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.

Continue reading »

Tags

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 »

Tags

HP or a credit agreement – that is the question!

posted by in Living with debt Leave a comment

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 »

Tags

Charging orders are changing

posted by in Archive 1 Comment

Securing your debt

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 »

Tags

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.

Continue reading »

Tags

9 debt myths busted

posted by in Living with debt 30 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…

Continue reading »

Tags

Know your rights: July’s debt news

posted by in Archive Leave a comment

Justice scales law

Justice scales

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 »

Tags