As the largest consumer body in the UK, Which? exists to arm you with the information you need when considering where to spend your money. They’ve developed ’emindme’, a handy email reminder tool that helps you keep track of what bills you need to pay and when. Grace Kindred from Which? tells us more…
Managing bills can be complicated and time-consuming. If you forget to pay your bills and don’t deal with the situation correctly, arrears can build up and become difficult to deal with. However, there are steps you can take to help you be more organised when it comes to your finances.
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Much like an illness, you can tell if you have a debt problem based on the symptoms that can arise. We call these symptoms ‘debt danger signs’.
As part of our first national Debt Awareness Week we’re discussing the five danger signs to help you avoid them, or if you’ve tried to deal with your finances in this way, how to get help sooner.
One thing we come across time and time again is people with credit problems who prioritise the wrong type of bill.
The main bills you need to pay each month are household bills that keep a roof over your head, keep you warm, feed you and allow you to get to work. These are your priority debts – your rent, your mortgage, your utility bills such as your gas and electric. Continue reading »
UPDATE: 1 July 2014 – new rules from the Financial Conduct Authority (FCA) means that payday loan companies:
- cannot rollover an outstanding payday loan balance more than twice
- must send the debtor an information sheet with contact details for various debt advice organisations. A copy of this information sheet can be seen here
- cannot make more than two attempts to deduct money from a debtor’s bank account by means of Continuous Payment Authority (CPA) unless a rollover has been agreed (will link to MA blogpost ‘how to cancel a CPA)
- Must now include a prominent risk warning on all financial promotions.
It’s hard to juggle high cost credit and household bills
Many people up and down the country are falling behind on their most important household bills. And it looks like many people may be turning to high cost credit just to cover those essential living costs.
This can only spell trouble in the long run, especially if recent figures are anything to go by.
If you’re struggling with both priority arrears and high cost credit debt, then we’ve got some very important advice for you…
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