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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

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...]

December 29, 2023 Author: Sara Williams Tagged With: consumer duty, High cost credit news/policy, Payday loans

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...]

November 21, 2023 Author: Sara Williams Tagged With: High cost credit news/policy, morses

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...]

November 14, 2023 Author: Sara Williams Tagged With: DMP

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...]

November 10, 2023 Author: Sara Williams Tagged With: IVA

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...]

November 1, 2023 Author: Sara Williams Tagged With: debt collector, old debts

27% of adults use Klarna or other BNPL – regulation is needed

The FCA has published new research on Buy Now Pay Later (BNPL) usage which shows that BNPL was used by 27% of UK adults in the last 6 months of 2022. That is a large increase - only 17% of UK adults had used BNPL in the 12 months ending May 22. But if this is interest-free credit, does this matter? Other statistics from this research suggest that it does. What is BNPL? In this article, … [Read more...]

October 31, 2023 Author: Sara Williams Tagged With: BNPL, General news & policy

IVA scammers pretending to be bailiffs or the FCA

scam email

If you get an email entitled LEGAL NOTICE OF ATTACHMENT OF EARNINGS that sounds very alarming... But this may be the start of a scam and the sender wants you to panic so you will make a bad decision. An example of a scam email Here is one such email: This is xxxxxx from CBL ( Collection Bailiffs Limited ). Hope you are doing well. I just would like to tell you that we have got a legal … [Read more...]

October 20, 2023 Author: Sara Williams Tagged With: Bailiffs, IVA

Can I get a new mortgage fix with poor credit?

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...]

October 1, 2023 Author: Sara Williams Tagged With: Credit ratings, DMP, Mortgages

How does a DMP or a payment arrangement affect your credit rating?

A debt management plan (DMP) is a good debt solution for many people who can manage to repay their debts if interest stops being added. If you are trying to decide whether you need one, you may want to know how bad the effect will be on your credit file, and how long it will be before your credit rating recovers. There isn't a simple answer: DMPs are used in a lot of different … [Read more...]

September 2, 2023 Author: Sara Williams Tagged With: Credit ratings, DMP

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...]

August 26, 2023 Author: Sara Williams Tagged With: Credit ratings

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