Tag Archives: credit

Official warning: watch out for lousy Christmas loans!

posted by in Living with debt 3 Comments

The Financial Conduct Authority (FCA) issued a warning recently to anyone considering taking out a loan to cover costs this festive season. They have reason to believe that at least 15 firms are offering Christmas loans to UK customers without official permission or authorisation.

Almost all firms and individuals carrying out consumer credit activities in the UK must be authorised by the FCA. However, there are still some firms that act without their permission.  This leaves anyone who borrows from these firms vulnerable, as they won’t have the protection of a regulatory body to ensure they’re treated fairly.

While the sites listed by the FCA are simply not regulated, this also exposes a wider issue, that some loans could potentially be scams.

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What constitutes credit on an IVA?

posted by in Living with debt 13 Comments

This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. If you are considering an IVA as a debt solution, please ensure that you fully understand the risks involved when entering an IVA.

What counts as credit?

Are these “credit”?

We all know that as part of the terms and conditions of your IVA proposal you should avoid taking out further credit.

We’d discourage any form of borrowing at all, but you can’t borrow more than £500 without your supervisor’s permission in writing.

But what constitutes “credit”? Let’s investigate… Continue reading »

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HP or a credit agreement – that is the question!

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Check your credit agreement

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 »

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The pros and cons of in-store credit

posted by in Budgeting Leave a comment

Credit cards in hand with shopping bags

Can you afford to use credit for your purchases?

According to a recent article in The Guardian, latest figures from the Finance and Leasing Association show that in-store credit agreements rose by 25% in the second quarter of 2012 compared to the same period last year.

In-store credit does exactly what it says on the tin – it’s a means to buy an item on credit and pay for it over a certain period of time. It’s called ‘in store’ because it can only be used in a particular store or group of stores. It’s credit because you take the item home on the understanding that you will pay on time until the agreement comes to an end.

For many people, using in-store credit can satisfy that ‘must have it now’ urge that we encounter daily. At some point we’ve all wanted a certain item and lamented the lack of pennies in our pockets to buy it. This feeling can grow every time we watch an advert break or flick through a magazine.

We’re bombarded with smiley, happy people, surrounded by stuff that apparently makes them smiley and happy. It can seem like everyone has what they want or need in life, except us.

Sound familiar? Then we may need to talk.

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9 debt myths busted

posted by in Living with debt 39 Comments

Be careful what you believe

Be careful what you believe

Earlier this year we started busting debt myths in a monster myth-busting blogpost.

To help anyone on a debt management plan we’ve picked the nine most-repeated DMP-related myths to help you.

If you hear these, take the advice with a huge pinch of salt…

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Hearts, like credit files, will mend given time

posted by in Living with debt 3 Comments

Wake up to money worries

Wake up to money worries

Over the next few weeks we’ll be shining a light on how relationships and debt are intertwined.

As a debt advisor I once put together a budget for a middle-aged single man who was entering a debt management plan (DMP). The man was happy he could live on the budget and the plan was all set to go ahead.

A couple of hours later he called back and spoke to a colleague who answered a few further questions he had. Continue reading »

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Personal debt myths debunked

posted by in Living with debt 10 Comments

This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved when entering an IVA.

Debt fact or debt myth?

Debt myth or fact?

Every day we tweet and debunk #debtmyths, those financial rumours and half-truths that are seen as gospel. Without pricking these bubbles, myths unnecessarily add to the burden of those worried about debt.<
Follow us on Twitter as we explode these myths and give you the truth about credit and debt. And if you want the truth about your own debts, use our online debt advice service Debt Remedy or contact us for debt help.

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