Ms D asked about her options now the three credit card payment break has ended: I’ve come to the end of my 3 month payment freeze and as the card lender has kept adding on interest I have gone over my credit limit, so the first payment due was nearly £400. I contacted them as I couldn’t afford that amount -my partner is self-employed and not receiving any income due to coronavirus. They agreed … [Read more...]
A reader asks ...
Readers have asked a huge variety of questions in the comments below Debt Camel articles or on Instagram. 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.
“Will paying off debt improve my credit rating?”
A reader asked if his credit score would improve if he paid off some debt. First a useful warning from Experian: There’s no one credit score or magic number – different lenders score differently. But a good place to start is by looking at what exactly is on your credit records. There are three credit reference agencies in Britain and you have to check all three as they may have different … [Read more...]
“My DMP payment is too high”
A reader asked if it is OK to reduce your debt management payments when you need to? In 2022, with prices rising fast, this is going to be a common problem in Debt Management Plans (DMPs). Sometimes your income falls. Sometimes your expenses go up faster than your pay does. These money troubles hit people with large debts particularly hard. Debt management firms and IVA companies are … [Read more...]
“Must I pay a debt that’s not on my credit report?”
A reader asked if she has to pay a debt that she can't see on her credit record. Many people think that checking their credit record is a good way to get a complete list of their debts. And they look forward to a defaulted debt disappearing after 6 years because then they don't owe the money anymore. These are myths - and although they sometimes are right, they often … [Read more...]
How to get a paid CCJ marked as Satisfied
A reader asked: In August 2017 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...]
“If I get a payday loan refund, what will happen to a DRO?”
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 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 and to other refunds such as from overdrafts or catalogues. If you get a refund and you still owe … [Read more...]
“Can mortgage lenders see old debts, no longer on my credit record?”
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...]
“Can I get a debt consolidation loan with a bad credit score?”
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...]
“£20,000 credit card debt due to gambling – what should I do?”
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...]
“I have a CCJ for a guarantor loan – is it too late to complain?”
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...]
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