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...]
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.
“What if I forgot to put a debt on my bankruptcy application?”
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...]
“What happens to a DRO if I move in with a new partner?”
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...]
“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...]
“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...]
Identity theft – what you need to do
This article grew out of a reader's question. 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 … [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...]
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...]