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...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
PPI – does new legal action mean you can still get a refund?
In 2017, the FCA imposed a deadline of August 2019 for PPI claims that could be taken to the Financial Ombudsman. That deadline has now passed and you now can't start a new PPI complaint with a lender and take it to the Ombudsman. But there are still some court cases being brought to get PPI refunds. These are being brought following a Supreme Court judgment in 2014 on the Plevin v … [Read more...]
IVA scammers pretending to be bailiffs or the FCA
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...]
DRO applications – frequently asked questions
A Debt Relief Order (DRO) is often the best debt solution if you have under £30,000 of debt (this is increasing to £50,000 in June 2024), 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? which looks at the eligibility criteria and how to apply for an … [Read more...]
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...]
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 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...]
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...]
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