Tag Archives: personal debt

Don’t fall out with family and friends over money

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If you’re on a debt solution with us, get in touch with us before borrowing money off a loved one. It might be possible to reduce your payments to your debts temporarily to cover any emergency expenses.

No one wants to fall out with someone they care about over money.

Back in September 2016, our research showed how debt can damage relationships. Sometimes the person lending the money is struggling too.

 

This added pressure could result in the person lending the money blaming the borrower for their difficulties, which can damage relationships.

With this in mind, let’s look at the alternatives to borrowing money from your loved ones.

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Debt and money news – May 2017

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This month’s news has been dominated by the upcoming general election, but if you dig beneath the surface there’s still plenty going on in the world of debt and money.

We’ve scoured the web to find the most interesting stories that could have an impact on your wallet, without a mention of the general election to be seen (apart from when I mentioned it just then). Continue reading »

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The top 5 debt and money news stories for February 2017

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With gloomy January out of the way, we take a look at the latest personal debt statistics from the Bank of England, get the low-down on why so many banks are closing high street branches, and find out about the rising number of us applying for insolvency.

Not only that, we’ll explore research suggesting you could be saving on your ‘big shop’ and we look at how the Government is changing the benefits available to the bereaved…

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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 payday loan trap: Throwing good money after bad

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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.
  • Must now include a prominent risk warning on all financial promotions.
Payday loans neon sign

Avoid the temptation of payday loans

We’ve seen a huge rise in the number people approaching us for debt help after taking out several payday loans and not being able to pay them back.

This year, five times as many people have contacted us for help with multiple payday loans than we saw three years ago. Continue reading »

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How to stop debt collector phone calls

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How to deal with creditor phone calls

How to deal with creditor phone calls

If you’re on an informal debt solution such as a debt management plan (DMP) or you’re making token payments, your creditors can continue to contact you.

It’s likely that they’ll try to get more money from you, hoping that you’ll buckle under the pressure despite what you can afford to pay. Remember that your priority bills and living expenses come before your creditors, so create a budget to work out how much you can pay.

It’s important that you stick to the arrangement that you’ve already made, especially if you can’t afford to pay any more. Continue reading »

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Facing up to my debts

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It's better to seek help sooner rather than later

It’s better to seek help sooner rather than later

Cheryl is one of our clients that we helped through the forums on moneysavingexpert.com and Debt Remedy. She tells us her story of how she found herself in debt and her journey to starting her DMP with us.

If only my debt came from reckless spending sprees or exotic holidays in the Caribbean – at least I’d have something to show for it! No, it was a series of events out of my control…a car accident, followed by a miracle baby, severe damage to my spine and a loss of income by 70%. I just couldn’t cope, ten years of debt felt like a mill stone around my neck. Continue reading »

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