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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

Amigo now lets some people pause paying – the right of Equitable Set Off

UPDATES In November 2023, Amigo started deleting some loans from people's credit records. it says "In this situation, it is probable that the claim has been either fully or partially upheld" That may make you feel more comfortable choosing equitable set-off. The deadline for making a claim to the Amigo Scheme was in November 2022 - it is now too late to make a claim. If you have not made a … [Read more...]

December 13, 2021 Author: Sara Williams Tagged With: Amigo, Schemes of Arrangement

How to get a payday loan refund

Payday Loan Refunds

Did your payday loans cost so much when you repaid one you had to keep on borrowing? You can get a refund of the interest you paid on unaffordable loans. It's easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or you still owe money. The comments below this article have thousands of stories of the refunds people … [Read more...]

December 12, 2021 Author: Sara Williams Tagged With: Payday loans, Refunds

Can I get a mortgage with recent defaults?

A reader, Mr D, asked: My partner and I have a combined income of £56,000, We have a deposit of £28,000 (inheritance) and are looking to become first time buyers at a price of £230,000. We have defaulted debts that are being paid off, and previous history of payday loans from over 2 years ago from a time when our financial situation was much more difficult. The defaults are about 18 months … [Read more...]

November 22, 2021 Author: Sara Williams Tagged With: A reader asks, Credit ratings, Defaults, Mortgages

Bank accounts for all sorts of bad credit problems, even bankruptcy

In 2016 the major UK banks all introduced new "basic bank accounts". One of the main aims was to widen bank account access to groups of people who have found it difficult or impossible to open an account: people who have gone bankrupt previously found it very hard to get a bank account; people in an IVA, DRO or debt management need to change bank accounts and have the overdraft on their … [Read more...]

November 20, 2021 Author: Sara Williams

Gambling – get refunds from loans, credit cards & overdrafts

Gambling and affordability complaints

Many people with a gambling problem have been given unaffordable credit. This fueled their gambling and they got deeper into debt. Credit is affordable if you can repay it and still pay your other debts, bills and expenses. If it is unaffordable, then you can ask for a refund of interest and charges and take a complaint the lender declines to the Financial Ombudsman (FOS). But gambling … [Read more...]

October 30, 2021 Author: Sara Williams Tagged With: gambling, Refunds

What happens to your possessions in bankruptcy?

The bankruptcy application says "It is very unlikely that items you need for your daily life (eg washing machine, sofa, refrigerator) will be sold". Here are a selection of questions here that people have asked about what may happen to the things they own if in bankrupty.  I may not have mentioned your exact situation, but the answers here try explain how the Official Receiver makes … [Read more...]

October 27, 2021 Author: Sara Williams Tagged With: Bankruptcy

Is your name in a fraud database?

Sign saying fraud

There are three large UK databases aimed at alerting lenders to possible fraudulent applications for borrowing: National Hunter,  Cifas and Sira. If your name is on one of these connected with fraud you may find it difficult or impossible to take out credit and your bank account may be closed. But sometimes the information on the databases may be wrong and you need to get it corrected. In … [Read more...]

October 22, 2021 Author: Sara Williams Tagged With: Credit ratings

When to send a Prove It letter about a debt

If you get a letter saying you owe money on a debt you don’t recognise, or which you thought you had paid off, you need to challenge the creditor to prove that you do owe the money. Sometimes debt collectors have simply got the wrong person. This is sometimes called a mis-trace. This is what the Financial Ombudsman says about mis-traces: We would ask a debt collector to provide evidence to … [Read more...]

October 19, 2021 Author: Sara Williams Tagged With: debt collector, old debts

Bankruptcy – should you get a new job? Or work overtime?

A couple of readers have asked recently about whether it's sensible to turn down a job or overtime when you are bankrupt. Two things matter in this sort of situation. First, have you been discharged from bankruptcy? Almost everyone is discharged from bankruptcy after a year. And secondly, do you have an Income Payments Agreement (IPA) set? In an IPA, you have to make monthly payments for … [Read more...]

September 15, 2021 Author: Sara Williams Tagged With: Bankruptcy

Overtime, bonuses & pay rises – what happens in an IVA

A reader asked about a friend who is looking at an Individual Voluntary Arrangement (IVA): Mr X is 23 and owes just over 10k on various credit cards and loans. He earns £20k and hopes to get a £10k bonus this year. The IVA firm says the bonus doesn’t matter as it's not guaranteed. But won't the IVA take half of it? Would it be better if he got a job with a larger basic salary and no bonus, or … [Read more...]

August 3, 2021 Author: Sara Williams Tagged With: A reader asks, IVA

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