Personal Finances Articles

Debt Camel Answers to questions about debts and credit ratings - in plain English!

  • DROs – what if my pay increases or I get a lump sum of money?
    by Sara (Debt Camel) on May 21, 2025 at 8:58 am

    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.

  • DRO applications – frequently asked questions
    by Sara (Debt Camel) on May 21, 2025 at 7:18 am

    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.

  • Amigo Scheme – final payment of 6.01% will be paid in April 2025
    by Sara (Debt Camel) on March 28, 2025 at 10:00 am

      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.

  • What should the default date be & when will it disappear?
    by Sara (Debt Camel) on February 12, 2025 at 8:00 am

    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.

  • Credit cards – the minimum payment trap
    by Sara (Debt Camel) on February 6, 2025 at 10:28 am

    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.

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