Reduce your expenses Reducing your outgoings is a good starting point if you are looking to pay off your overdraft. A common reason that people dip into their overdraft every month is that their expenses outweigh their income, and if that’s you, the first thing you should do is look at calculating a budget. If you’re not sure where all your money is going, look through your bank statements. Are there any unnecessary purchases or things you could cut back on? No one likes to limit themselves on their spending, but cutting back on socialising or days out temporarily could help you to pay off you ..read more

What happens if you don’t pay back a personal loan? The first thing that will happen when you miss a loan payment is that you may be charged a fee, or lose any 0% or low interest rate promotions. The average charge is £25.00 on a personal loan but this could be more depending on the number of payments missed. It also means your debt will only be increasing, so it’s best to avoid missed payments when possible. If you miss a loan repayment, you may have to pay more the following month to catch up on arrears and some lenders will charge you a missed payment fee. The same can happen if you’re not ..read more

Are financial scams becoming more common? Since the rise of technology, scammers have become more able to deceive people out of their hard-earned money, and in 2022 the cost-of-living crisis has only made this problem worse. This is because many more people face financial difficulty, making them increasingly vulnerable to scams. Scammers tend to take advantage of people in difficult situations, promising them deals that seem to better their financial situation. For example, scammers have been using the energy crisis to target customers. Ofgem has reported scammers impersonating them to target ..read more

First off, what is Buy Now, Pay Later or BNPL? BNPL is a payment plan that allows you to either spread the cost of purchases over three payments or buy something and pay within 30 days. It can be particularly tempting when you’re waiting for payday – want that new game, dress, or pair of shoes, but payday is two weeks away? No problem with Buy Now, Pay Later. How does Buy Now Pay Later work? Simply put, the Buy Now Pay Later provider pays for your desired products. Then you pay back the provider either in instalments or one sum before the 30 days are up. Each Buy Now Pay Later option works dif ..read more

If I pay my credit card early, can I use it again? The simple answer is yes, if you pay off your credit card you can use it again. Your credit card account will remain open until you close it even if you’ve paid off your credit card balance. How much you can spend will depend on your credit limit. If you want to find out what your credit limit is speak to your credit card provider. How long do I have to pay off my credit card? How long you have to pay off your credit card, typically depends on your credit card provider. Every credit card and every credit card company is different. It also wil ..read more

Tips on paying off your credit cards Don’t just stick to the minimum payments Meeting the minimum payments each month is great, but if you can afford to pay more then you should be. Paying off your credit card balance in full each month could be a great way to improve your credit score and stop you from going into credit card debt. It shows credit card providers that you are responsible with money and you’re only using your card for things you can afford. This means you’ll be more likely to be accepted for credit in the future. Can’t pay more? Make sure you always at least meet the minimum pay ..read more

Which debts should I pay off first? When deciding which debt to pay off first you must look at which debt will cause you the most problems if it goes unpaid. Typically, the debts that will affect you the most if they are not paid are secured debts such as mortgages, council tax arrears, and utility bill arrears. Making payments on priority debts is more important than making payments on other debts like credit card debt and unsecured personal loans. Here is a small list of debts you should always pay off first if you can: Mortgage payments If you are in arrears on your mortgage payments, you ..read more

Where do I start with getting out of my overdraft? Stop using your overdraft One way to stop using your overdraft is to pay it off and start from scratch but how? If you’re lucky enough to have a savings account, it might be time to think about using that to pay off your overdraft. You might be reluctant to pay off your overdraft using savings – you’ve spent all that time saving up the money – but you could ultimately, save money doing this. Why? Because you won’t be spending money on interest payments. When you pay interest, you’re essentially giving your money away for free, it might seem wo ..read more

At Consolidation Express, we believe in a better tomorrow We wanted to make a difference not only in people’s financial lives but in the lives of their children, and future generations to come. Helping people have more money for tomorrow is fantastic, and it’s what we love to do, but there’s no point in that if there’s no earth to enjoy it! We needed to step up our involvement in environmental issues. So, we asked ourselves, how could we become a carbon neutral business? We’re taking action to become a carbon neutral company We’re thrilled to announce our partnership with Rewards.Earth, who wi ..read more

How much has the cost of living gone up? There are five main reasons the cost of living is going up: Inflation Fuel Energy National Insurance Interest rates What is inflation, and is it good or bad? Inflation is the general increase, and fall, in prices. If inflation is rising, it means prices are increasing, if it’s falling then prices are falling. Breaking it down: For example, if a cup of coffee is £1.50 in 2021, and inflation rises by 5% over the year, that same cup of coffee will now cost you £1.57. Inflation isn’t generally bad because normally wages rise along with it but that isn’t h ..read more