A reader asked: I’m a single parent and have had about 10k of debts in a debt management plan for several years. I’m on low income and it looks like it will never end plus I have got some further debts. Now I’m considering a Debt Relief Order (DRO). But I met someone and I’m thinking about starting to live together. I don’t want to tell him about my debts and really want to sort this out … [Read more...]
Readers have asked a huge variety of questions in the comments below Debt Camel articles. From credit ratings and mortgages to payday loan refunds and IVAs...
Some of them needed such long replies that I have turned them into the articles that are gathered here.
“Can I transfer a loan to my partner? It’s car finance.”
A reader asked: I got a car loan last September because I had better credit than my partner. She has been paying it off since the start by transferring the money to my bank account. Now the question is, would it be possible to transfer the loan to my partner so it's completely in her name? And if so would it move off my credit report? You can't "transfer" a loan The simple answer is No. … [Read more...]
“Is it too soon for low settlement offers to be accepted?”
A reader, Mr P, asked: I have debts of around £30,000 on five credit cards and loans, which I couldn't pay from last summer. A Debt Management Plan (DMP) was set up a couple of months ago. This will take about ten years to pay off. The DMP firm suggested an IVA or bankruptcy as I'm not a homeowner but I do not really want to get into an IVA or bankruptcy as these will affect my credit score … [Read more...]
“I really want to get a mortgage but my credit score is very poor”
A reader asked: I really want to stop renting and own my own house. But I'm in my mid thirties and my credit score is very poor. I've been careless and sometimes stupid, there were two defaults in 2018 and several more before that. None of them yet repaid. I've not used my credit card since January but the balance is huge. Can this be done? Is it worth trying to fix this? You have to decide … [Read more...]
What happens after discharge from bankruptcy?
A reader asked: I went bankrupt in March 2017 and discharged in 2018. I am not paying an IPA. My question is about savings. Can I save now without any risk of my savings being taken from me? Also my grandmother wants to put a large sum of money in my name but I’m not sure if it would be safe so the last thing I want is for her to lose money, so I’ve been reluctant to do it. This article looks … [Read more...]
“My ex has ruined my credit rating & I can’t get a mortgage”
A reader asked: When I separated from my husband a few years ago, the bank wouldn't split our joint loan so I could pay off my share. I set up a standing order to pay him my half each month and he said he would pay the bank. I always paid him but he missed three loan payments. I now have a default recorded against me. When I found out afterwards he said it was the bank's fault and his account … [Read more...]
“Debt collector can’t prove it’s my debt but wants payment”
A reader, Ms J, asked: I sent a Prove It! letter to a debt collector as I have no recollection of debt they say I owe. They replied saying that they cannot “provide specific details to your dispute” and we have marked your account as unenforceable meaning we will not pursue legal action and have informed our client to remove any reporting on your credit file. However the above account remains … [Read more...]
“Why hasn’t my credit score improved?”
A reader asked: My credit score isn’t following the rules you described on How much will my credit score change if...? I cleared a default two months ago and my score hardly changed. And four days ago another default should have gone but I can see it's still there on ClearScore. What do I have to do? Should I complain to ClearScore or the creditors? Trying to sort out a poor credit score can … [Read more...]
“Should I get an IVA if I am going to move soon?”
A reader asked whether an IVA was suitable for her. As part of that she said: I am hoping to move in with a new partner later this year. I would have to pay more rent and bills but I would have lower petrol costs as he lives very close to my work. It is usually a bad idea to set up an IVA when you expect your living costs to change a lot in the near future and it is not certain what they will … [Read more...]
Claim PPI or make payment arrangement first… or neither?
A reader, Mr G, asks: Due to my personal circumstances, I was unable to repay my credit card and a personal loan to HSBC. My last payment and last contact with HSBC was ten years ago in 2008. Recently I have received a letter from Robinson Way, stating they have taken over my debts and I need to arrange repayment for a total of £2,900. My HSBC loan had the PPI that was sold to me for around … [Read more...]
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