Logbook loans, guarantor loans, "pay weekly" shops such as BrightHouse - these may sound attractive if you are short on cash but have a poor credit rating or have been refused a payday loan. But this sort of debt can end in disaster if you have money problems. This article looks at bad credit loans, how they create a lot more problems than they solve and what alternatives might work better for … [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 IVA, DRO or bankruptcy affect affordability complaints
If you have been insolvent - bankrupt, had an IVA or a Debt Relief Order (DRO) - then you need to know how this affects a claim for a refund for a financial product. You can't make a new claim for a PPI refund - the deadline for this passed at the end of August 2019. But you can still make affordability complaints and other sorts of compensation eg for packaged bank accounts. New credit … [Read more...]
A friend owes me money – what can I do?
What should you do if a friend owes you money? Perhaps you took out a loan or bought something with your credit card for them because you had a better credit rating. Or perhaps you just lent them the money. And now they aren't repaying you. It would have been better to have thought all this through BEFORE lending the money... research has shown that nearly a third of people have fallen out … [Read more...]
Bankruptcy – will the OR make me …. ?
Debt Camel's bankruptcy information looks at the major questions most people have about bankruptcy - will my job be affected, what will happen to my house etc. There are two other types of queries that people have: concerns about their assets, which I covered in a previous article, and worries about what powers the Official Receiver has to control people's lives, which I am going to be looking at … [Read more...]
Is a DRO better than a DMP or bankruptcy?
Choosing between a Debt Relief Order (DRO) and other debt solutions is often a pretty easy choice! Let's look at when a DRO is a good option for you and what the alternatives might be. Debt Relief Orders DROs are a form of insolvency in England, Wales and Northern Ireland. For an overview of DROs, read What is a Debt Relief Order? They are meant for people who have little or no spare income … [Read more...]
Will debt collectors stop calling after a Debt Relief Order?
One of the biggest advantages of a Debt Relief Order (DRO) is that it is a formal, legal debt solution. It prevents your creditors taking any further action against you for debts that are included in your DRO: you can't be taken to court for a CCJ (or a Liability Order for council tax arrears); if you already have a CCJ, the creditor can't send the bailiffs in - and debt collectors should … [Read more...]
Inheriting money when bankrupt
A reader has asked if my recent article on redundancy payments and bankruptcy also applies to inheriting money or assets when you are bankrupt. The answer is "Yes", but there are a few extra points to consider. The date of death is the key date You become entitled to an inheritance as soon as the person has died, so it legally forms one of your assets from this point. There are three cases … [Read more...]
Will the OR take my redundancy money?
A reader has asked: I have been offered redundancy. I would like to retrain for a more interesting job, but I still have nearly a year of IPA payments to make, so will the Official Receiver take all my redundancy pay? It depends on your discharge date The answer to the question depends on whether the last day of employment is before or after the date of discharge from bankruptcy. There are … [Read more...]
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