A couple of readers have asked about mortgage fixes when they have a poor credit record or simply a lot of other debt: Ms A: We are in a DMP and we were told it would make it very hard to remortgage. So we are now on Santander’s SVR and it’s over 7%. Can we really just ask them for a new fix and they won’t say no? Mr B: I'm worried about talking to Nationwide when our current mortgage fix ends. … [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
Worried about starting a DMP? Answers to common questions.
A reader said she was scared about starting a Debt Management Plan (DMP). Her worries were that her husband's credit rating would be affected and that she would get lots of phone calls from creditors. Another reader has asked if he can get a new mortgage fix if he is in a DMP I thought it would be useful to look at the most common concerns people have about DMPs. Setting up a … [Read more...]
Should I get a smart meter?
Smart meters let you see the cost of the energy you are using immediately. 14 million households already have smart meters. But how useful are they in practice? And are there any problems? And is your supplier saying you have to get a smart meter as your meter is dangerous? There is one big issue you may not have heard of... This article looks at the pros and cons when you are thinking … [Read more...]
How can I improve my credit score faster?
A reader asked: My credit rating is very low. I missed payments on three debts five years ago after I was made redundant the previous year. They have default dates in a year or two later. Since lockdown I have been paying them off slowly. One was paid in full last year and another just repaid this month, but my score hasn't changed. One more is being paid £50 each month but that won't be … [Read more...]
“My energy direct debit can’t be right”
Has your energy supplier told you to pay a Direct Debit (DD) amount that sounds wrong? Not just more than you can afford, but one that doesn't sound right at all?: some numbers seem simply incredible, plucked out of nowhere; some seem to ignore the large credit on your account. You can't complain if the DD is so high just because prices are high - but you can complain if your … [Read more...]
“Will settling defaults help me get car finance next year?”
A reader, Mr W, asked: I had credit cards and got myself in a mess when getting balance transfers but keeping the old cards. Then I lost my job two years ago, but I am now working again. I have defaults ranging from 2021 to last month ago. All my debts add up to about £6,500. One has offered me a discount if I clear the outstanding balance. Is a 20% discount on a £3,500 debt a good deal? I … [Read more...]
Options if you have an interest-only mortgage
When an interest-only mortgage ends, you have to repay all the amount you borrowed. You can't just carry on paying the interest. The money to repay it can come from three sources: savings or investments; by getting a new mortgage; or by selling your house. How many interest-only mortgages are there? FCA research found that at the end of 2022: There are now fewer than 1 million … [Read more...]
Will a prepayment meter make it easier to budget?
Many people want to reduce their gas and electricity bills and are wondering if switching to a prepayment meter will help. So could a prepayment meter help you to use less energy and budget more easily for these high prices? Sometimes a supplier will suggest you should change, saying the budgeting will be easier. But in 2022 and early 2023, many energy suppliers forcibly installed prepayment … [Read more...]
Car finance – what happens in an IVA?
Cars on finance can be a big problem with an Individual Voluntary Arrangement (IVA). Sometimes they can cause difficulty getting the IVA approved. Sometimes you face a major problem when the car finance end. With more than a million cars a year in the UK being bought on finance, this is an increasingly common situation. And one that is being made worse in 2023 by the cost of getting a … [Read more...]
Can you get a mortgage with debts?
People often think that a mortgage lender will look at how good your credit score is. That isn't right - sometimes you can get a mortgage with a not good credit score or you may be rejected with a great credit score. Three key factors in getting a mortgage are: your deposit the affordability calculation - this is affected by current debts that you are repaying; your credit history - … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 28
- Next Page »