With gloomy January out of the way, we take a look at the latest personal debt statistics from the Bank of England, get the low-down on why so many banks are closing high street branches, and find out about the rising number of us applying for insolvency.
Not only that, we’ll explore research suggesting you could be saving on your ‘big shop’ and we look at how the Government is changing the benefits available to the bereaved…
Continue reading »
Debt news for October
It’s a new month and new round of news, but some old stories keep popping up.
The Advertising Standards Authority has ordered two payment protection insurance (PPI) claim firms to change their advertising after they made incorrect assertions about how difficult it is to reclaim mis-sold PPI.
As MoneyAware readers you’ll know that it’s easy to reclaim PPI for free without the use of one of these third parties. Continue reading »
Check your credit agreement
Have you brought a sofa from DFS, a TV from Curry’s, maybe a bed from Bright House or a car from your local dealers?
Are you worried that you can’t make payments and they are going to take your goods away? Or do you think that you don’t have to make payments and that your goods are safe?
So what’s the difference between hire purchase and a credit agreement? Continue reading »
UPDATE: 1 July 2014 – new rules from the Financial Conduct Authority (FCA) means that payday loan companies:
- cannot rollover an outstanding payday loan balance more than twice
- must send the debtor an information sheet with contact details for various debt advice organisations. A copy of this information sheet can be seen here
- cannot make more than two attempts to deduct money from a debtor’s bank account by means of Continuous Payment Authority (CPA) unless a rollover has been agreed.
- Must now include a prominent risk warning on all financial promotions.
Avoid the temptation of payday loans
We’ve seen a huge rise in the number people approaching us for debt help after taking out several payday loans and not being able to pay them back.
This year, five times as many people have contacted us for help with multiple payday loans than we saw three years ago. Continue reading »
How to deal with creditor phone calls (click for full size)
If you’re on an informal debt solution such as a debt management plan (DMP) or you’re making token payments, your creditors can continue to contact you.
It’s likely that they’ll try to get more money from you, hoping that you’ll buckle under the pressure despite what you can afford to pay. Remember that your priority bills and living expenses come before your creditors, so create a budget to work out how much you can pay.
It’s important that you stick to the arrangement that you’ve already made, especially if you can’t afford to pay any more. Continue reading »
It’s better to seek help sooner rather than later
Cheryl is one of our clients that we helped through the forums on moneysavingexpert.com and Debt Remedy. She tells us her story of how she found herself in debt and her journey to starting her DMP with us.
If only my debt came from reckless spending sprees or exotic holidays in the Caribbean – at least I’d have something to show for it! No, it was a series of events out of my control…a car accident, followed by a miracle baby, severe damage to my spine and a loss of income by 70%. I just couldn’t cope, ten years of debt felt like a mill stone around my neck. Continue reading »
posted by Pavan in Debt, DMP
Avoid the temptation of payday loans
We all know how difficult it can be to manage a budget. Putting it together can be a struggle but making sure that you stick to it month after month is more of a challenge.
We’ve given tips on how to create and stick to a budget but we know it’s easier said than done.
Recently we asked people on Facebook how well they budget and the responses varied from having spreadsheets and knowing exactly where every penny has gone, to not having a clue (I’ve got to confess I was one of the latter!). Continue reading »