Bankruptcy: The Afforda guide
July 8, 2024
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6 minutes
Bankruptcy is a legal option for individuals to deal with debts they cannot pay. It is for individuals only and does not apply to companies or partnerships. Going bankrupt means that you won’t be liable for most of your debts. This means you won’t ha...
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Best budgeting apps in the UK
June 13, 2024
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10 minutes
The best budgeting apps in the UK automatically track your income and expenses, so you can spot ways to save money and reduce debt. There’s a wide range of budgeting and personal finance apps that can help you get control over your finances. Budgetin...
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Breathing Space: Temporary Debt Relief Explained
June 28, 2024
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5 minutes
Breathing Space is a debt option that provides temporary protection from the creditors you owe money to if you are struggling with debts. This includes:freezing most interest, fees, and charges on debts; and pausing most enforcement action and contac...
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Budgeting Tips for Irregular Income
July 17, 2024
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10 minutes
Budgeting with an irregular income can feel tricky, but it is possible with the right strategies. Follow our tips to create a flexible budget and take control of your finances.
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Getting a loan if you have an IVA: Can you apply?
May 9, 2024
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8 minutes
You might be able to get a loan if you have an IVA (Individual Voluntary Agreement). But you’ll need to be aware of certain rules before applying. Generally, you won’t be able to borrow more than £500 when you have an IVA. If you need to borrow more ...
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Can you get a loan if you are retired?
May 10, 2024
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10 minutes
It is possible to take out a loan if you’re retired. But lenders will look at several factors before offering you a retirement loan. These may include whether you have an income (such as your pension), whether you have any assets (such as property), ...
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Can you get a loan if you are unemployed?
May 9, 2024
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7 minutes
You might be able to get a loan if you are unemployed, but it will be harder to get and more expensive than if you had a job. Britain’s mainstream lenders, the high street banks, usually require borrowers to be in employment, preferably with a regula...
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Can you get a loan if you receive benefits?
May 13, 2024
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8 minutes
With more than 22 million people in the UK receiving government benefits, it’s hardly surprising that several lenders will offer loans to people claiming benefits.
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Can you get a loan if you are self-employed?
May 13, 2024
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8 minutes
You can get a loan if you’re self-employed. You’ll find it easier to get a loan if you have a good credit history, meet the lender’s affordability requirements, and can provide the necessary documents to show you can manage your loan repayments.
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How long does a CCJ stay on your credit file?
April 16, 2024
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6 minutes
Once registered, a County Court Judgement will remain on your credit report for six years, even if you subsequently pay off the debt in full.
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Credit card vs debit card: Which is right for you?
June 4, 2024
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11 minutes
Credit cards and debit cards look similar. They are both used to pay for things online and in shops. They offer convenience and protection compared with carrying cash. Credit card and debit card providers are regulated by the Financial Conduct Author...
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Credit Card Debt: Understanding and Managing It
June 17, 2024
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10 minutes
Credit card debt affects many people. While credit cards are a handy way to pay for things, it’s also easy to rack up debt. If you struggle to pay it off, this can cause problems for your finances and also your wellbeing.Credit card debt is the most ...
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Credit Card Fraud
May 8, 2024
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8 minutes
The latest figures from UK Finance show more than 2.7 million people in the UK were hit by card fraud, worth a total of £556.3m. We outline the steps you can take to avoid credit card fraud, and what you must do if you suspect you are a victim.
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Understanding credit card Interest
June 13, 2024
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8 minutes
An estimate of how much credit card interest you will pay is shown on your monthly statement, but how is it calculated?
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How to increase your credit card limit
June 6, 2024
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8 minutes
There are pros and cons to increasing your credit card limit. A higher limit can improve your credit score but it can lead to you borrowing more. Here we detail how to extend your credit card limit.
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Understanding credit card minimum payments
May 13, 2024
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8 minutes
If you owe money on your credit card, you must make at least a minimum payment each month. This will avoid late payment fees and other penalties.The way minimum credit card payments are calculated varies between credit card issuers.As an example, wit...
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Credit Unions
April 24, 2024
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8 minutes
Credit unions are member-run savings and loans suppliers. Customers are often on low incomes or have bad credit scores. Almost 1.5m people in the UK are members of a credit union.
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Debt Management Plans: The Afforda Guide
June 28, 2024
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2 minutes
A Debt Management Plan is an informal agreement between you and your creditors to help you pay off your debts at a rate you can affordA DMP is structured through one monthly payment to the DMP provider who then pays your creditors for you.
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Debt Relief Order: Afforda Guide
June 28, 2024
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5 minutes
A Debt Relief Order (DRO) is a solution to help people deal with personal debts they cannot pay. A DRO is a way to cancel or ‘write off’ your debts. Once the debt is written off, you will not have to deal with the people you owe money to (creditors)....
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Declined for Credit? Discover your options
June 28, 2024
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11 minutes
Being turned down for credit can be unsettling, especially if you’re in need of money or in difficult circumstances. It’s important to try and find out the reason why this may have happened. Our guide will help you understand what happened and why, a...
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How long does a default stay on your credit file?
June 17, 2024
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7 minutes
A default will stay on your credit file for six years. You can raise a dispute if it’s incorrect. But there are ways to balance out the negative impact a default will have and still improve your credit score.
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Understanding the UK Energy Price Cap
May 9, 2024
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8 minutes
The UK Energy Price Cap was introduced by the government in 2019. It is set by the energy regulator Ofgem. It is designed to tackle fuel poverty.Ofgem brought in the price cap to stop firms overcharging customers on default energy tariffs. It applies...
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Afforda’s Guide to Forbearance
August 28, 2024
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8 minutes
If you’re finding it difficult to meet your repayments, your lender may agree to put some special measures in place to help you. This is known as forbearance.
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How many loans can you have?
June 4, 2024
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8 minutes
Many people have multiple personal loans. You might want a loan for home improvements, another for a new car and one to cover a repair, such as a boiler breakdown. But how many loans can you have at once? Each additional unsecured loan increases your...
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How much money do you need to retire?
April 17, 2024
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9 minutes
The amount of money you need to retire can be tricky to pin down. It can depend on several factors. Research found that 77% of savers did not know how much money they’d need in retirement. Only 16% could give a figure.
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Master your finances: a practical guide to budgeting
May 9, 2024
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11 minutes
Budgeting your money can help you take control of your finances and meet your goals in life. Whether you’re a young person, parent or retiree, we outline ways to create a realistic budget – and stick to it.
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How to cancel a credit card
May 9, 2024
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8 minutes
There are many reasons for cancelling a credit card – perhaps it’s a balance transfer card that’s no longer interest free or a rewards card you’re not benefiting from. Here we look at how to cancel a credit card without harming your credit score.
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How to check your credit score
May 10, 2024
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11 minutes
Knowing your credit rating can help you understand how companies might assess you when applying for credit. In this article we explore the various ways you can check your credit score.
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How to check your State Pension forecast
June 14, 2024
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7 minutes
You will start receiving a monthly payment when you reach State Pension age if your National Insurance record is up to date with contributions. It’s quick and easy to check your State Pension forecast, and we’ll show you how in this guide.
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How to check your tax code
April 24, 2024
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8 minutes
If you are self-employed you won’t have a tax code as you pay tax via the Self Assessment system.
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How to get a credit card
June 4, 2024
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10 minutes
Getting a credit card can help you spread the cost of a large purchase, allowing you to pay it off in manageable chunks. Credit cards can also be used to transfer balances from other cards. Using a credit card responsibly could boost your credit rati...
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How to improve your credit score
June 4, 2024
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13 minutes
Working to improve your credit score can help you qualify for loans and credit cards and make the cost of borrowing cheaper. We outline some simple steps you can take to give yours a boost.
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20 ways to make money from home
April 24, 2024
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14 minutes
From renting out your driveway to selling items you no longer need, there are many ways to make some extra cash without leaving the house. In this guide we’ll show you 20 of the best ways to make money from home.
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How to reduce your energy bills
May 14, 2024
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9 minutes
A few small changes are all it takes to reduce your energy bills. You can cut both your gas and electricity bills. In this guide we look at the best ways to save money on energy bills. You can help your wallet and the planet.
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How to save money
April 24, 2024
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16 minutes
The rising cost of living has means we all need to learn how to save money. The good news is there are plenty of ways to manage your finances more effectively and free up cash for that savings pot.
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Transferring money to other banks
May 8, 2024
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9 minutes
Every day, millions of people move money between bank accounts. You can transfer money through mobile or online banking, over the phone or in a branch. You may need to pay bills, send cash to friends and family, or manage business transactions. These...
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How to write a will
May 10, 2024
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12 minutes
Writing a will sets out where you want your money to go after you die. It means your family won’t have to worry about organising your finances and it can help with inheritance tax planning.
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Individual Voluntary Arrangement (IVA) Explained
June 28, 2024
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3 minutes
An Individual Voluntary Arrangement (IVA) is a debt management solution which freezes your debts and allows you to pay them back over a set period.Any money you still owe after this period is written off.An IVA is a legally binding agreement between ...
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How does an overdraft affect your credit score?
April 17, 2024
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8 minutes
How you use your overdraft can affect your credit score. If you don’t go overdrawn it often and pay it back promptly, your score can go up. But going over your limit or being overdrawn often can worsen your creditworthiness.
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How to pay off credit card debt – effective strategies
June 4, 2024
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9 minutes
Racking up credit card debt can be easy to do. Paying down credit card debt can be more challenging. That’s why it helps to have a good understanding of the different strategies you can use to work out the best way to pay off credit card debt.
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Should I get a credit card?
May 10, 2024
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9 minutes
With approximately 58 million credit card holders in the UK, credit cards are widely used and widely accepted. If you are considering a credit card but not sure if you should get one, our in-depth guide explores what you need to know.
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Switch Your Energy Supplier
May 13, 2024
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12 minutes
UK households can choose the companies that supply gas and electricity to their homes. It’s straightforward to switch energy provider and it can save you money on your energy bills.As of March 2024, there were 37 energy suppliers in the UK. Before th...
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Transfer Money from Credit Card to Bank Account Guide
May 20, 2024
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9 minutes
If you’re short of cash, you might be wondering if you can transfer money from your credit card to your bank account. There are several ways to send money from a credit card to a bank account. There are even money transfer credit cards specifically f...
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How to check your energy supplier
April 17, 2024
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9 minutes
There are several easy ways to check your energy supplier. Our guide shows how to find your gas and electricity seller and what to do to switch energy suppliers.
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