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Getting out of debt

Practical articles about the different debt options, which might work for you and different ways of dealing with creditors

Can I get a debt consolidation loan with a bad credit score?

A reader asked: Are there debt consolidation options for really bad credit? I have over £20,000 in debt and I'm not sure how to start getting out of it with a suitable loan or a credit card. A credit card won't work There are some  "bad credit rating"0% balance transfer offers at the moment, but they are only for 6 months. And it's likely you will only get a very small credit limit. After … [Read more...]

May 24, 2025 Author: Sara Williams

DROs – what if my pay increases or I get a lump sum of money?

A Debt Relief Order (DRO) is a simple and cheap alternative to bankruptcy if you are renting and have little money to spare each month to repay debts. A DRO lasts for 12 months and during this time you must inform the Official Receiver (OR): if you receive any money or other assets, or if your income increases. If this happens, the OR may 'revoke' your DRO.  That is the legal term … [Read more...]

May 21, 2025 Author: Sara Williams Tagged With: DRO

DRO applications – frequently asked questions

A Debt Relief Order (DRO)  is often the best debt solution if you have under £50,000 of debt, you are renting and you have hardly any spare money to repay your debts. You don't have to make any payments in a DRO and, after a year, your debts are wiped out. See What is a DRO? for an overview. This looks at the eligibility criteria and how to apply for a DRO. Here are some common questions … [Read more...]

May 21, 2025 Author: Sara Williams Tagged With: DRO

Paying a defaulted account & your credit score

A reader asked if starting to pay a defaulted account will help his credit rating. The simple answer is No! Paying defaulted debts may improve your general credit situation, making it easier for you to get a loan, a mortgage or a credit card in future. That credit score number isn't the only thing that matters! But if you have expensive debts that you are still repaying as normal, such as credit … [Read more...]

May 19, 2025 Author: Sara Williams Tagged With: Credit ratings, Defaults

How to choose an IVA firm

Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]

May 2, 2025 Author: Sara Williams Tagged With: Insolvency news & policy, IVA

How to get a payday loan refund

Payday Loan Refunds

Have you had problems with payday loans? You can get a refund of the interest you paid on "unaffordable" loans. It’s easy to ask for a payday loan refund using the free template here. This works if your payday loans were repaid or you still owe money. What are “unaffordable” loans? The regulator says: “the borrower should be able to make the required repayments without undue difficulty, … [Read more...]

May 1, 2025 Author: Sara Williams Tagged With: Payday loans, Refunds

“My DMP payment is too high”

A reader asked if it is OK to reduce your debt management payments when you need to? This is a common problem in Debt Management Plans (DMPs). Sometimes your income falls. Often your essential expenses go up faster than your pay does. In debt management, you pay a set amount to the DMP company and they divide it between your creditors. So what happens if you can no longer afford that monthly … [Read more...]

March 8, 2025 Author: Sara Williams Tagged With: DMP

Should I stop debt payments before my DMP starts?

A reader asked: My StepChange DMP will start in 2 months time, in October. Do I have to make the payments to my creditors in September? Because it's going to be a real struggle. Could I offer them less? I asked what her StepChange monthly payment will be, It's going to be about £250. She said: I need to admit that this feels life-changing. Why did I not do this last year? I can’t believe I … [Read more...]

February 23, 2025 Author: Sara Williams Tagged With: DMP

What should the default date be & when will it disappear?

definition of default

A default hurts your credit score, but how long for? That depends on the default date recorded on your credit file. If a the default date is too late, it harms your credit score for longer than necessary. The Key Rule to remember is "A default drops off after 6 years". This always happens, regardless of whether: you have repaid it in full you made a partial settlement you are still … [Read more...]

February 12, 2025 Author: Sara Williams Tagged With: Credit ratings, Defaults, old debts

Credit cards – the minimum payment trap

Do you only make the minimum payments on your credit cards? If money is tight, you may feel you can't afford more... But do you know that there is a simple alternative that will speed up debt repayments a lot, not harm your credit record and not cost you any more? Repaying a credit card with minimum payments How long does it actually take? Suppose you buy something that costs £2,500 on a … [Read more...]

February 6, 2025 Author: Sara Williams Tagged With: credit cards

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