Personal Finances Articles

A Debt Relief Order (DRO) is a simple and cheap alternative to bankruptcy if you are renting and have little money to spare each month to repay debts. A DRO lasts for 12 months and during this time you must inform the Official Receiver (OR): if you receive any money or other assets, or if The post DROs – what if my pay increases or I get a lump sum of money? appeared first on Debt Camel.

A Debt Relief Order (DRO)  is often the best debt solution if you have under £50,000 of debt, you are renting and you have hardly any spare money to repay your debts. You don’t have to make any payments in a DRO and, after a year, your debts are wiped out. See What is a The post DRO applications – frequently asked questions appeared first on Debt Camel.

  UPDATE March 2025 – final scheme payment announced Amigo has announced the last percentage payment will be 6.01%. Together with the first percentage payment, this takes the total up to 18.51%. The amount you will receive will be a bit less than half the previous percentage payment you received. (If you have received 2 The post Amigo Scheme – final payment of 6.01% will be paid in April 2025 appeared first on Debt Camel.

A default hurts your credit score, but how long for? That depends on the default date recorded on your credit file. If a the default date is too late, it harms your credit score for longer than necessary. The Key Rule to remember is “A default drops off after 6 years”. This always happens, regardless The post What should the default date be & when will it disappear? appeared first on Debt Camel.

Do you only make the minimum payments on your credit cards? If money is tight, you may feel you can’t afford more… But do you know that there is a simple alternative that will speed up debt repayments a lot, not harm your credit record and not cost you any more? Repaying a credit card The post Credit cards – the minimum payment trap appeared first on Debt Camel.