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Getting out of debt

Practical articles about the different debt options, which might work for you and different ways of dealing with creditors

Ofgem says don’t cancel direct debits – but has no good alternatives

Ofgem says you shouldn't cancel the direct debit to your energy supplier. This is in response to the Don't Pay UK campaign, which is suggesting supporters cancel their energy direct debits on October 1st: It's simple: we are demanding a reduction of energy bills to an affordable level. Our leverage is that we will gather a million people to pledge not to pay if the government goes ahead with … [Read more...]

August 9, 2022 Author: Sara Williams Tagged With: energy crisis

Ofgem names energy firms who must improve their Direct Debit setting

Ofgem has been investigating how energy suppliers set customers' direct debits. The energy regulator has found: more than 7 million consumers on a Standard Variable Tariff (SVT) had their direct debits increased between February and April 2022; direct debits went up 62% on average; half a million households had an increase of more than 100%. Ofgem has told 6 energy suppliers to take … [Read more...]

July 13, 2022 Author: Sara Williams Tagged With: energy crisis

Help with IVAs if you can’t pay because of the cost of living

Many people in an IVA are currently struggling because of the large rises in bills and prices in 2022. The Insolvency Service has now issued Guidance to support the IVA protocol. (That is confusingly laid out  - look for the section headed 60) Guidance to support the IVA protocol for existing protocol compliant IVAs: 26 June 2022.) This sets out what extra help IVA firms should provide … [Read more...]

July 4, 2022 Author: Sara Williams Tagged With: Insolvency news & policy, IVA

“My debt has been sold, just when I thought I was out of the woods”

A reader asked: I had an old credit card debt from Vanquis, the last payment was made in 2018. It dropped off my credit file last week. I have just received a letter from Lowell saying they have bought the debt and have to contact them. Will I have to pay, just as I thought I was getting out of the woods with old debt? If I do, will it reappear on my credit file? At the time I was in a … [Read more...]

June 27, 2022 Author: Sara Williams Tagged With: A reader asks, debt collector

Defaults – have you been given bad information?

In the last week, three readers have queried what they have been told about defaults and their credit record: Ms A: I have debts that have been defaulted for about 4 years. I have set up a debt management plan and Payplan say that if my debts are sold then the new debt company can place a brand new default on the loan and the default date would be when the new debt company (not the originator) … [Read more...]

June 18, 2022 Author: Sara Williams Tagged With: A reader asks, Credit ratings

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...]

June 17, 2022 Author: Sara Williams Tagged With: DRO

Loans2Go – the worst loans in Britain – ask for a refund

Loans2Go offers what I have called the worst loans in Britain. In 2019 a reader told me about a loan from Loans2Go at 990% interest over 18 months. In 2021 they reduced the interest rate to "only" 770%. But it is still much cheaper to get a payday loan! See the representative example Loans2Go quotes on its website: £550 borrowed for 18 months is a monthly payment of £113 this adds up … [Read more...]

June 9, 2022 Author: Sara Williams Tagged With: High cost credit news/policy, Payday loans

“A CCJ on my credit record I know nothing about”

A reader, Ms J asked about a CCJ that suddenly appeared on her credit report. "I check my credit record a couple of times a year and there is now a CCJ on there. It looks like it was added 2 months ago at an address I left ages ago, possibly 8 years.   I don't even know if this is real or some sort of error. It's only a few hundred but I don't want to pay it if I don't have to and I don't know … [Read more...]

June 8, 2022 Author: Sara Williams Tagged With: A reader asks, CCJ, Credit ratings

Credit cards – the minimum payment trap

Do you only make the minimum payments on your credit cards? If money is tight, you may feel you can't afford more... But do you know that there is a simple alternative that will speed up debt repayments a lot, not harm your credit record and not cost you any more? Repaying a credit card with minimum payments How long do you think it will take? Have a guess... Less than 3 years? Less … [Read more...]

June 6, 2022 Author: Sara Williams Tagged With: credit cards, Snowballing

Zable – a “credit builder” card to avoid

UPDATE - May 2022 - the Level card changed its name to Zable. UPDATE - August 2022 - Zable started to bring in changes to correct the problems highlighted in this article. They have told me: We are making 2 changes to the feature: If a customer had no payment due on their last statement or it is their first statement they will not be charged If they have paid their statement balance … [Read more...]

June 1, 2022 Author: Sara Williams Tagged With: A reader asks, credit cards

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  • Debt news – 14 August 2022
  • Ofgem says don’t cancel direct debits – but has no good alternatives
  • Should you cancel your direct debit if you can’t pay your energy bill?
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