Support for Mortgage Interest (SMI) used to be paid as a benefit to people who weren't working - this ended on 5 April 2018. From 6 April someone newly applying can only get help with their mortgage costs through a secured loan instead. This is sometimes referred to as Loan for Mortgage Interest (LMI), but the old name SMI is also used. If you have been getting SMI before April, there are now … [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
DWP chaos? Only 10,000 have agreed to new SMI loan
The Office for Budget Responsibility (OBR)'s Economic and Fiscal Outlook paper, published today with the Chancellor's Spring Statement, has this statement: DWP has told us that all current claimants have been contacted about the intention to convert their [Support for Mortgage Interest] award into a loan and of those that have responded, over half have indicated they are not interested while less … [Read more...]
Lending Stream – poor and slow complaints handling
Lending Stream, a mid-sized payday lender in Britain, is noticeably bad at handling payday loan affordability complaints. This article looks at what often happens in a Lending Stream affordability complaint so you are prepared. By taking your complaint to the Ombudsman you may get a much better award. In the first half of 2018, the Financial Ombudsman was agreeing with the customer in more than … [Read more...]
How to reply to a Letter Before Claim about a debt
A creditor has to send a Letter Before Claim before they take you to court for a debt in England, Wales and Northern Ireland. This letter may be headed something like Letter Before Action or Notice of Pending Legal Action or even Letter of Claim. You can tell if you have been sent one of these as there will be various attachments including one headed Reply Form. This letter is part of the … [Read more...]
Bailiffs – do you have to let them in? What you need to know.
A visit from bailiffs is a nightmare idea 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, the two key rules for dealing with bailiffs and what to do if things go wrong. There is a section at the end about good (and bad) places to get help. In 2021 the new Debt … [Read more...]
Inheriting money when in a DMP, DRO, IVA or bankruptcy
What happens if you inherit money when you are in a debt management plan or one of the three forms of insolvency: Debt Relief Order (DRO), bankruptcy or IVA? The answers are surprisingly different... Inheriting in a DMP This is the easiest case. Any money you inherit comes to you, not to your creditors or your DMP firm. And it doesn't matter if the person dies before your DMP started 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 … [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. If you have already had a letter from a bailiff read: Bailiffs - do you have to let them in? What you need to know. This … [Read more...]
I want to sell my house to end my IVA
A reader asked: We are desperate to end our IVA. So difficult. The IVA firm that seemed helpful at the start now after two years doesn't care about our extra costs. We have decided to sell and downsize. My wife is hoping for a discount but I said they were more likely to charge us more to get out early! We need as much equity as possible for the next house. This is a tricky situation. There … [Read more...]
What are your car finance options?
Cash is often the most cost-effective way to buy a car. But this isn’t always possible, especially if you have money problems. In 2018 more than 80% of new cars in Britain were bought on finance - but that doesn't mean it's going to be right for you! The four ways to finance your car a personal loan - a loan from your bank or building society to spread the cost over 1 to 7 years. Here … [Read more...]
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