Category Archives: Living with debt

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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Can I get a car when I’m in debt?

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Disclaimer: If you’re currently on a debt solution you may be breaking the terms of your agreement by taking out new credit. You should call your debt solution provider first to discuss any additional credit that you might be considering.

When you’re living with debt it’s important to keep your transport costs under control. But what if your car breaks down? What if you need one for work? Or you want a second car for your family? Can you buy a car? It’s something we get asked every day. 

Because everyone’s situation is different there’s no easy answer to this question. You can buy a car when you’re in debt but we recommend that you consider the following first…

Can I get a car when I'm in debt

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How to stay motivated while getting out of debt

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Whether you’re taking the very first steps to repay your debt or are have been dealing with them for a while, it can be hard to keep a positive attitude. We’ve found some really useful ideas to stay motivated when getting out of debt.

Staying motivated can be difficult when there’s a lot to take in, plan for and keep on top of. But don’t worry; you can use these handy tips right away.

writing in a planner

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Money worries: how cancer can affect your finances

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If you’re affected by cancer, it can be tough on your finances. In fact, research from Macmillan Cancer Support shows that 4 in 5 people affected by cancer are on average £570 a month worse off as a result.

This is Laura’s story…

Laura was diagnosed with Hodgkin’s Lymphoma in 2011. Due to not being able to work during intense treatment, she experienced financial difficulties. She also found getting travel insurance difficult.

She received support and information on benefits from Macmillan, as well as help from her friends and family.

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Can I get a mortgage while on a DMP?

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This has been one of our most successful articles since it was first written in 2013, so we’ve updated and republished it for 2017.

Can you get a mortgage on a DMP?

Can I get a mortgage on a DMP?

Being in debt doesn’t mean that you can’t have dreams. So if you’re in debt and hoping to get on the property ladder then it’s natural that you may think “Can I get a mortgage if I’m on a debt management plan?”

There isn’t an easy answer to this question because every situation is different.

However, we can tell you a bit about what your chances are.

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