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...]
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.
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]