Have you had big overdraft problems for a long period? You can make an affordability complaint and ask for a refund of overdraft charges if: your overdraft limit was increased to a level you are unable to clear; or your overdraft usage showed you were in long-term financial distress. For example, being in the overdraft all the time, or using an unauthorised overdraft a lot. This … [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
Klarna starts charging late fees and claims this will benefit customers
Klarna is going to charge fees to customers in the UK that miss payments. From the mid March 2023, these will be: £5 a late fee; no more than two late fees will be charged on an order; late fees cannot total more than 25% of the value of an order. This is a major shift for Klarna, who has so far charged late fees in other countries but not in the UK. Clearpay and Laybuy charge £6 … [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 in 2024, 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...]
Will a parking ticket show on my credit record?
A reader asked: I've got a parking ticket in a car park which isn't right because you couldn't see the signs the way I went in. I've been sent a letter saying if I don't pay they will go to court and this will then show on my credit record. My partner says she got a speeding fine and that wasn't on her credit record. Are they lying to me? This article looks at what will happen if you don't pay a … [Read more...]
Is Santander routinely rejecting overdraft complaints?
A reader used my overdraft affordability complaint template letter to ask Santander for a refund: Santander are refunding 5, nearly 6, years worth of fees and interest and 8%. It's over £3.5k... amazing! This pays off my overdraft completely with spare and the overdraft will be removed. That was a "full refund" - the maximum she could have got from the Financial Ombudsman (FOS). She was very … [Read more...]
Can’t pay your bills & debts? What help can you get?
What help can you get if you can't pay your important bills and debts? in March 2023, it has been a hard winter for millions. And many bills are increasing in April. If you don't think you can manage to pay everything, this article looks at your options for priority and nonpriority debts. And how to get help, with debts and with benefits. Get a budget & know what is top … [Read more...]
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