different ‘pots’, or accounts. Each pot represents a different aspect of your future spending. This approach is also known as "sinking funds", "jam jar accounting" or "the envelope method". All of these names are basically the same thing. Benefits of piggy banking You may have seen … [Read more...]
The FCA consults on supporting mortgage borrowers
On 7 December 2022, the FCA issued a consultation on Guidance for firms supporting their existing mortgage borrowers impacted by the rising cost of living. FCA consultations are normally lengthy, but here the FCA said: To ensure we can act quickly to enable firms to help consumers, we are consulting on this guidance over the next 10 working days. This is the sort of short deadline the FCA … [Read more...]
After a fixed rate mortgage ends, fix again? For how long?
If your fixed mortgage has ended, or will soon, you could face a large increase in your mortgage payments. Most mortgages revert to their lender's Standard Variable Rate (SVR) when a fix ends. Some lenders use a different term, such as "Follow On Rate", but SVR is the most common. In 2023, the average SVR is 7.3% - many are much more. Millions of people are paying the SVR and most of them … [Read more...]
The new DRO hubs start in February – how will they work?
MaPS announced in November that it had signed contracts for debt services that will be effective from 1 February 2023. The two contracts for Debt Relief Order (DRO) hubs have been awarded to: Citizens Advice; and Gregory Pennington. There is a lot of uncertainty in the debt advice community about how these new DRO hubs will work in practice. With less than two months before they start, … [Read more...]
The better alternatives to high cost loans
It's become harder to get a payday loan and other high cost credit in 2022. Many lenders have gone under because of having to pay refunds for affordability complaints. Others stopped lending or cut back on it because of Covid or because of the cost of living crisis this year. So where can you go if you need credit and you know you will be refused by high street banks? And if you realise … [Read more...]
What happens at the end of your IVA? How long until it’s all finished?
If you are in the last few months of your IVA, you will be looking forward to making that last payment. It may feel a lot like getting to the finishing line of a marathon - and you may not be running so much as staggering over it. But when should you cancel your standing order? How long does it take to get your completion certificate? And when exactly are your debts written off, and how long … [Read more...]
QIS is the second large IVA firm to go under in 2022
Quality Insolvency Services (QIS) went into administration on 23 November 2022. They are one of the larger IVA firms. It is estimated that there may be about 13,500 IVAs currently in progress at QIS and they were 5th in the Insolvency Service's table of IVAs registered in 2021: 1 Creditfix 17,758 21.90% 2 The Insolvency Group 10,962 13.5% 3 Hanover … [Read more...]
95% mortgages much harder to get in 2023
95% mortgages, where you only have to have a 5% deposit, are again becoming very hard to get. In September 2022 there were 274 deals for 5% deposit mortgages on offer - in mid December this had fallen to 130. Now in 2023 there are still very few 5% deposit offers. The Help To Buy scheme that helped buyers with only a 5% deposit closed to new applicants in October 2022. The … [Read more...]
StepChange IVAs – a mass variation to help with cost of living problems
UPDATE - Unfortunately this mass variation was not approved. But any StepChange clients who are having difficulty with their IVA payments should contact StepChange, who can look at what help can be provided for you. It is still possible to get individual IVAs changed, it was just the attempt to get all IVAs changed that was not agreed. Many people with IVAs are finding it difficult to … [Read more...]
9 practical steps if you don’t want a prepayment meter
What are your options if you don't want to be forced to get a prepayment meter because of energy bill arrears? A prepayment meter doesn't make it easier to budget as you face very high charges over the winter. So it can be sensible to try to avoid one. This article has 9 practical steps that may help you to avoid having a prepayment meter. Try to reduce the amount you have to pay 1) … [Read more...]
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