If you have too much debt, you may not want to do anything that will harm your credit score. But do you have any better alternatives? That depends on three factors: what is your credit record like at the moment? If it isn't good, then it isn't worth trying to protect! Check your credit score now, so you have accurate information. can you make the monthly payments to your debts? The … [Read more...]
Other Money
I write about a lot of Personal Finance that isn't directly about problem debts. Those articles are gathered here.
Spending - reducing or controlling it is usually essential if you want to reduce your debts. So Budgeting is another big topic.
Your grandparents used a pen and paper, but now we have Apps to make all this easier.
Mortgages - sometimes thought of as the only good sort of debt!
Credit ratings - important if you have too much debt or very little!
LOQBOX – how saving can improve your credit score
LOQBOX is a clever product that can help improve your credit score as you save regular amounts of money. And there are no fees at all. Which sounds good, doesn't it! I'm tired of suggesting that people with poor credit scores should get a "bad credit card", use it each month and repay it in full each month. That works work well if you can stick to the plan... but one 24 year old I was talking … [Read more...]
Open Banking has started – should you care?
Open Banking – never heard of it? Or seen the headlines but your eyes glazed over? It started on 13th January 2018. Over the following months and years, it’s going to change banking and payments in Britain forever. It is going to take a while - months or even years - before we know the full implications but find out what it might affect so you know what to look for. It may be brilliant, it … [Read more...]
How to add a Notice of Correction to a credit record – and is it worth it?
Finding something negative on your credit record is bad enough - but it feels a lot worse if you think it is wrong or unreasonable. You have the legal right under the Consumer Credit Act to add a "Notice of Correction" to your credit report if you feel something is misleading or you want to provide an explanation. What is a Notice of Correction? A Notice of Correction is something you … [Read more...]
Can I get another car after VT or is part exchange better?
A reader asked: I want to terminate my PCP car finance. The car's fine, good condition, but we now need a bigger car. According to my contract I can hand it back. But I am going to need to get another car, so I am worried this will harm my good credit record. Would part exchange be better? Your right to end a PCP contract early Personal Contract Purchase (PCP) is the most common way to buy … [Read more...]
What are your car finance options?
Cash is often the most cost-effective way to buy a car. But this isn’t always possible, especially if you have money problems. In 2018 more than 80% of new cars in Britain were bought on finance - but that doesn't mean it's going to be right for you! The four ways to finance your car a personal loan - a loan from your bank or building society to spread the cost over 1 to 7 years. Here … [Read more...]
Has British Gas added a new default for an old debt?
A couple of questions about British Gas defaults from Debt Camel readers in the last few weeks: I check my credit file monthly. I have just noticed an account that was never on there before from British Gas saying that I owe £179 from 2008. The only thing that is showing is a default issued Jan 2017. I have no recollection of this money. We didn't move from that address until 2010. What can I … [Read more...]
What is the difference between “settled” and “satisfied” on a credit report?
A reader asked: My Credit Karma report shows some settled debts but one is shown as satisfied. I am sure I paid them all off in full. Does it make a difference and should I ask for this to be changed? … [Read more...]
How to cut your water bills
Water bills are going up an average of 28% in April 2025. In some areas, it's even more. You can't change Water Companies but there are ways you may be able to cut your water charges. This article looks at ways to cut your future bills. But if you already have a bill that is too high for you to manage, read What to do if you can't afford to pay a water bill. See if you would pay less … [Read more...]