A reader, Ms J asked about a CCJ that suddenly appeared on her credit report. "I check my credit record a couple of times a year and there is now a CCJ on there. It looks like it was added 2 months ago at an address I left ages ago, possibly 8 years. I don't even know if this is real or some sort of error. It's only a few hundred but I don't want to pay it if I don't have to and I don't know … [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
Credit cards – the minimum payment trap
Do you only make the minimum payments on your credit cards? If money is tight, you may feel you can't afford more... But do you know that there is a simple alternative that will speed up debt repayments a lot, not harm your credit record and not cost you any more? Repaying a credit card with minimum payments How long does it actually take? Suppose you buy a cot and a buggy costing £1,030 … [Read more...]
Debt advice in an age of inflation
At the beginning of 2021, UK inflation was under 1% but by the end of the year it was about 5%. In May 2022, it was up to nearly 9%. More than 20 million household say their energy bills go up by over 50% in April. Petrol price increases are hard for anyone commuting to work by car or living in a rural area. And of course rising food prices are affecting everyone. When it raised UK interest … [Read more...]
“My credit score is higher but affordability score is down”
A puzzled ClearScore user asked: My credit score has gone up but my affordability has gone down... not sure why sometimes I think these credit score companies just do what they want lol. Her credit score had increased by 57 to 573, but at the same time, her affordability score had fallen by 15 to 64. These weren't tiny changes... ClearScore affordability scores are out of 100, so a 15 point … [Read more...]
How can my creditors find me?
If you are very worried about your debts, you may be wondering how easy it would be to disappear and leave them all behind. perhaps you have already gone, leaving Britain because of Brexit. Will your old records be linked with new ones on your credit records? Can your creditors find you if move, go abroad, change your name? Some of these sorts of ideas aren't very sensible - and there may be … [Read more...]
How to complain about an IVA
Individual Voluntary Arrangements are complicated long-term legal agreements. A lot can change in your life during the 5,6 or 7 year term your IVA lasts. Sometimes your IVA firm isn't as helpful or sympathetic as you think it should be. You should always be treated politely and have things explained to you. If there is something really wrong with the way your IVA is being handled, then you … [Read more...]
More than a third of IVAs fail – and this may get worse
This post was written based on statistics published in 2022. Since then, statistics have been complicated by the special measures during COVID that temporarily prevented many IVAs from failing. Statistics published in early 2024 show: one in three (33%) IVAs that started between 2016 and 2018 failed of IVAs that started in 2022, 5.6% failed in the first year. This was about the same as … [Read more...]
Voluntary Termination (VT) – how to end your car finance early
When you are buying a car on HP or PCP finance, you have the right to hand the car back and end the agreement. This is known as Voluntary Termination (VT). Depending on how much you have paid, you may not need to pay any more after VTing the car. In 2024, many people are struggling to pay their car finance, with mortgage/rent, childcare and car insurance rising so fast. See Can you afford … [Read more...]
Can you afford your car finance payments?
Can you afford your monthly car payments? You may have lost your job or be worried that may happen. You or your partner may have had their hours cut. Or your business may be making less money. Or your other bills may have gone up a lot. Mortgage, rent, petrol, energy bills, council tax, food... What sort of car finance do you have? This article looks at your options if you have a Hire … [Read more...]
How many DMPs succeed and how many fail?
If you are thinking about a Debt Management Plan (DMP), you may want to know how many DMPs succeed, and how many run into problems. This turns out to be a surprisingly difficult question to answer! A DMP that doesn't repay all debts may not have failed! There are many situations where a DMP that doesn't "complete" has done exactly what it was wanted for. It is hard to see these as … [Read more...]
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