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.
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 »
posted by Emma in Budgeting
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 »
Securing your debt
As of October 1st 2012 the process surrounding charging orders and how creditors can secure a debt to a property will change.
At the moment creditors can only secure a charging order on unsecured debts by issuing a default notice , then applying for a county court judgment (CCJ). The person in debt would then need to default on the CCJ before creditors could secure the debt through a charging order. Continue reading »
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.
Continue reading »
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…
Continue reading »
We start with payday loans: as we reported earlier in the month there are a growing number of unemployed people that are struggling to repay them.
With this in mind a new set of commitments have been launched to raise standards and improve customer service in the payday and short term lending industry. Continue reading »