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...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
I have a letter from a debt collector – what can they do?
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...]
What happens after 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...]
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...]
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...]
Increasing the interest on a credit card – your rights
There are two situations a credit card can increase your interest rate: if the Bank of England base rate goes up and your credit card tracks that rate; or when your credit card decides to increase your interest rate. It is important you know which is happening when your interest rate rises, as in the second case you have the right to reject this change. This also applies to store … [Read more...]
“Persistent debt – Halifax want me to make higher credit card payments”
Mrs X was happy when Halifax told her in November 2022 that they were cutting the interest rate on her credit card - down from 32% to 15%. But just two months later Halifax sent another letter saying she must make higher "Recommended Payments" or she can't use the card any more. She says: Halifax want me to pay at least £102 a month, about £20 a month more than the minimum. They say this … [Read more...]
4 steps to take if you lose your job
A reader asks: Help! I have just been made redundant and I don't know how I am going manage, especially as we have debts. I'm only getting a few weeks redundancy pay. What should I do? A lot of firms are closing or going under in 2023. Your employment rights If your firm has just closed suddenly, you may be worried about: getting paid for the weeks you have already worked; paid for … [Read more...]
Will an affordability claim hurt my credit record, and other questions
People often ask what happens to their credit score if they make a complaint. And what happens if they still owe a balance on the account. Here are some typical questions: " Lloyds increased my overdraft limit several times a few years ago when I had a gambling problem. But I have recovered and am hoping to get a mortgage soon. I don't want to complain if it will it harm my credit score, which is … [Read more...]
Maxed out credit cards & only able to pay the minimum
"I have three credit cards, all maxed out. I am only paying the minimum amounts each month as I can't afford more. What are my options as this will take forever and cost a lot in interest?" A lot of people are in this situation with cost of living price rises leaving you with no spare money to make overpayments. Especially if a 0% balance transfer has ended and you can't get another … [Read more...]
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