In April 2024, Barclaycard has told many customers that it will be setting lower minimum payments on their accounts from July. From a poll I ran on Instagram, Barclaycard has informed about 90% of cardholders. It looks as though this change is going to be across the board, affecting everyone. The messages are going out by email, letter or text. Look out for the communication if you haven't yet … [Read more...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
Had a letter from Intrum/Resolvecall about an old Lloyds debt?
Two readers have reported getting letters from Intrum/Resolvecall about an old Lloyds debt. They are asking if they have to pay these old debts: I had a credit card debt with Lloyds about 10 years ago. I was struggling to pay it at the time... NowI have had a letter from a company called Intrum saying my account will now be managed by a company called Resolvecall who are asking for over … [Read more...]
DROs – major improvements introduced in 2024 Spring Budget
In a Spring Budget that was short on surprises, the Chancellor pulled a large rabbit out of the hat for debt advisers and some of their clients - big changes to the rules for Debt Relief Orders (DROs). DROs are a form of insolvency for people who have little or no spare income to be able to make any payments to their debts and who only have low assets. Introduced 15 years ago, they were … [Read more...]
“When can I offer £1 to a debt?” – FAQs about token payments
A reader asked if he should offer a £1 a month token payment to his debts, wondering if his creditors would ever accept it. The simple answer is that you should make token payment offers: TO non priority debts WHEN it is all you can afford. BUT if you don't expect your situation will improve soon, you may have better debt options. In 2024 millions of people can't afford the normal debt … [Read more...]
Car finance commission scandal – can you get a refund?
On 11 January 2024, the Financial Ombudsman (FOS) published several decisions about discretionary car finance commission, including one against Black Horse and one against Barclays Partner Finance. In these cases, people were charged too high an interest rate to increase the commissions dealers got. And FOS ordered a refund. This is a scandal that may have affected millions. These FOS … [Read more...]
Loans2Go – the worst loans in Britain – ask for a refund
Loans2Go offers what I have called the worst loans in Britain. Since 2021 they have been charging 770% APR. See the representative example Loans2Go quotes on its website: £550 borrowed for 18 months is a monthly payment of £113 this adds up to £2035, a bit less than four times what was borrowed. MUCH cheaper to get a payday loan than a Loans2Go loan Of course Loans2Go don't … [Read more...]
Bad news – MSE Credit Club switches from Experian to TransUnion
In November 2023, MSE announced that its Credit Club report would soon switch to cover TransUnion data, not Experian data. MSE has told subscribers: The need-to-know change: Experian is stopping giving us access to its full credit report. So ... we’re moving to one of the other three big credit reference agencies, TransUnion. MSE has tried to dress this up - the first paragraph was headed The … [Read more...]
The best free ways to check your credit score
Keeping an eye on your credit record is a good idea, but how should you do it? There are more than 18 different ways to check your credit record! Which is confusing. And in late 2023, things have become more difficult as MSE's Credit Club is switching from reporting Experian data to using TransUnion data. So what are your options now - and importantly what are the best free … [Read more...]
Morses Club goes under – in administration – Scheme fails
UPDATE - March 2024 - the administrators have sold some loans to Lantern and written off all the others. See Morses administration – what is happening to loans. That article is now the current Morses article and if you have any questions, please ask them in the comments there. Morses Club went into administration on 17 November 2023. Morses Club was the largest doorstep lender in the UK … [Read more...]
7 ways to speed up a DMP so it finishes sooner
A reader asked: I'm being told a DMP would take more than 10 years. Is that too long - I hope my situation will improve? Ten years is a long time. But lots of things can happen during a Debt Management Plan (DMP) which will change the time it may take. Here are seven ways the DMP could be speeded up - not all of them may apply to you. 1. No DMP fees If the DMP firm you are talking to charges … [Read more...]
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