Personal debt

Debt Free Advice

Debt Free Advice

When debt comes-a-knockin’ there’s only really one question to answer “how am I getting out of this?”Debt paralyzes people and they just want to get debt free. This important element is getting debt free advice, and quickly. Hesitation, through fear, worry and panic can get the better of people, meaning the debt simply increases.  The first stop, seek advice. Getting Debt Free Stopping the financial hamster wheel isn’t easy. The fear of the unknown is what keeps people motivated to continue and repay their debts. This isn’t the best option for anyone and advice on getting debt free should be […]

Council Tax – Pay or Don’t Pay?

Council Tax - Pay or Don't Pay?

For residents of the UK it’s a frustrating tax on society. The tax that means our bins are collected and public services are funded. Yet, it’s a lot of money every month to spend, per household. The council tax was instated during the Margaret Thatcher Government and has remained ever since. Council tax is what’s described as a priority expenditure. This means, it MUST be paid. Generally, it goes, pay for your rent/ mortgage, gas/ electricity, food then council tax. If you don’t pay your council tax you can quickly find debt problems arrive at your door. Avoid Council Tax […]

Can I Go To Jail For Being In Debt?

Can I Go To Jail For Being In Debt?

Over one-third of people living with personal debt problems believe they will end up in prison because of their credit card and council debt. Personal debt problems often leave people feeling vulnerable and alone but can you really go to jail for being in debt? The answer is, of course, no. But it’s a fear many people have because of the severity of their money problem. It’s also compounded because creditors say they will enforce the debt and commit somebody to prison. This is just a threatening tactic, most of the time. In some instances people can go to jail […]

Wonga: We’re Nice… Honest

Wonga: We're Nice... Honest

Short term lenders, like Wonga, make their money through misery, greed and unfair credit lending. It’s an opinion from one side of the debate and it’s also my opinion. The alternative side of the coin has been displayed today. Global finance giant Wonga has issued a 12 case portfolio of happy customers via a film it’s made. It’s no surprise I hate payday loan companies, but for the company to release obvious propaganda about their “happy” customers is a farce. This takes place as MPs begin to investigate the payday lending industry. Wonga’s Sob Story Poor, disheartened short term lender, […]

Christmas Credit Card?

Christmas Credit Card?

How will you pay for Christmas this year? Will you use a credit card to fund your presents and spending or have you been saving all year round?

Is a Protected Trust Deed safe?

Is a Protected Trust Deed safe?

There’s a number of different debt solutions in the UK to deal with debt, but there’s differences in England, Wales and Northern Ireland to Scotland. The Scot’s law is different so debt solutions are regulated by a different organisation. In Scotland, Insolvency solutions are regulated by the AiB, whereas the rest of the UK is registered with the Insolvency Service. A Protected Trust Deed is a Scottish debt solution which helps a person become debt free, but is it too good to be true? Trust Deeds – Are they safe? I’m a skeptical person when it comes to debt and […]

Should Debt Be Written Off?

Should Debt Be Written Off?

I spent my afternoon yesterday in an hour long debate which felt a little like question time. The topic of conversation was “should debt be written off?” One of the reasons I started the Debt Advice Resource blog was to have discussions about social topics, such as debt and money. So, it won’t come as a surprise that I thoroughly enjoyed the debate on whether debt should or shouldn’t be written off. In many UK based debt solutions there is an element of debt write off. This means that the consumer repays a percentage of their debt (sometimes it’s 0%, […]

FCA & Payday Loans

FCA & Payday Loans

The Financial Conduct Authority (FCA) has plans to crack down on payday lenders from exploiting vulnerable customers. It’s come just in time in my opinion. From April 2014, payday lenders will have to ensure that their clients are able to repay their debt, PLUS they will only be able to roll over the debt twice. FCA are also planning to restrict the amount of times lenders can collect from a client’s bank account after complaints from borrowers that they are draining there bank accounts without any warning. Some people had believed they would ban advertising from the payday lenders however […]

Breaking Bad: What We Do For Money

Breaking Bad: What We Do For Money

As the penultimate episode of the hit AMC show comes to a climax, I’ve enjoyed the see-saw world Walter White and Jesse Pinkman became embroiled in. Like most people watching the show, I was captivated by the story which unraveled from the very first episode. As we explored further into the rabbit whole it became apparent there would be no easy route out for Walt and Jesse. Not to worry – I won’t be giving away any spoilers, just in case you have not watch the last episode. Instead I’m thinking about the morale and ethical stance the two main […]

Bankruptcy, House & Ex-Wife…

Bankruptcy, House & Ex-Wife...

Unaccustomed as I am to gossip, I find myself sharing a story about a friend and his turbulent life. Similar to myself, he entered bankruptcy to deal with his debt problems. Don’t worry as he’s signed a disclaimer giving me permission to share his story. The purpose of sharing my friend’s story isn’t to mock him and his difficult financial position, but to highlight what can happen when things go wrong. It’s also a lesson in picking the right debt solution. We’ve all heard of bankruptcy – it’s internationally known from Monopoly through to the banking industry. It’s also typically […]