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Sara Williams - all about debt

@debtcamel

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🇬🇧 20 years as a debt adviser, now blogging, no jargon
🎯 tips on debt, budgeting & saving
✍️ affordability refunds
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everything you need to know about affordability complaints! Well not quite everything, but this answers the most common questions I get and it's a good starting place if you haven't made, or heard of, these complaints.⁠ ⁠ Sometimes people say this doesn't sound fair... they knew the loan was expensive when they took it, so shouldn't they have to repay it?⁠ ⁠ There are two points to make to that. ⁠ ⁠ First, there is an "imbalance of power" here. Consumers are often desperate when they apply for credit and the lenders know that. The lenders also know that very few consumers know the rules about affordability. So they can get away with breaking the rules.⁠ ⁠ Second, the Ombudsman says you should repay what you borrowed. The "refunds" here are only of the interest. So the lender isn't allowed to profit from giving you credit which breaks the rules. That seems fair to me!⁠ ⁠ There is a link in my bio to my articles with templates to use. Or send me a message saying what sort of debt you are thinking of making a claim about, I will send you a link to my article which has a free template you can use.⁠ ⁠ These templates have helped thousands of people win refunds. ⁠ ⁠ by @debtcamel
412
2 years ago
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When you decide to tackle your debts, it can feel daunting, so many things to get right...⁠ ⁠ But you don't have to do them all in the first month or two. So here is my list of what is important at the start.⁠ ⁠ You don't have to do all of these immediately either, and they aren't in order of importance. But these are the basic building blocks of a debt clearing plan, which you can then improve on later.⁠ ⁠ If you have already started your #debtfreejourney, what di you think someone should do first? ⁠ ⁠ by @debtcamel
33
2 years ago
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Here are 4 practical tips for when you start budgeting, or if you are finding it hard going.⁠ ⁠ They are all about realism, and making things easier to see where you are. ⁠ ⁠ Have any of these worked well for you? Or do you think you need to rty some of them? ⁠ ⁠ by @debtcamel
16
a year ago
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Not all financial advice is good...⁠ ⁠ Sometimes it comes from people you know who just don't understand your situation. ⁠ ⁠ ➡️ Stop getting takeaways (or coffee or avocado on toast) may sound sensible to someone who has no idea of the reality of trying to save a house deposit while paying high rents and student loans.⁠ ⁠ Sometimes it sounds sensible and convincing. But it is just wrong! Two examples:⁠ ⁠ ➡️ Paying credit card interest does NOT help your credit score. Your score is better if you repay the debt in full each month and never ever pay interest⁠ ➡️ Don't bother with pensions in your 20s - that is almost never right! Take debt advice before you stop paying into an employers pension, you are throwing away good money⁠ ⁠ Often it comes from someone who will make a profit if you follow their advice. Some examples include:⁠ ⁠ ➡️ Day trading can make you rich (so join my group)⁠ ➡️ A consolidation loan will help you (from credit reports or lenders who make their money from this)⁠ ➡️ Mums like you can earn a lot from this side hustle (so buy this $29 PDF that explains it)⁠ ⁠ Sometimes it's just a careless overgeneralisation. Two examples:⁠ ⁠ ➡️ Get a credit card to improve your score - except often it doesn't, it gets you deeper into debt and into a worse situation and a worse credit score⁠ ➡️ Get the biggest mortgage you can - sometimes that can be good advice, but if a smaller mortgage would give you an acceptable property, you may prefer to pay less, so you can have a child, travel more or be less stressed about money.⁠ ⁠ What really bad money or debt advice have you been given? ⁠ ⁠ by @debtcamel
18
3 days ago
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Putting money aside for future expenses is at the heart of good budgeting. But how should you do it?⁠ ⁠ I don't mean what accounts should you use, but when and how much money should you put in them...⁠ ⁠ I have given some details about 8 #savings options in the UK. ⁠ ⁠ The screen shot of a #savingschallenge I used is from @debtfreecharts.⁠ ⁠ There isn't a right or wrong answer as which is best for you. But I have given some things to think about if you are trying to decide which to have a go with.⁠ ⁠ If you have any questions, ask them in the comments ⬇️. I can do an individual post on any of the 8 that people want to know more about. by @debtcamel
36
4 days ago
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Does budgeting sound like something your parents or grandparents do?⁠ ⁠ That it will stop you from having any fun in life?⁠ ⁠ Time to rethink this.⁠ ⁠ Not budgeting can end you up in a lot of debt and a world of stress.⁠ ⁠ Budgeting lets you take control of your spending, so you can prioritise your goals.⁠ ⁠ Yes there will be some choices, but they are your choices. ⁠ ⁠ Having money put aside for Xmas, able to get the new school uniforms the children need, days out in the summer holiday, an emergency fund for the unexpected... what is most important for you? ⁠ ⁠ by @debtcamel
7
5 days ago
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Sometimes too many numbers can make it hard to focus on what is important.⁠ ⁠ With a list of your debts, what you really want is enough information to be able to see at a glance what the whole picture looks like. What the largest and smallest debts are. If several are about the same size. etc⁠ ⁠ So in this post I have started with a full list and shown how making it simpler makes it easier to read.⁠ ⁠ And adding the lender's name also makes it it easier to remember and to talk about. ⁠ ⁠ If you say the Cap One card is your most recent and the Virgin card used to be a 0% balance transfer, someone else reading this will feel that they know much more about you than if you called them CC1 and CC2. Or if you give them nicknames like Dolores Umbridge or Jabba the Hutt.⁠ ⁠ What do you think - do you agree that simple and easy to read is better?⁠ ⁠ by @debtcamel
9
6 days ago
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If you have ADHD, money admin can be harder because checking, remembering and impulse control can all take additional effort.⁠ ⁠ Time blindness can be a problem, so that you tend to put things into one of two boxes:⁠ - NOW - urgent, interesting, emotionally loud⁠ - NOT NOW - vague, distant, easy to forget, even if it is actually important. ⁠ ⁠ Some examples:⁠ - a bill doesn’t feel urgent until the reminder, late fee or missed payment arrives⁠ - a 0% credit card deal feels like a problem sorted - until the interest-free period has ended⁠ - saving for Xmas feels hard because it's a long way off. And saving for an emergency fund, may never be needed⁠ - a small purchase feels very real and tempting now, while the debt repayment consequence feels distant, something to be sorted next month⁠ - budgeting for the whole month is hard because you are fine when you get paid and the end of the month doesn’t feel emotionally present.⁠ ⁠ The result of this may be growing debt problems. ⁠ ⁠ Then debt clearing comes with an extra mental load. Taking decisions, comparing and following through can all pile up when your brain is already overloaded.⁠ ⁠ You may find yourself over-thinking your debt options.⁠ Or thinking that getting your budget perfect is essential at the start. ⁠ You may have a tendency to ruminate - dwell on all the things that may go wrong and want answers to all of them before making a change.⁠ ⁠ The good news is that none of these issues are unique to ADHD. Other people may recognise many of them!⁠ ⁠ And we know a lot about what can help tackle debts.⁠ ⁠ Habits and automation are a big part of this - less for your ADHD mind to have to focus on:⁠ - a set time to meal plan each week. In your diary!⁠ - a bills account and paying the bills by direct debit is less to think about and less to do during the month⁠ - small steps in the right direction, not looking for perfection.⁠ ⁠ Once you recognise that that your search for perfection is preventing you acting, it is easier to move past it.⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ ⁠ by @debtcamel
14
11 days ago
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In early February, people with mortgages in the UK were looking forward to several more reductions in the Bank of England base rate. ⁠ ⁠ But the American attack on Iran halted those. With petrol prices rising quickly and future energy bills, groceries and other prices expected to increase, the Bank was unable to reduce rates. ⁠ ⁠ This posts looks at the impact on mortgage rates. These hit different borrowers very differently, depending on what your last mortgage fix was. ⁠ ⁠ People hoping for a signifiant drop from the high two year fix they had to take may see only a small drop or even a small rise.⁠ ⁠ Some who have a low 5 or 7 year fix that is ending this year or next, are now looking at very large hikes to their monthly payments.⁠ ⁠ If you are worried about your next fix ending, I have listed some points. Doing what you can now may improve your situation. ⁠ ⁠ Things to avoid are taking on more debt, especially secured debt or consolidation loans. It is better to talk to a proper debt adviser such as your local Citizens Advice or National Debtline on 0808 808 4000 about your options. There is no reason to leave this conversation until after your new fix when you are already in difficulty. ⁠ ⁠ Do you have a mortgage fix ending in the next year or two? Does this feel a bit depressing or very difficult? by @debtcamel
21
12 days ago
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Budgeting can seem so complicated.⁠ ⁠ But this is a simple move that can simply and clarify the month for you - have a separate account for all those fixed amount bills that have to be paid and keeping your spending money in a different account.⁠ ⁠ So into the bills account goes the rent/mortgage. The household utilities. council tax. Your car finance. Monthly insurance payments. Your mobile. ⁠ ⁠ Also subscriptions. This would be a good point to think if you actually need them all, but if you want to keep them, pay them from the bills account.⁠ ⁠ And make all those payments by direct debit or standing order. ⁠ ⁠ This account then nearly runs itself. You move in the total of all these fixed amounts when you are paid. And can just go through and tick off that all the payments have been made - oddly satisfying!⁠ ⁠ If there are two of you, you can pay in 50/50, or whatever split feels right to you looking at your income and the personal bills that are included eg your car finance, your partner's gym membership.⁠ ⁠ So your important bills are prioritised. And you can see at a glance what is available to spend on everyday living, treats, and savings for your future goals.⁠ ⁠ Do you do this? If not, should you?⁠ by @debtcamel
5
13 days ago
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Being honest with yourself is a key part of getting a realistic plan. Whether that's for debt clearing or saving a house deposit or any other big goal.⁠ ⁠ Do some of these little white lies sound familiar to you? ⁠ ⁠ Or do you have a different one that enabled you to delay budgeting and/or debt calearing? Pop a comment below ⬇️⁠ ⁠ They can be harmful not just for your finances, but for your mental health. Part of your mind knows they aren't right, and this gives you another weight to carry. ⁠ ⁠ by @debtcamel
4
17 days ago
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Yesterday a very good report on Student Loans was published.⁠ ⁠ It's by the House of Commons Treasury Committee. While the government does not have to act on its recommendations, they will be taken much more seriously that some newspaper article or think tank report.⁠ ⁠ And in this case, the current government can blame the Tories for the worst of the problems - eg comparing student loan repayments to a mobile bill 🤦⁠ ⁠ So may Andy Burnham fancy going back on the decision to freeze loan repayment thresholds? Seeing this as a popular measure to bring in this autumn? It's possible... ⁠ ⁠ Are you on a Plan 2 #studentloan repayment? Or is one of your children? by @debtcamel
37
18 days ago
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