Category Archives: Living with debt

Wannabe Debt Free? Join the club!

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Dealing with debt can make you feel isolated. There may be a sense of shame that stops you from talking to people you trust, and keeping your worries to yourself can take a toll on your mental health.

If you’re struggling with debt-related worry, it’s worth paying a visit to the MoneySavingExpert.com forum. The forum has almost 1.7 million members. Most of them are looking to save money, improve their budget or tackle their debt problems.

close up of screen of tablet

 

On their Debt-Free Wannabe (DFW) board you’ll find hundreds of people just like you who are dealing with – and overcoming – their debt problems.

You won’t find judgment there, but you will find support and inspiration to help you through your own journey out of debt.

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Overdraft debt: what to do if you’re constantly overdrawn

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We’ve published new research which shows that 2.1 million people were stuck in their overdraft for all of 2016. Sound familiar? We should be able to help.

Our research about overdrafts revealed that many people are stuck in their overdrafts, locked in a cycle of borrowing that’s hard to break free from. Overdrafts are meant to be dipped into occasionally to help with a short-term problem, but millions are relying on them to cover basic living costs.

But what can you do to try and get ‘back in the black’? We investigate four steps you can take to help.

cash machine

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Our top 20 articles of 2017

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We’ve had a grand old year on the MoneyAware blog, with 61 articles published and almost 1.5 million visits to the site.

We’re pleased as punch that our posts have reached so many people, and even happier that our older articles are still sought out and help people today.

Without further ado, here’s a round-up of the most popular articles on this here blog for 2017.

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Rent-to-own – what are the alternatives?

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Rent-to-own

Rent to own now, keep paying much, much later?

The End Child Poverty (ECP) coalition has launched a campaign, which we’re supporting, to protect people who are paying way above standard prices for basic household goods through rent-to-own companies, such as BrightHouse or Perfect Homes.

The ECP coalition found,with the help of insights from our clients, that people are paying as much as three times more when using weekly payment schemes compared to the standard price paid for goods up front.

To help you avoid paying over the odds to furnish your home, we’ve put together some alternatives – along with some shocking facts about right-to-own.

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New CCJ rules – know your rights

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From 1 October 2017, new rules around debt collections and what creditors need to do before applying for court action came into effect.

There’s now an extra step creditors must take before starting any County Court judgment (CCJ) proceedings.

But what does it mean for you? Creditors now have to send you an additional letter before going to court. Don’t worry – we read through a pretty hefty protocol document so you don’t have to, and wrote down all the important bits. You can thank us later!

bank loan and credit card statements

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What happens if I win the lottery while I’m in debt?

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Many of us daydream about winning the lottery one day, and all the things we’d spend the winnings on. But what happens if you win the lottery while you’re on a DMP, IVA or have gone bankrupt? 

The chances of winning the lottery are approximately 1 in 14 million. However, many of our clients still opt to try their luck in case their numbers come up.

However, what would happen if you were on an informal or formal debt plan and you won some unexpected cash? Well, it’s a hard one to answer concisely, as different debt solutions are affected in many different ways…

hands in the air

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10 myths about IVAs

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iva myths

Did you hear the one about ‘writing off up to 80% your debts’? We have too. Unfortunately some of the myths about Individual Voluntary Arrangements (IVAs) can have very little to do with the reality.

These myths can confuse people considering an IVA as a solution to their debt problems, and those living on one. We’re here to help.

Let’s look at the most common misconceptions about IVAs and the facts behind the myths:

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