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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

How to repair your credit record after bankruptcy

credit record after bankruptcy - it needs tidying up

  Bankruptcy badly affects your credit record for six years. This article looks at what should show on your credit record after you are discharged from bankruptcy. For almost everyone, discharge happens after a year. But if lenders don't record bankruptcy and your discharge correctly, they will continue to damage your credit record for longer than they should. Even if you … [Read more...]

June 2, 2023 Author: Sara Williams Tagged With: Bankruptcy, Credit ratings

How equity release works in an IVA

Are you in the last year of an IVA and have a house with equity? You may have to try to remortgage your house or get a secured loan to pay some of the equity into your IVA. This is called "equity release" This article looks at the questions people have about how equity release works in an IVA. If you are thinking about an IVA, you need to know about this before signing up. In 2023, most … [Read more...]

May 30, 2023 Author: Sara Williams Tagged With: IVA

Affordability complaints for two credit cards from a lender

My article on credit card affordability explains when you should make a complaint and has a free template letter to use. Some people have two credit cards from the same lender. Or two catalogue accounts from the same lender. The most common lenders this affects are: Newday - brand names include Aqua, Marbles and Fluid; Capital One - some people have been given two Capital One cards. … [Read more...]

May 19, 2023 Author: Sara Williams Tagged With: credit cards

IVAs and secured loans – how to complain

IVAs - complain about a secured loan

The IVA protocol, which applies to most new IVAs, says that in the last year of your IVA, if you have a house with equity, you may have to release equity by either remortgaging or getting a secured loan. Some of the proposed secured loans mentioned by Debt Camel readers and on other debt advice forums have been at very high interest rates - 16%, 19% or even 22%. And have been for terms ranging … [Read more...]

May 6, 2023 Author: Sara Williams Tagged With: IVA

Has your debt with Hoist been sold to Lowell?

Hoist debts sold to Lowell

In September 2022, the debt collector Lowell bought Hoist's UK business, with over 2 million defaulted accounts. Most of these debts were loans, credit cards or overdrafts from lenders such as Barclays, Egg, HSBC, Newday and Santander. Lowell is moving over the Hoist accounts to its system. With so many accounts to be transferred, this is being done in batches. When yours is switched … [Read more...]

May 2, 2023 Author: Sara Williams Tagged With: debt collector, payment arrangement

I have a letter from a debt collector – what can they do?

Letter from a debt collector

If you get a letter saying that a debt has been sold to a debt collector you may be very worried. This article answers common questions about what has happened and how it will affect you: will the debt collection agency (DCA) be horrible to deal with? is it legal to do this? do you still have to pay the money? what about your credit record? what if you don't owe the money? I … [Read more...]

April 26, 2023 Author: Sara Williams Tagged With: CCJ, debt collector

What happens after discharge from bankruptcy?

Discharge from bankruptcy

This article looks in detail at what happens when you are discharged from bankruptcy: the practicalities, the implications for savings and gifts and the restrictions that end after discharge. Discharge is almost always after 12 months Almost everyone is discharged from bankruptcy automatically 12 months after the date they went bankrupt. During these 12 months when you are bankrupt, you have … [Read more...]

April 25, 2023 Author: Sara Williams Tagged With: Bankruptcy

The debt collector wants to review my monthly payment

Mr A asks: I have had an arrangement with a debt collector for a number of years, paying £10 a month. They have sent a letter asking for a review. Do I have to do this? Can they do anything if I just continue with my current payments? You don't have to give these numbers but... It is a good idea to give revised details Everyone was happy when the arrangement was set up. Mr A was relieved … [Read more...]

April 19, 2023 Author: Sara Williams Tagged With: CCJ, DMP, payment arrangement

My son has been asked to pay a water bill that’s in my name

A reader asked: My son has just opened a letter from a debt collector in his name with my debt and information on it asking him to pay. It's for a water bill which I owe but the bill is in my name! Surely they can't do this?  I asked for some background on this - how old is her son, is he still living at home, if not when did he leave? And what date does the water bill relate to? He is 24 and … [Read more...]

April 6, 2023 Author: Sara Williams Tagged With: A reader asks, water

Worried about the cost of your mortgage? Find out the help your lender can offer

If you are struggling to pay your mortgage now, or you will be soon when your fix ends, what are your options? Nearly 1.5 million mortgage fixes are ending in 2023. Many people will then face a new interest rate that is more than twice what they had been paying. The FCA says: if you’re struggling to pay your mortgage, or are worried you might, you don’t need to manage alone. Your lender has … [Read more...]

April 4, 2023 Author: Sara Williams Tagged With: Mortgages

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