A reader asked: My partner and I have a combined income of £54,000, We have a deposit of £20,000 (inheritance) and are looking to become first time buyers in a new build property at a price of £210,000. 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 … [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.
“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...]
“What will happen at my IVA annual review?”
A reader asked: I’m worried about my first IVA annual review. How much detail will they go into? I've found the year tough with a few car problems. I switched gas and electric to try to save money but it hasn't helped much. This is one of the many IVA issues where I have to start by saying that there is no definitive answer for everyone. It depends on the terms of your IVA, your IVA firm, your … [Read more...]
Settling old debts – ask for the CCA agreement
A reader asked: I have a Debt Management Plan where I still owe 17k to 10 creditors. I have been paying for ten years at £150 a month, so it will end in about 8 years. Most of the debts have gone from my credit record but a few are marked as “on a DMP”. I want to pay off the debts and improve my credit rating. I have been offered about 7k by a relative, so I could offer all my DMP creditors … [Read more...]
Can a debt collector or a lender call you at work?
A reader asked: I work in a Finance Department and I am worried I will be called by a debt collector about a credit card. Can I say I don't want them to call me at work? This is a common worry. Whatever your job, you don't want your manager or your colleagues to know you have money problems. It could be a lender or a debt collector, it could be an overdue bill or a debt. Creditors should … [Read more...]
What to do if a someone has got loans in your name – it’s identity theft
A reader, Mrs J, asked: Since February my husband has started to receive letters from WageDay Advance, Satsuma and QuickQuid saying that he has loans with them that need repaying. He doesn’t have any loans. We have sent Prove It letters to all three. We have now had letters saying that WageDay Advance and QuickQuid have passed the account to debt collectors. In addition, he has now had a letter … [Read more...]
“When will my credit score improve after settling my IVA?”
A reader who has settled his Individual Voluntary Arrangement (IVA) early asked: My IVA is still showing on my credit history. The start date was January 2014. I have been removed from the Insolvency Register. I have now [mid 2018] been told that I have to wait for another 18 months before the IVA will be removed. Is that right? I am sure you have heard it all before but none of this was in … [Read more...]
Mortgage repossession and your credit record
A reader, Mr D, asked: I had a mortgage shortfall from 2006 after my house was repossessed by Natwest. As a mortgage shortfall stays on file for 12 years, I decided to make a Full and Final settlement offer in January this year which they accepted and which has now been paid. Now with both Equifax and Experian, the account has disappeared, it doesn't appear in my open or closed accounts. … [Read more...]
Overtime & new baby costs – how do these affect an IVA?
A reader, Mr G, asked: I’ve had a lot of overtime recently covering for someone at work who was very ill. This has come in handy as it coincided with my wife’s maternity leave and the extra expense of a child. Will my IVA expect me to pay them the overtime money after my annual review in a couple of months? Overtime and IVAs As with many questions about Individual Voluntary … [Read more...]