Personal debt

How To Deal With Wonga?

How To Deal With Wonga?

A 35% increase in pre-tax profits from Wonga tells me two things about the short term payday lender. The first, the company is very persuasive and successful at what they do. The second is that the state of the economy is dire. Wonga made £84.5 million in profits during 2012. A staggering amount of money is being borrowed by UK consumers who can’t make their income last until the end of the month. I read an interesting article claiming we should praise Wonga for their entrepreneurial spirit. In truth, this is an angle I had never considered before. Should we […]

Life, Oh Life, OHHHH LIFE

Life, Oh Life, OHHHH LIFE

Life isn’t designed to be easy, I guess I don’t believe it’s designed to be anything. We have the choice over what we do with our time and who we become. In many circumstances which are often outwith our control, we can be driven down one path and struggle to get back. This was my experience of personal finance. When the wheels of debt are set in motion it’s often difficult to apply the brakes and reverse the situation. Life In Debt I expect most people live within their means. It’s when the means change that problems can occur. Do […]

Financial Conduct Authority

Financial Conduct Authority

I say “Go on” to the Financial Conduct Authority – the Government’s new division of super heroes determined to fight back against the illegal and immoral companies in the UK finance market. Too often people in the UK gets screwed financially and it’s become a joke. Payday lenders, door stop loans, PPI reclaiming and dodgy debt advice are rife so a hard line needs to be taken. What Does the Financial Conduct Authority (FCA) do? The Financial Conduct Authority (FCA) will replace the existing Financial Services Authority (FSA). The current situation means that the FSA may know there is a […]

When Credit Goes Bad

When Credit Goes Bad

If I told you a credit card company was increasing your credit limit to £10,000 from £5,000 you would probably think you were more credit worthy. You probably are. But what’s the difference between credit and debt? We automatically assume more money from a credit agency is good but that debt is bad. Credit and debt are the same thing. Difference Between Credit and Debt My wife and I invited some friends over last weekend and over drinks the couple explained they were going on a round the world trip. I knew they had money problems in the past 12 […]

Electricity & Gas Debt

Electricity & Gas Debt

I need to find that T-Shirt… you know, the T-Shirt I wore not that long ago. The one that says, “Been there, done that, wore the t-shirt”. Yup. To me this statistic isn’t a shock, but it obviously is to the rest of the UK. The statistic released is that 20% of people in the UK owe money to their gas and electricity supplier. This research was supplied by Uswitch. Electricity and Gas Debts Are a Problem There’s essential debt and unessential debt. Credit cards and payday loans are not essential to pay. Yes you should pay them if you […]

Scottish Debt Advice Blog

Scottish Debt Advice Blog

It’s too easy to simply classify Debt Advice Resource as a blog about “Scottish debt advice“. It’s not. Well it’s not my intention for it to be anyway. Firstly, it can’t be debt advice because I don’t have a consumer credit licence to offer debt advice! A very important part of providing debt help. Thus, I only ever give my opinions and share facts from other companies. This helps determine my stance on important subjects. Secondly, I’m not a debt expert. I don’t have any experience, other than my own, about what’s happening in the UK regarding debt. Thirdly, despite […]

Free vs Free Debt Organisations

Free vs Free Debt Organisations

There’s a long running debate in the UK that fee charging companies provide a better service because they charge for the advice they provide. Charities working from grants and donations require volunteers and they are poorly trained. The question is, free vs fee debt organisations: Who is better? Free Charities vs Fee Charging Companies The fee charging companies are usually the companies advertising on TV, Google and radio because they have the money to do so. I’m skeptical about these companies. Everybody needs to make money in business, just to cover operating costs, if nothing else. However, I’ll tell you […]