In a Spring Budget that was short on surprises, the Chancellor pulled a large rabbit out of the hat for debt advisers and some of their clients - big changes to the rules for Debt Relief Orders (DROs). DROs are a form of insolvency for people who have little or no spare income to be able to make any payments to their debts and who only have low assets. Introduced 15 years ago, they were … [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
“When can I offer £1 to a debt?” – FAQs about token payments
A reader asked if he should offer a £1 a month token payment to his debts, wondering if his creditors would ever accept it. The simple answer is that you should make token payment offers: TO non priority debts WHEN it is all you can afford. BUT if you don't expect your situation will improve soon, you may have better debt options. In 2024 millions of people can't afford the normal debt … [Read more...]
Car finance commission scandal – can you get a refund?
UPDATE - 13 November 2014 In late October, an Appeal Court judgment said commission should be refunded in a much broader range of cases, not just discretionary motor finance. The FCA is now proposing to extend the pause on discretionary commission complaints to cover fixed commissions as well. See Car commission refunds – can more people get refunds? where I cover this in detail UPDATE - 24 … [Read more...]
Loans2Go – the worst loans in Britain – ask for a refund
Loans2Go offers what I have called the worst loans in Britain. Since 2021 they have been charging 770% APR. See the representative example Loans2Go quotes on its website: £550 borrowed for 18 months is a monthly payment of £113 this adds up to £2035, a bit less than four times what was borrowed. MUCH cheaper to get a payday loan than a Loans2Go loan Of course Loans2Go don't … [Read more...]
Bad news – MSE Credit Club switches from Experian to TransUnion
In November 2023, MSE announced that its Credit Club report would soon switch to cover TransUnion data, not Experian data. MSE has told subscribers: The need-to-know change: Experian is stopping giving us access to its full credit report. So ... we’re moving to one of the other three big credit reference agencies, TransUnion. MSE has tried to dress this up - the first paragraph was headed The … [Read more...]
Morses Club goes under – in administration – Scheme fails
UPDATE - March 2024 - the administrators have sold some loans to Lantern and written off all the others. See Morses administration – what is happening to loans. That article is now the current Morses article and if you have any questions, please ask them in the comments there. Morses Club went into administration on 17 November 2023. Morses Club was the largest doorstep lender in the UK … [Read more...]
7 ways to speed up a DMP so it finishes sooner
A reader asked: I'm being told a DMP would take more than 10 years. Is that too long - I hope my situation will improve? Ten years is a long time. But lots of things can happen during a Debt Management Plan (DMP) which will change the time it may take. Here are seven ways the DMP could be speeded up - not all of them may apply to you. 1. No DMP fees If the DMP firm you are talking to charges … [Read more...]
How much should I offer to settle my IVA early?
An Individual Voluntary Agreement (IVA) is a formal, legal contract for a set period, usually five or six years. To finish your IVA sooner and have the remainder of your debts written off, you need to talk to your IVA firm, say how much you are offering and where the money is coming from. Your creditors will need to approve this offer. How much you should offer as a Full and Final (F&F) … [Read more...]
Minimise the impact of gambling on your finances – tips from GamCare
This is a guest post from GamCare who provide information, advice, and support for anyone affected by gambling harms. GamCare operates the National Gambling Helpline, with Advisers available for free 24/7 by phone and online chat. We also provide treatment in all regions across England, Scotland and Wales, and support against gambling-related financial harm, through our Money Guidance … [Read more...]
Statute barred debt – common questions
If you have an old debt, you may wonder if you still have to pay it? Can your creditors really take you to court after this long? English law says a creditor only has a limited amount of time - typically six years - to take you to court. The term for a debt that is so old that it can't be enforced in court is "statute barred". (You may have heard the phrase being time-barred, that means the … [Read more...]
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