A reader asked: "I've seen advice to improve my credit rating after a Debt Management Plan by getting a "bad credit card" and repaying it in full every month. Would it be a good idea to get two of these cards? I don't want to borrow any money, just to get a better credit score." This is a good question! Let's start off by looking at why getting a bad credit card such as Vanquis is often … [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 2011 a CCJ was registered against me by Lowell P1 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 Lowell 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 asked: "We went to see a mortgage adviser to check if we qualify for a mortgage. We are first time buyers, me and my husband have 4 credit cards each and loans. Because we have a lot of debt, he advised us to go to our respective banks for debt consolidation by taking up a loan each to make one payment on all our debts. He said that was the best option for now. Also in that way we … [Read more...]
A reader asked: I moved in with my parents into their council house several years ago and we are looking into the right to buy scheme. We received the paperwork and it stated that you are not entitled to the right to buy if you owe money to creditors. Five years ago I lost my job and had a relationship breakup and unfortunately got into debt. Two accounts were defaulted and I went into a payment … [Read more...]
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...]