What are your options if you don't want to be forced to get a prepayment meter because of energy bill arrears? A prepayment meter doesn't make it easier to budget as you face very high charges over the winter. So it can be sensible to try to avoid one. This article has 9 practical steps that may help you to avoid having a prepayment meter. Try to reduce the amount you have to pay 1) … [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
Improving your credit score after an IVA
An IVA wrecks your credit record for at least six years. It can be longer than six years if your IVA doesn't complete within the 6 years, perhaps because you have had payment breaks. After your IVA finishes, in theory you don't need to do anything and all the problems will disappear from your record after the six year point... But it is important to check your IVA firm has closed down your … [Read more...]
What to do if Full & Final settlement offer is rejected?
A reader asked what she should do as her reasonable Full & Final settlement offer had been rejected. It's going to seem obvious, but the creditor rejected the offer because it didn't seem reasonable to them. You may think "I paid off the amount I borrowed ages ago, their interest is too high" or "They probably bought this debt for pennies, so they should be happy to accept 20%" but … [Read more...]
Disability benefits – do you have to use them to pay your debts?
Disability benefits such as Personal Independence Payment (PIP), Disability Living Allowance (DLA), and Attendance Allowance (AA) are meant to cover the extra expenses you have because of the disability. So do you have to use this money to repay debts? To someone who isn't disabled, your benefits may look high - but you have a lot of costs other people don't have. In 2022 this is a real … [Read more...]
DROs – what if you have a car on HP?
You can't have a Debt Relief Order (DRO) if you own a car that is worth more than £4,000. But what happens if the car is on HP? A reader, Mrs T, asked: I am drowning in debts and only just under the total DRO debt limit. I have been advised that a DRO would be my best option. However I didn't tell the debt adviser that I have a car on HP which I still owe £7k as this would take me over the … [Read more...]
Section 13A – a little-known way to get Council Tax written off
Councils in England and Wales can reduce or write off your council tax under Section 13A (1)(c) of the Local Government Finance Act 1992. This has been called "the best-kept secret in council tax law". These Section 13A write-offs can be used if your house is uninhabitable because of flooding or fire. But you can also get a write-off if you have no money to pay your council tax after paying for … [Read more...]
Car finance affordability – what you get if you win a complaint
Refunds for unaffordable credit are usually simple - you get a refund of interest paid and, if you still have the account, only have to repay what you borrowed with no added interest. And your credit record is cleaned. That is the basis for car finance affordability complaints too. But here there is an extra factor - what happens to the car? When you make a car finance payment, some of it is … [Read more...]
Can you stop using a credit card? There’s only one way to find out!
If you are serious about paying off your debt, you have to stop using it. Until your debt stops increasing, you can't make a realistic plan to clear your current debt. Trying to repay a credit card or catalogue when you are still using it is like trying to run a bath when you haven't put the plug in... Many people say they could if they wanted to, but it's just convenient. Are you sure? … [Read more...]
Were you sold a car on unaffordable finance?
Was your car finance unaffordable? The FCA, who regulates car finance lenders. and the Financial Ombudsman (FOS) say: a loan is only affordable if you can make the repayments on time, without hardship and still meeting your other commitments. That means you need to be able to pay all your other debts, your normal household bills and expenses as well as the new car loan payments. You may … [Read more...]
“Can I switch from a Direct Debit to paying for energy by a monthly bill?”
A lot of people are asking about switching to paying a monthly energy bill instead of having a Direct Debit. Decided if they try to increase my direct debit to anything I can't afford I will tell them to cancel my Direct Debit and send me a paper bill. I will give weekly meter readings and pay for my usage AFTER I've used it, not a monthly amount ahead as a DD. Power companies hate when they … [Read more...]
- « Previous Page
- 1
- …
- 6
- 7
- 8
- 9
- 10
- …
- 29
- Next Page »