What help can you get if you can't pay your important bills and debts? If you don't think you can manage to pay everything, this article looks at your options for priority and nonpriority debts. And how to get help, with debts and with benefits. Get a budget & know what is top priority When there isn’t enough money to pay for everything, you have to make choices. It’s important to … [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
The best free ways to check your credit score
Keeping track of your credit record is smart, but how do you go about it? With more than a dozen ways to check your credit record in the UK, it can get confusing. So, what are your options—and which are the best free ones? And is it ever worth paying for "extras"? Many people think they have a single credit score - WRONG! The three Credit Reference Agencies It is a myth that everyone has a … [Read more...]
HSBC pays compensation for not saying a debt was unenforceable
In 2023, Miss M asked HSBC to produce the Consumer Credit Act(CCA) agreements for her debts. If a creditor cannot produce the CCA agreement for a relevant debt, the debt is unenforceable in court and the consumer can stop paying it. The older a debt is, the less likely it is that the CCA agreement can be found. Miss M's debts were very old. Asking for the CCA agreement is a simple procedure … [Read more...]
Does a Cifas “Victim” marker harm your credit score?
I was asked: Someone pretending to be me has tried to set up some finance. It all got stopped, no money lost and no real harm done. My concern is that the finance company is proposing to record this impersonation on Cifas, but won't if I ask them not to. The letter makes it sound like informing Cifas is a good thing, but I've googled it and have found nothing but horror stories about never … [Read more...]
Are people being told the truth about DMP fees and no-fee DMPs?
Misleading DMP advice Mrs B was advised to go into a Debt Management Plan (DMP) by an IVA firm. They referred her to a firm that charges fees for running a DMP. I suggested that she should talk to StepChange or another provider that doesn't charge any fees for a DMP. Mrs B went back and queried the advice with the IVA firm. This is the WhatsApp conversation: I explained to Mrs B that … [Read more...]
Lloyds and Halifax to charge up to 49.9% interest on overdrafts
The Lloyds Banking Group - Lloyds, Halifax and Bank of Scotland - are changing overdraft charges for customers from August. Some are increasing, some are reducing. The new 19.9% and 29.9% charges are lower than most major banks. But the new 49.9% charge will be the highest overdraft rate charged by a high street bank. The current charges This is the first change since 2020. Before that Lloyds … [Read more...]
Barclaycard cuts minimum payments – this may cost you a lot
In April 2024, Barclaycard has told many customers that it will be setting lower minimum payments on their accounts from July. From a poll I ran on Instagram, Barclaycard has informed about 90% of cardholders. It looks as though this change is going to be across the board, affecting everyone. The messages are going out by email, letter or text. Look out for the communication if you haven't yet … [Read more...]
Had a letter from Intrum/Resolvecall about an old Lloyds debt?
Two readers have reported getting letters from Intrum/Resolvecall about an old Lloyds debt. They are asking if they have to pay these old debts: I had a credit card debt with Lloyds about 10 years ago. I was struggling to pay it at the time... NowI have had a letter from a company called Intrum saying my account will now be managed by a company called Resolvecall who are asking for over … [Read more...]
DROs – major improvements introduced in 2024 Spring Budget
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...]
“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...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 22
- Next Page »