When you get a payday loan, it arrives very quickly... so why does it take some payday lenders so long to pay out refunds for unaffordable lending? Especially as a few lenders are very fast? Hundreds of people have left comments on the How to get a payday loan refund page on the progress of their claims. This article summarises recent comments about the large and mid-sized lenders. It covers … [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
Ombudsman will look at payday loans over 6 years old
Many people are making affordability complaints about payday loans, asking the lender to refund interest. Most lenders are refusing to look at any refunds for payday loans that were taken out more than six years ago, saying the Financial Ombudsman Service (FOS) will not consider these cases. But this isn't correct! This article looks at the current situation and the implications for your … [Read more...]
How to add a Notice of Correction to a credit record (and is it worth it?)
Finding something negative on your credit record is bad enough - but it feels a lot worse if you think it is wrong or unreasonable. You have the legal right (in the Consumer Credit Act (1974) ) to add a "Notice of Correction" to your credit report if you feel something is misleading or you want to provide an explanation. What is a Notice of Correction? A Notice of Correction is a … [Read more...]
DRO applications – frequently asked questions
A Debt Relief Order (DRO) is often the best debt solution if you have under £20,000 of debt, you are renting and you have hardly any spare money to repay your debts. You don't have to make any payments in a DRO and, after a year, your debts are wiped out. You can't apply for a DRO yourself, the application has to go through a debt adviser who is an Approved DRO Intermediary. In this article, … [Read more...]
PPI – complain now, even if you have been rejected!
On 29th August 2017, the FCA launched its PPI advertising campaign. This features an animatronic Arnold Schwarzenegger head telling you to make a decision about claiming PPI, because a deadline is being introduced in August 2019. The FCA has also published some pages of information on the PPI claims process. Complain before 29th August 2019 Two years may sound a long way off and you may be … [Read more...]
Vanquis’s Repayment Option Plan – can you get a refund?
Vanquis Bank's Repayment Option Plan (ROP) for its credit cards is being investigated by the regulator, the Financial Conduct Authority (FCA). This was announced by Provident, who own Vanquis, on 22nd August 2017. If you currently have this, should you cancel it? And can you claim a refund? I'll look at what is known about this investigation and who may get compensation because of it. I also … [Read more...]
Bailiffs – do you have to let them in? What you need to know.
A visit from bailiffs is a nightmare thought for many people. They have changed their name to enforcement agents but that doesn't make it any less scary. This article looks at what happens after a debt is sent to the bailiffs: what to do if you get a Notice of Enforcement letter, the two key rules for dealing with bailiffs and what to do if things go wrong. There is a section at the end about … [Read more...]
What should the default date for a debt be?
If you have had problems with debt, you may have had a default added to your credit record. The date of this default matters, so you need to know it exactly on all three credit reference agencies, see How to check your credit record for details. The rule is: the debt and the default will then be deleted from your credit record six years later after the first default. For example, if you have … [Read more...]
Buying too much online? 5 ways to cut back
A few taps on your mobile and that handbag, those kids' clothes or this kitchen gadget is on its way to you. This can be very convenient with busy lives and little time to go to the shops. But when money is tight or you want to save for something important, is it just too easy to overspend? If it's difficult to resist temptation and you want to cut back a bit - or a lot - to stop wasting … [Read more...]
SMI will be a loan from 2018 – even less help with a mortgage
Support for Mortgage Interest (SMI) is intended to help people with the cost of their mortgage if they aren't working. SMI has been given as a benefit so far, but from April 2018, it will only be given as a loan. SMI has been an important part of the UK benefits system since it was introduced in 1948. It only helps with the interest part of the mortgage repayments, not the capital. Who … [Read more...]
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