Posted Thu, 25/02/2010 - 07:15 by tmark938
Loans News - Wednesday 24th February 2010
Citizens Advice Bureau in demand |
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Wednesday 24th February 2010
The Citizens Advice Bureau (CAB) took a massive 6.8 million inquiries last year as more and more of the UK population began to feel the financial pinch. This is a service in the UK which has for many years been neglected by consumers but appears to be back in favour due to the economic downturn. While the vast majority of inquiries received were in relation to debts there were also a large number of inquiries regarding benefits, tax credits and rising fuel bills. It seems that finally some consumers in the UK are prepared to take advice and take action before it may be too late. Those who believe that the financial distress being felt UK population will be alleviated once the economy turns the corner may well be mistaken. It is widely expected that Bankruptcies, IVAs and Trust Deeds will continue to grow in number over the next 12 to 18 months. It is only once the economy has stabilised and began to move ahead that many banks will look to close off difficult or loss-making loans which will push many UK consumers into more financial trouble. The same can be said in the business arena where we are starting to see an increase in administrations, especially in the UK retail sector.
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Comments
how do i get rid of settlements off credit file?
by Lewis - 28 Apr 2010 - 20:36
Can anyone help me, approximately 2 years ago I ran into financial difficulty. I contacted a company called Hamilton Locke who negotiated with my lenders to make basic payments. As a result a couple of my loans defaulted for a couple of months. However I was eventually in a position to make a final settlement to all lenders which they agreed.
Since settling the debt over a year ago my credit rating has plunged dramatically.
What I can't understand is that I have had no debt for over a year and still my credit file is a mess, has anyone got any ideas as to how to repair?
becoming creditworthy
by Anonymous - 14 May 2010 - 23:38
You can help your credit worthiness by putting a fixed capital amount into your NEW account at another bank or establishment, leave it for a short while only, then go back in and ask for a loan of the same amount as you invested....and ask them to use it as fixed collateral. Make sure you pay it back on time. This plan can be tried with up to 3 financial establishments on the same day. After you have paid the loans back, you can then go back to the same people ( at the same time and ask to borrow more.)
You can also open a titanium cashplus CARD account and opt to pay £5.00 a month fee( all banks will charge eventually) instead of a £1.00 per transaction, let me know if it helps.....I may have to do the one with the banks. I already have the CARD account.
You should ideally first obtain a list of friendly banks( from a debt management company) who will help you , and not judge you, think Nationwide, coop etc may be ok.
Written off debt, just out of interest, used to be at least 3 years and you could only then have an account in credit only and not have a debit card at all. Check it out. Some things may take time to come off your records.
Dont sink your money into an unhelpful, unsympathetic bank, and find out AFTER.
Will the experian or equifax companies etc not delete the past details off your record....Ask them to consider it or ask for their help. Try the C.A.B By appointment is a good idea. Saves sitting there hours!
Good luck.
financial
by Anonymous - 1 Jul 2010 - 20:02
hi,
me and my partner have just brought her brothers goods from them that was on finance they told us the final amount that was due to pay and if we payed it off we could have the goods as they was moving home now there has been a family situation acure now my partner's brothers girlfriend that the goods was in her name has told the company where the goods was from that they are staying with us but they are not so they can come and claim the goods back even though we thought we had payed off the debt for her so was just woundering where we stand now.
thank you.
Credit history transfer
by Anonymous - 13 Jul 2010 - 20:46
Hello
I was made redundant and I have an overdraft in Luxembourg. I will be moving back to the UK to find a job, but unfortunately I wont be able to make the payments until I find employment. I have informed the bank of my situation but they are reluctant to assist and said that legal actions will be taken up against me.
I was wondering if my credit history/financial history will be transferred from Luxembourg (EU) to the UK or my file be traced back to Luxembourg.
What are my options to solving this situation?
Thanks
Pensioner Financial Advice
by Anonymous - 14 Jul 2010 - 23:07
Hi,
My grandad died over a year ago and leaving my nan a widower. My grandad knew he was going to die and alwasy said to my nan that she would be ok financially due to his pension when he does die.
It turns out my nan is now struggling to survive, she has little money. My grandads pension company are now paying my grandads pension to her but its a pitiful amount. I read the fine print on my grandads pension and it stated that my nan should be due a lump sum in the event of my grandads death but they say my nan is getting all she is entitled to.
She is struggling to pay her bills and debts and I even took her to see a finacial expert at her local CAB the expert said she didnt know much about finance so couldnt adivse and gave my nan a few leaflets.
My nan is proud and will not persue the matter as she thinks it will make her out to be some sort of charity case.
I really need some good advice on how to help her. If there are any companies or foundations I could contact for her who could investigate her finances and see if she really is entitled to more.
Any advise would be very much appreciated.
Thank you.
Pensioner advice
by Anonymous - 18 Jul 2010 - 03:09
Sorry to hear about your Nan, the small print may have meant that she would get a lump sum if he was still working for them when he died. You need to understand the content of literature to put your minds at rest. My advice would be to take it to a solicitor. Most solicitors will give you a free hour consultation to decide if you should or if it's worth persuing.
Good Luck
Jennifer Nicholls
IFA
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