Category: Late Payment Interest

  • Cost of living increase

    A recent article rom the BBC has suggested that millions now have no savings as prices soar A quarter of UK adults have less than £100 set aside in savings, a survey suggests, leaving them vulnerable to rising and unexpected bills. The lack of a financial safety net means many have to borrow money to…

  • Retail Home Shopping

    Consumers don’t need to venture outside of their front door to shop for home, personal, gifts and gardening items. There are 24 hour television channels dedicated solely to the home shopping audience. The internet also serves as an easy way to click a shopping basket full of items that, many times, are bought on a…

  • Buy now, pay later grocery schemes are a ‘debt trap’ for struggling families

    UK regulators say the latest surge in interest-free credit does not offer enough protection for those who are slipping into debt. Families hit by the cost-of-living crisis are being targeted by credit firms offering “buy now, pay later” deals on weekly groceries, pet food and hot drinks. Shoppers are urged to spread their payments for…

  • Christmas Shopping Debt

    Christmas shopping to leave Brits with four months of debt The average Brit gets into £439 of debt over the Christmas period, which can take four months to recover from. According to debt management company Lowell, more than a fifth (22 per cent) of British consumers are feeling pressure to spend beyond their means this…

  • Buy now pay later: How does it work?

    More people are opting to use buy now pay later (BNPL) services for their shopping than last year, according to new data revealed to Panorama. An estimated 15 million adults of all ages in the UK are actively using this form of credit, an increase of more than two million since the start of the…

  • Warning as millions of taxpayers owe money to HMRC – are you affected?

    TAX debt is now more than double pre-pandemic levels with the National Audit Office (NAO) today warning the HMRC may struggle in dealing with the workload of collection. Up to 2.4 million taxpayers are thought to be in debt to HMRC since the pandemic with a total debt of £42billion in September according to the…

  • What should a late payment letter include?

    Late payment or debt recovery letters as they are sometimes called can be an effective way to recover debts if they are put together correctly. Here’s some advice on how to compile your own letter and what and how much to include. Before we get started it is also worth noting that you may need…

  • Five rules bailiffs have to follow when they visit homes following the pandemic

    Bailiffs are now able to approach debtors’ homes over repayments for fines, traffic offences, unpaid council tax and other outstanding penalties. The guidance, which has been published by the Ministry of Justice, outlines that goods can still be seized during the pandemic. But the procedure of bailiffs coming to visit people’s homes is now different from…