A reader asked: I have a Debt Management Plan where I still owe 17k to 10 creditors. I have been paying for ten years at £150 a month, so it will end in about 8 years. Most of the debts have gone from my credit record but a few are marked as “on a DMP”. I want to pay off the debts and improve my credit rating. I have been offered about 7k by a relative, so I could offer all my DMP creditors … [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
Debts – why, how & when to ask for the CCA agreement
The Consumer Credit Act (CCA) gives you the right to be sent a copy of your credit agreement and a statement of your account for most loans, credit cards, catalogues, store cards and Hire Purchase agreements. CCA agreements are important! If a creditor can't find it then: you can't get a CCJ for the debt; and you may decide to stop paying the debt. But the right to ask for the CCA … [Read more...]
Complaining to the Financial Ombudsman – what happens
When you have a complaint about a loan, credit card, mortgage, pension or insurance and you can't get it settled with the company, send the complaint to the Financial Ombudsman Service (FOS). FOS describes what happens: Your complaint will be investigated by one of our case handlers, who will try to understand what happened and if the business did anything wrong. Your case handler will let you … [Read more...]
Can a debt collector or a lender call you at work?
A reader asked: I work in a Finance Department and I am worried I will be called by a debt collector about a credit card. Can I say I don't want them to call me at work? This is a common worry. Whatever your job, you don't want your manager or your colleagues to know you have money problems. It could be a lender or a debt collector, it could be an overdue bill or a debt. Creditors should … [Read more...]
What happens after an IVA fails? What can you do?
Your IVA seemed like the perfect solution when it began, but now it may be failing. Will you be back to square one and have difficult creditors to deal with? Or could you even be made bankrupt? First, there may be ways to rescue your IVA An IVA failing may not be a disaster, for some people there are better options! That's what the rest of this article looks at. But don't assume nothing … [Read more...]
2018 – Ombudsman decides it can look at payday loans over 6 years old
The Financial Ombudsman (FOS) has published in September 2018 two Decisions involving payday loans over six years old: Mr H has complained about fifty-four payday loans Lender C lent to him between March 2010 and September 2014. Mrs W’s complaint is about nine short-term loans from Lender D between November 2009 and July 2012. In both cases FOS has decided that its rules do allow it to … [Read more...]
Debt free – what do you do now?
All your unsecured debt gone? Good news! Some online forums call this “your happy dance” and you are certainly entitled to have a twirl around and pop into your local coffee shop for that coffee and cake you have been avoiding for so long. Still no spare money though? For some people, getting rid of your debt doesn't dramatically change your life or your options. If you have had a Debt … [Read more...]
Why affordability refunds are easier WITHOUT a claims company
Does using a claims company make it easier to get a payday loan refund? Is this worth paying their expensive fees for? The answer turns out to be using a claims company may be slower, give you poorer advice and may get a lower refund than making a complaint yourself. And they are certainly very expensive! "But I don't know if I have got a good complaint" Many of their websites say things … [Read more...]
Identity theft – what you need to do
This article grew out of a reader's question. Mrs J, asked: Since February my husband has started to receive letters from WageDay Advance, Satsuma and QuickQuid saying that he has loans with them that need repaying. He doesn’t have any loans. We have sent Prove It letters to all three. We have now had letters saying that WageDay Advance and QuickQuid have passed the account to debt … [Read more...]
“When will my credit score improve after settling my IVA?”
A reader who has settled his Individual Voluntary Arrangement (IVA) early asked: My IVA is still showing on my credit history. The start date was January 2018. It was settled early after 3 years in 2021. I have been removed from the Insolvency Register. I have now been told that I have to wait for another 18 months until 2024 before the IVA will be removed. Is that right? I am sure you have … [Read more...]
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