Category Archives: Living in Debt

  • When to Consider a Debt Management Plan

    Written by Sam Critten

    When you’re in debt it can be difficult to know what to do next. Trying to sort out payments to different lenders, juggling calls from multiple creditors asking for money, trying to sort your priority debts from those that can wait…it’s stressful on paper, let alone in reality. Trying to…

  • How do I set up online banking?

    Written by Tom James

    Online banking Gone are the days where popping into your local bank was the only way to pay your bills, manage debt, or withdraw and deposit money into your account. Online banking has brought convenience to everyday life, and although the initial research and admin may feel daunting, it’s actually…

  • Can an IVA take my inheritance?

    Written by Tom James

    What is an IVA? An Individual Voluntary Arrangement, or IVA for short, is a debt solution whereby you pay all of your unsecured creditors back in monthly payments usually over a period of 5 or 6 years. Once the agreement ends, a large proportion of your debts may be written…

  • I Can’t Afford Bankruptcy

    Written by Will Lyon

    ‘I can’t afford bankruptcy’ sounds like an oxymoron. You’re already in a poor financial situation. Why should making it worse cost money? The truth is, bankruptcy is often a more favoured option to other alternatives. And for those faced with severe debt problems, it’s not simply a last resort. Despite…

  • Is it Legal for Debt Collectors to Call Family Members?

    Written by Sam Critten

    Creditors will use an array of different tactics to try and recover money if you owe a debt to them. Repeated phone calls, automated emails, endless letters reminding you of the consequences of not paying…the list goes on. If these don’t work, then another tactic they might use to get…

  • Can I add Debts to my IVA?

    Written by Sam Critten

    There isn’t a simple yes or no answer to this question, unfortunately. An Individual Voluntary Arrangement (IVA) is a legally binding debt solution, and once you’ve agreed to the terms and conditions it can be difficult to add new debts to your IVA. However, you may find you will want…

  • How to Stop Debt Collection Letters in the UK

    Written by Sam Critten

    Debt collection letters can be intimidating and you may not know what to do when one drops on your doormat. We’ve talked before about what to do when bailiffs come knocking at your door, but what should you do when debt collectors start getting in touch from afar? Can you…

  • How to Respond to a Debt Collection Letter?

    Written by Will Lyon

    Debt collection letters are the most common form of contact used by creditors to remind you of unpaid debts. You may find that if you’ve missed multiple payments, these letters start to pile up. These should not be taken lightly, and acting on one immediately is always the best course…

  • How to manage debt stress

    Written by Sam Critten

    Feeling anxious about debt? You’re not alone. One in two adults in debt in the UK has a mental health problem, and one in four people who’ve got mental health problems are also currently in debt.* Whether it’s credit card debt, arrears or council tax debt, knowing that you owe…

  • Does bankruptcy affect your employment?

    Written by Sam Critten

    Bankruptcy is a debt solution that’s often only considered as a last resort. Once you’ve declared bankruptcy, a trustee will sell your assets in order to repay as much of your debt as possible. After this is over the remainder of the debts included in your bankruptcy will be written…

  • What powers do debt collection agencies have?

    Written by Tom James

    You will probably have heard of debt collection agencies, but who are they and what can they do? What is a debt collection agency? A debt collection agency, also known as a debt collector, works on behalf of your creditors to collect debts you owe. They will deploy their agents…

  • Are debts shared in divorce?

    Written by Tom James

    Going through divorce isn’t easy. Along with all the emotional stress, you’ll have to deal with splitting up your assets in a reasonable manner and arranging how your debts are divided up, which is easier said than done. However, if you know what you are liable for, it could make…

  • Dealing with official receiver after bankruptcy

    Written by Tom James

    Being declared bankrupt can be a daunting experience. If you know how to work with the Official Receiver however, you may find the experience a lot easier. Find out more about what the Official Receiver does and how you should deal with them. What does the Official Receiver do? The…

  • Debt management plan moving abroad

    Written by Tom James

    If you have recently moved abroad but still have outstanding debts held in the UK, you’ll need to know what this means for you. Moving overseas doesn’t mean the debt will go away but you may be able to deal with your arrears through a managed debt solution. Will I…

  • How do I complain about a debt collection agency?

    Written by Tom James

    If you have found yourself in debt and are struggling to pay back the money you owe to your creditors, you may be approached by a debt collection agency. The agency will work on behalf of your creditor to try and reclaim any money owed. If you feel a creditor…

  • Can you file bankruptcy yourself?

    Written by Tom James

    Bankruptcy is a debt solution that should never be taken lightly, and should only be undertaken following professional advice. However, sometimes it can be taken out of your control. We’re here to tell you what it is and how you can go about being declared bankrupt. What is bankruptcy? Bankruptcy…

  • Paying Off Credit Card Debt

    Written by Will Lyon

    The number of people stuck with paying off credit card debt is rising. A recent study found that each UK household has around £2,688 in unpaid credit card debt. There may be a number of causes behind the UK’s credit card crisis. Could it be that credit cards allow you…

  • Budgeting with a Debt Management Plan

    Written by Will Lyon

    What is a DMP? A Debt Management Plan, or DMP for short, is an informal arrangement between you and your creditors. Although not a legally binding agreement, firms who set up Debt Management Plans need to be authorised and regulated by the Financial Conduct Authority. A DMP allows you to…

  • How long does it take to improve credit score?

    Written by Tom James

    Having a low credit score affects your ability to take out credit. You can always improve your credit score, but you’ll need to take some steps to achieve this. What is a credit score? A credit score is a numerical rating given to an individual based on their financial lending…