A reader has a very common situation: I have £12,000 of debt on a couple of credit cards and a catalogue. Is a loan the best way to sort this out as soon as possible? It's not possible to answer that without a lot more details... but let's explore the options and see what makes some ways better for some people. Why do you want to do this? There are three main reasons: 1) You are fed … [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.
A reader asked: In August 2015 a CCJ was registered against me for £211. I paid off the balance, but not within the month. I have bank statements to prove its been paid. On my credit report it shows the status as “active” even though I have paid it. I’ve contacted the debt collector multiple times but they say as it’s an old case it’s no longer on their system and they can’t help me. I don’t … [Read more...]
A reader, Mrs H, asked: I am thinking of applying for a Debt Relief Order (DRO) but I have made some payday loan refund claims. If I am win these will I still get the money if I have the DRO? This article looks at the general problem of getting this sort of refund. It also applies to PPI refunds - many PPI claims sent in just before the end August 2019 deadline are still waiting for a decision. … [Read more...]
A reader asked: I know a debt drops off my credit file 6 years after it was settled or defaulted. I just want to ask when I apply for a mortgage, can the lender dig up unpaid debts if they are no longer showing on my credit report? This is a common question. The answer is Yes, sometimes because a lender can see other information that may show the debts. Let's look at what the lender can see, … [Read more...]
A reader asked: Are there debt consolidation options for really bad credit? I have a lot of debt and I'm not sure how to start getting out of it with a suitable loan or a credit card. A credit card won't work There are a couple of "bad credit rating" offers at the moment (October 2019), but they are only for 6 months and you will only get a very small credit limit. And after the six months, … [Read more...]
A reader asked: "I have nearly £20,000 in credit card debts due to 8 years of gambling addiction. I asked several times to lower my interest, defaulted a couple of times and also they could see gambling on my account yet they still increased my credit limits. I was taking cash advances to pay for food. I have not gambled for 18 months now, but I am left with this horrible debt that I cannot … [Read more...]
A reader asked: I agreed to be the guarantor for a loan for a friend, but he lied to me and couldn't pay it. Amigo were very difficult, wanting me to stop paying other debts so I could pay them, and got a CCJ. Is it too late for me to complain and ask to be removed as the guarantor? Guarantor lenders have a reputation for being very fast to go to court when a guarantor doesn't pay them. People … [Read more...]
Ms G asked: I have about £18,000 of debts which I can't afford to pay after my partner left. I am part-time at work, with very little money and renting, but I have been told I will be made redundant in November. I should get about £2,500 redundancy pay and I will need that while I look for a proper job - I won't get Universal Credit straight away. So is it best to wait and apply for a Debt Relief … [Read more...]
A reader, Mr W, asked: I had credit cards and got myself in a mess when getting balance transfers but keeping the old cards. Then I lost my job last year, but I am now working again. I have defaults ranging from 2015 to last month. All my debts add up to about £6,500. Many of them have offered me a discount if I clear the outstanding balance. I have been offered a 20% discount on a £3,500 … [Read more...]
A reader asked: I am thinking of filing for bankruptcy. Some of my debts go back quite few years. I tried a DMP and an IVA that failed. I’m behind on my household Bills too. I’m single mum and find hard to cope with all this stress. I finally plucked the courage to do the form. I have at least 13 creditors, some of these details I took off my IVA creditors list but some have passed the debts … [Read more...]