A reader asked: I have received a letter from my IVA firm with a cheque for over £2000, saying uncashed dividends had been returned by one of the creditors. They have said if I don't cash it in 90 days they will give it to a charity. Now I'm worried - What are these dividends and why would the IVA firm send them to me, surely it would be classed as a windfall? It says the creditor should … [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
How gambling affects payday loan refunds
Does gambling make it harder to get a refund from a payday lender? Many people who have made an affordability complaint and asked for a refund of the interest they paid are worried if there is gambling showing on their bank statements. Gambling is an issue for a significant number of payday loan complaints. The availability of easy credit from payday loans, even in the middle of the night, can … [Read more...]
95% mortgages – what you need to know
95% mortgages are back in fashion. After the 2008 crash, they almost completely vanished, with only a handful being available. But in mid-2017, there are now nearly 300 different deals to choose from. That's good news if you are a first-time buyer, or if you need to trade up to a larger house. Here are some points you need to watch out for. 95% of the value, not the price Say you have an … [Read more...]
Debt news – June 11
Debt news doesn't seem the most important thing this week... My pick of the week is the How important was Brexit? article. Graph of the week The generational divide in Britain has never been so great #GE2017 pic.twitter.com/PJK5ITJn3Q — Matthew Goodwin (@GoodwinMJ) June 10, 2017 Debt news Must you give your IVA firm your banking login details? Debt Camel article Banks tell … [Read more...]
Must you give your IVA firm your banking login details?
A reader asked: I've been told I have to give my IVA firm my online banking login details so they can see my bank statements. Why do I have to do this? Yet another thing they never tell you before you sign up. An Individual Voluntary Arrangement (IVA) can be a good debt solution for some people but it is a long-term formal legal contract which may not have been clearly explained at the start. Or … [Read more...]
Can I get another car after VT or is part exchange better?
A reader asked: I want to terminate my PCP car finance. The car's fine, good condition, but we now need a bigger car. According to my contract I can hand it back. But I am going to need to get another car, so I am worried this will harm my good credit record. Would part exchange be better? Your right to end a PCP contract early Personal Contract Purchase (PCP) is the most common way to buy a … [Read more...]
How to stop a debt being sent to the bailiffs
Are you worried about bailiffs? If you have problem debts, seeing programs like Can't pay? We'll take it away can be alarming. As one reader said: If I stop my direct debit and don't pay them this month surely they will not be happy? I don’t want bailiffs around my house. This particular reader had a payday loan, but you may have the same thoughts about other types of "consumer debts" such as … [Read more...]
Huge increase in CCJs, up to 300,000 in first quarter 2017
Registry Trust has published the statistics for CCJs for the first quarter of 2017. They are shocking, with almost 300,000 consumer CCJs, the highest number for ten years. The details are: 298,901 CCJs were registered against consumers in England and Wales from January - March 2017; this is an increase of 35% on the same quarter in 2016; the average size of a CCJ fell to … [Read more...]
Have you told people about your debts?
Talking about your debts can be hard. You might feel it’s nobody’s business but your own and you just want to sort it out yourself, rather than reaching out to other people. Or you may not want to explain how your debts got so large in the first place - perhaps feeling embarrassed about it. But that’s not the case for everyone. Perhaps talking it through, perhaps with just one person, has … [Read more...]
Should you give a large gift to someone in a DRO?
A reader asked: I want to give £4,000 each to my children - it's money from their nan who would have wanted them to have it. But one daughter started a DRO a few months ago. I think she would have this money taken away so should I buy her a car instead? Things are difficult for her as she gets no child maintenance. What happend if you give her cash? If you give her the money now, she wouldn't … [Read more...]
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