Loyalty cards encourage you to come back for your next coffee, pizza or supermarket shop. If you are trying to get rid of problem debt, then you need to beware of the temptation to overspend your budget, well that's obvious! But let's look at why companies use reward programs. Exploring the psychology involved reveals three factors which could also help you to get out of debt. 1) Simple … [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
Is gambling wrecking your finances?
A gambling habit often starts small, some fun with your mates or a bit of excitement when you are bored at home. But soon you may be spending more than you can afford. Then your cards and overdraft are maxed out. It is so tempting to hope to win back enough to clear the debts and pay your bills. You need money to do this, so you get a loan. But you lose more... Soon the only credit you can … [Read more...]
“Will partial settlement make it hard to get a mortgage?”
Ms F asked: "I have been in debt management for five years after my marriage breakdown. After an inheritance, I want to pay off my DMP as it will carry on for years. I could pay in full but my house needs some urgent work and my car is on its last legs. I asked about my credit score if I offer a partial settlement and was told this would show as partially settled on credit score file. Will I … [Read more...]
“Will a credit builder card improve my score?”
A reader asked: I’ve recently paid off my 2 defaulted credit cards and I have been paying into Loqbox for the past 4 months (£70). I got an email from Clearscore saying I can get a Capital One credit card. This is the first time in a long time that I have been offered a credit card because my credit has been so poor but it is slowly improving. Should I apply for this? If I do what is the best … [Read more...]
Sunny – some loans written off & the rest sold to a debt collector
The administrators say people may be allowed to submit claims in November 2020, if sufficient funds are available in the Administration for a distribution to be made to unsecured creditors. The administrators will also explain then what people who have already submitted claims, or who had claims agreed but not paid when the company went under, need to do. But that "if" clause is important. The … [Read more...]
Lloyds & Halifax overdraft fees higher if your credit record is poor
In July 2020, Lloyds, Halifax and Bank of Scotland (BoS) increased their overdraft charges and a month later people are starting to see the full cost on their monthly statements. This is the fourth change to the banks' overdraft charges since 2017. The new fees are higher for customers with a bad credit rating. This is unfair in several ways. So what can you do if you can't afford these … [Read more...]
“Will paying off debt improve my credit rating?”
A reader asked if his credit score would improve if he paid off some debt. First a useful warning from Experian: There’s no one credit score or magic number – different lenders score differently. But a good place to start is by looking at what exactly is on your credit records. There are three credit reference agencies in Britain and you have to check all three as they may have different … [Read more...]
10 things you should know if you can’t pay a tax bill
CORONAVIRUS UPDATE Any self-assessment payments on account due in July 2020 that weren't paid, will automatically have been deferred until 31 January 2021 without penalty even if you did not ask for this. The deferred self-assessment payment will then be due at the same time as the normal January self-assessment payment. If you know you won't be able to pay these, phone the HMRC Self … [Read more...]
Found out you have a CCJ? What can you do?
There are three ways you may find out you have a County Court Judgement (CCJ): you get a letter from the court; the creditor tells you, asking for payment; or you see it on a credit report - possibly after you have been unexpectedly rejected for credit. A CCJ is a decision by a judge that you ("the defendant") should pay someone ("the claimant") an amount of money. In mid 2022, there … [Read more...]
COVID-19, financial decisions & those tricky exponential numbers
This is a guest post by David Steele, Policy and Research Manager at The Money Charity (currently furloughed). He was previously Policy Manager Financial Services for Age UK and Head of the Research and Statistics Unit at the UK Film Council. This blog is written in David’s personal capacity and does not necessarily represent the views of his current employer. With the Sunday … [Read more...]
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