The internet has a hand in disruptive banking, moving us from stuffy brick-and-mortar institutions to banking from the comfort of our homes. It also allows us the freedom to make finance simpler and faster, by creating opportunities for FinTech companies to create platforms such as peer to peer lending.

While consumers stateside have benefited from social lending for years through platforms such as LendingClub and Upstart, the UK can finally welcome peer to peer lending to its shores.

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Plend: the UK’s very own peer to peer platform

Plend is a peer to peer lending platform that managed to secure £700,000 in pre-seed funding, the earliest stage of funding for a new company. This means that before long, Brits will have their very own lending platform. Plend might just be a viable option for consumers looking for alternatives to government and traditional business finance.

What peer to peer lending offers

A peer to peer (P2P) lending platform offers two options. The first is as borrower where applicants complete their details and loan amount required. Documents are submitted and the application is matched with the right borrower.

The second option is to register as a lender. This allows you to lend funds to qualifying applicants and enjoy a percentage of the returns through interest, fees or a combination of both.

How Plend intends to do lending differently

Plend aims to reach those who don’t have traditional access to financing through more inclusive lending. At first, it will use the Open Banking rating to determine funding eligibility.

Open Banking provides your financial background information to the lender securely. This allows them access to key financial moments in your banking history that don’t necessarily generate a credit score.

Once Plend has enough consumers on its books, it aims to create an internal scoring system – the Plend Score – to make the lending process a little more inclusive.

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Why Plend hopes to enter the untapped credit market

While there is a massive consumer market for traditional credit products, the deciding factor is your credit score. This leaves those who still need to build their credit score and those who are in the process of repairing their score out of the market. A credit score only reveals certain aspects of a financial position and can take months, if not years, to recover.

Apart from using a different scoring method to qualify its clients, Plend also looks to shorten the period between a financial dip and the restoration of what we know as ‘good credit’. For instance, bankruptcy stays on your credit report for six years, leaving you in the credit dead zone.

Plend isn’t looking to replace current credit providers

While it may seem that a new lender on the block is direct competition to major banks and other FinTechs, Plend is aiming to provide solutions for those they feel are exploited by mainstream financial services. For instance, their peer to peer lending model assesses actual affordability and provides a low-cost lending solution.

Peer to peer lending: the bottom line

If you find traditional routes to obtaining credit long-winded or simply inaccessible, peer to peer lending might be an option.

However, peer to peer lending is just one option. It’s also worth looking at other finance options such as credit cards for bad credit.

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For years, we’ve been told that cancelling our Netflix subscription or flaking out on coffee dates with our friends would make us rich by the time we retire. Well, it turns out that online movies and skinny decafs were just a tiny part of the dwindling wealth problem. With recent research showing that the average Brit spends nearly half of their earnings on housing costs, it’s clear that more drastic action may be needed.

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Almost half of Brits’ incomes go on housing

There are a few principles that financial pundits around the world agree on. For instance, the debt-to-income ratio. Housing costs, which include your mortgage payment or rent, shouldn’t be more than 30% of your income. A car shouldn’t be more than 25%, and it’s even better if that includes insurance.

For Brits, however, the 30% debt-to-income ratio for housing seems like a fairytale. A study by NimbleFins reveals that on average, Brits spend nearly 48% of their income on housing. This leaves them with very little wiggle room for wealth creation. In fact, after transport, fuel, groceries and utilities, there’s barely anything left for saving and investments.

Is there a silver lining for homeowners?

It’s not always easy to find a property that suits your pocket, can accommodate your family and is within a fair distance of your workplace. Property prices in the UK have also soared to record highs thanks to the imbalance of supply and demand and a lack of affordable housing. 

But there’s hope. Before the pandemic, measures were put in place that removed the council cap for building new houses. While the pandemic slowed things down, the plans are already in motion for more affordable housing.

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What to do while you wait for more housing options

Realistically, it’s going to be years before the housing crisis in the UK is resolved. Until then, it’s a matter of tweaking your finances in other ways to build wealth.

• Increase your income: If you can’t reduce your property costs by moving into a more affordable home, then it’s time to tweak the other end of the ratio, which is your income. You could ask for a raise, take on a few extra hours, or start up your own side hustle to boost your income. You may even want to consider changing your job, especially if the current one doesn’t provide much room for growth.
• Decrease other large expenses: Your quickest wins are making sure that your highest month-to-month costs are reduced to save more. This means trading in that luxury, high-performance car for a more economical ride. This can address your car and fuel bills. If you’re not in a position to trade in, consider carpooling to have a colleague help with those fuel and parking costs.
• Move your high-cost credit to lower-interest products: Credit card debt can be a big budget killer, which makes the case for moving it over to a lower interest product. Keep an eye out for credit cards that offer a 0% interest period on balance transfers. Make sure to choose a card that offers a long 0% period and low or no balance transfer fees.
• Reduce costs: It’s time to have a look at interest rates, subscription costs, bank fees, and even membership fees. While cancelling some of these might not be possible, it’s worth asking for a reduction in costs based on your relationship with the provider.

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The deadline to end the £20 Universal Credit uplift is set for 6 October. It will affect the pockets of nearly six million people, and as many as 800,000 families could fall into poverty as a result of the cut.

While it may not have been the news many wanted, the government is optimistic about a rebound in the economy. This could open up opportunities, but until that happens, it’s up to households to make preparations.

There are three basic ways to ready yourself for the Universal Credit cut.

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1. Increase your income

Thanks to increasing economic activity as Brits shift into their new normal, record numbers of jobs are available. According to the ONS, unemployment rates are down to 4.7%. But it may not seem like enough for those who still find themselves in the unemployment bracket.

Finding another source of income is an important step to take in order to shoulder the Universal Credit cut and is the only real permanent solution. However, formal employment isn’t the only way to make up the £20 per week. Other options include:

• Becoming a driver: Uber and Lyft are simple options to join if you happen to have the right car. It doesn’t take long to make a few extra pounds and before you know it, that £20 deficit won’t feature anymore. However, you need to meet some criteria in terms of the car you drive.
• Working on the internet: Type in the word ‘freelancer’ and you’ll find a number of search options that will highlight some of the most popular and lucrative work choices. These side jobs range from writers and photographers to transcribers and website testers. The pay for such roles may start off pretty low, but it can rise to around £10 to £20 per hour. This, of course, depends on turnaround time and your knack for following instructions.
• Picking up a second shift: This might have been difficult before, but as industries open back up, businesses might be more open to the occasional extra shift.
• Cooking for other families: If you have the facilities to do this and your meals are well-liked by family and friends, cook a meal or two a week for other families. Budget-friendly yet tasty meals go a long way, and if it saves parents from stopping for yet another store-bought meal or takeaway, you know you’ve got a winner. It might take a bit of time to build a decent customer base, but at the very least it should make up the shortfall in a few weeks. Social media is a good way of advertising. 

2. Decrease your expenses ahead of the Universal Credit cut

If Covid taught us anything, it’s our ability to cut down on expenses. Cutting down on expenses might not be possible in every household. It’s important to look at money drains that might just cost you more than they should. For instance, many of us know we spend more on streaming subscriptions and takeaways than we need to.

While this is one way to carry the load that the Universal Credit cut brings, it’s only a short-term solution until you’re able to increase your income again. This is because households can only cut expenses so many times.

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3. Look for other sources of support

Some households simply can’t increase their income or cut their expenses any further to cover the Universal Credit cut. It’s simply not feasible for those who face serious medical problems or have to take care of sick or elderly relatives.

It’s important to check all the benefits available to those who need financial support. Seek advice from local and national groups to find out whether there are any special grants available. Some useful websites include:

• logcabin.org.uk
• family-action.org.uk
• benefitsguide.co.uk

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Although the pandemic made its mark on the nation’s personal finances, a recent survey carried out by Toluna reveals that Brits are generally optimistic about their financial future. However, 23% are worried that they’re not saving enough for retirement. If you’re part of the 23%, what can you do about it? Let’s take a look.

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Those closer to retirement are particularly concerned

It’s understandable that as retirement draws closer, concerns about retirement savings seem to rise. The survey shows that 58% of those between the ages of 40 and 60 are worried that they won’t have enough for their golden years. The economic downturn is certainly playing its part, as investments are feeling the full force of volatile markets.

Tips to boost retirement savings

It’s tempting to go for investment assets that produce the highest return in the shortest amount of time. However, sound financial decision-making will go a long way.

• Aim for long-term investing: It’s tempting to get your money out as fast as possible when the markets take a knock. However, if you still have ten years or more before retirement, you might want to think it through. Investing is for the long-term and moving funds during a market lull can jeopardise your capital. It’s wise to speak to a financial adviser to make sure that withdrawals or switches form part of your long-term investment strategy.
• Investigate asset allocation: If asset allocation doesn’t form part of your annual investment review, it should. Your asset allocation in your retirement portfolio at 25 should look different to the allocation at 55. That is because your risk will adjust. When you get close to your retirement date, you should start looking at assets that preserve your portfolio.
• Try not to make emotional decisions: It’s hard to invest for years and not worry about investments during market fluctuations. However, emotional reactions might jeopardise the opportunity to recoup any losses if they’re moved at the wrong time.
• Find out what your options are: The closer you are to retirement, the fewer options you have. This is because investments are time-sensitive. Those that might make good returns, might be too high risk and put your capital in danger. It’s best to take a close look at your financial standing. Also, consider the time you have to make a difference in your portfolio. You may have to consider building other passive streams of income if the trajectory doesn’t meet your financial needs for retirement.
• Increase your contributions: If you’re still a few years away from retirement and your budget allows bigger contributions, a low market is an ideal time to do this. See this as the markets having a sale and you buying up stocks at a discounted rate. Remember to consider your risk profile, a good asset mix and solid financial institutions before investing.

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Why regular savings accounts are a poor choice

Knowing the inflation rate is important as it can affect your long-term savings. Michael Worledge, head of financial services research at Toluna, says, “There is no doubt, especially as some estimates suggest that the rate of inflation could hit 4% by the end of the year, that there is increasing pressure on the central bank to act and tame the rate of inflation.”

For those looking to give their retirement savings a boost, it’s worth knowing that savings accounts don’t offer rates that keep up with inflation. Currently, major banks in the UK rarely award interest rates of more than 1% to 3% on savings products.

What this means is that if you’re looking at a regular savings account as a long-term solution, you’re effectively ‘losing’ money as it doesn’t grow with inflation.

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It takes time for a small and medium enterprise (SME) to get into a cash flush position. When that happens, it’s tempting to hang on to it to preserve the capital.

But as with personal finances, there are other avenues that will provide businesses with opportunities to grow their surplus cash. As Andrey Dobrynin, managing director at InvestEngine, explains: “With banks paying just 0.05% on business savings, SMEs have the opportunity to earn much higher returns by investing their surplus cash in the stock market.”

So, how can you make the most of your surplus cash? Let’s take a look at six possible ways.

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1. Invest in the stock market

It’s important to know that any type of investment carries risk. You will first need to understand your appetite for risk before embarking on a diversified investment portfolio.

Bear in mind that your business’s emergency savings shouldn’t be part of the capital invested and should rather be in a short-term, guaranteed savings account. The money that you invest should be funds that you can afford to lose and that you are happy to invest for at least 10 years. Have a look at our share dealing comparison page to see if there’s an option that suits your needs.

2. Expand your current SME operations

Diversification and expansion are popular ways to build the wealth of an SME. If it’s in the best interest of your business, you could use the surplus to introduce another product or service. Market research and feasibility tests should be carried out to ensure your current business operations don’t have to carry the next project, but the surplus could be enough to get it going.

3. Invest in another business

You could use your surplus money to help another business get off the ground. They need money and you need returns. However, hold up before you throw money into that microbrewery up the road because of the possibility of free beer.

It helps to rope in the help of a business consultant or broker to do due diligence. You want to know that the business is actually worth the percentage you’re buying.

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4. Enter the property market

Commercial property has a lot of possibilities. In the first instance, it’s valuable to own the building your business operates from in order to control costs. You could also purchase property with the intention of leasing it to other SMEs. For instance, you could subdivide a large property in order for multiple businesses to operate.  

5. Consider peer-to-peer lending

There are a number of peer-to-peer lending sites purposely designed for businesses to fund other businesses, especially startups. While this is a great way to generate a possible return, the risk is not any less than sourcing a business to invest in yourself.

On the plus side, your returns shouldn’t be dependent on any input or guidance from you. A business partner or shareholder should provide this service unless otherwise discussed.

6. Invest in bonds

Bonds have always been considered by investors as a ‘safer’ option for those who are averse to stock market investing. However, it’s important to know that while bonds tend to hold their value more than the stock market, there can still be losses.

For an SME, long-term investing in bonds might still be more lucrative than simply parking the funds indefinitely in that 0.05% business savings account.

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If you’re a first-time investor, you’d be forgiven for thinking that investing is anything but simple. But here’s the thing: for the first time in history, investing is accessible, cheap and automated. You no longer have to scour the newspapers for word on certain stocks. You now have an app for that.

Even though investing is easier these days, as a first-time investor, it’s important to build consistency in your approach. That way, your investments can grow in line with your needs and expectations. 

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Learn about asset allocation

You’ve probably heard that very old investing phrase, “don’t keep all your eggs in one basket.” You might already know that a good investment strategy includes diversity. But how to go about it as a first-time investor?

This is where asset allocation comes in. All investment types are referred to as assets. They can include stocks, bonds, properties, commodities, and all the other investment types that make up your investment portfolio. Asset allocation simply means allocating capital to these various assets.

There are a few allocation methods to consider:

• Strategic asset allocation: This method allows you to allocate specific percentages to each asset class. You review this when needed, which can be once a year if you like.
• Tactical asset allocation: The approach is to constantly monitor the markets and to change your strategies to maximise profits. This is not about the class of the funds, but rather harnessing the best-performing assets all the time.
• Constant weighting asset allocation: You’ve allocated certain percentages and when those percentages are unbalanced, you rectify them straight away instead of waiting for your annual adjustment. The rule of thumb here is to wait until the deviation reaches 5%.
• Insured asset allocation: With this strategy, the investment has a minimum it can drop to. When it reaches this amount, the funds are transferred into an asset that’s more secure or guaranteed.
• Integrated asset allocation: This method allows you to target both profit and risk.
• Dynamic asset allocation: With this method, you constantly move your funds to avoid losses and take advantage of growth. This means you move funds when the markets go down and buy funds when they go up, instead of waiting it out.

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Adjust your risk

There’s a good chance that your risk appetite will change as your portfolio grows and your priorities change. This is because the older you get, the less time you have to wait out any fluctuations in the market.

For instance, a retirement fund might start out with a big portion of the funds in stocks, with only a small percentage in conservative assets such as bonds. As the investor gets closer to retirement, the strategy might move towards preserving the capital, which could mean more funds will shift to a more conservative profile.

First-time investors should learn from the best

The internet has made it easier to invest, but that’s not all. It’s also made it simpler for you to follow investors, analysts and money blogs that know a thing or two about investing. While there’s no investment strategy that’s foolproof, it’s worth learning from those who have already been through the best and worst of the investment world.

Getting started as a first-time investor

But just because getting started as a first-time investor is simpler these days, it doesn’t mean you should go in unprepared. Check out our guide on how to invest for the first time.

And to keep the momentum going and build consistency, also check out some of our other investment resources. 

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An emergency fund or rainy day fund can help you weather those tough financial times. The pandemic has certainly highlighted the importance of having some money tucked away. But how do you know when you have enough?

In an effort to encourage financial fitness in its customers, HSBC did a survey and found that 80% of respondents had an emergency fund. While this is great news, it doesn’t answer the question of how much is enough.

The three-month rule of thumb

It’s likely that you’ve heard the three-month rule in terms of setting up your emergency savings. Essentially, this means having an emergency fund big enough to cover three months’ of living expenses. Some experts push that to six months for those whose income isn’t stable, such as commission-earners, seasonal workers and the self-employed.

So if your living expenses come in at £1,000 per month, you should ideally have at least £3,000 tucked away. But that increases to £6,000 for those other than the salaried.

Can you save more in your emergency fund?

Let’s face it, in these tough economic times, it makes sense to want a bigger safety net. Three months go by really fast, especially if you’re furloughed. Unemployment rates in 2020 in the UK skyrocketed, resulting in a large portion of people dipping into their savings.

Events such as these also pose the question of whether a three-month emergency fund is enough, considering it’s not that easy to bounce back onto the work treadmill during a pandemic. Increasing emergency savings as much as possible can ease some of that unemployment anxiety.

That being said, it’s important to note that saving too large a sum in a regular savings account can end up costing you. Even if you have the best savings account at the best bank, it’s not going to pay an interest rate that’s higher than inflation. You’ll be lucky to get a return of 1% on your savings, and inflation is currently more than double that.

It’s worth shopping around for rates that teeter closer to the 2% or 3% mark. But accounts offering these rates might limit access to your funds.

Should you invest your emergency fund?

While there are investments that are considered less risky than others, such as government bonds, investments always carry risk. Emergency funds should be immediately available and the capital needs to be protected. 

There are a number of products that might be suitable, and you might even consider a combination to give you some legroom. For instance, you could put half in a current or savings account, a quarter into premium bonds, and the remainder in a notice deposit account.

Why have an emergency fund at all?

It’s tempting to think that if you have good credit and a range of credit products with low balances and high limits, that it’s not necessary to save for a rainy day.

The key difference between using credit in an emergency instead of your emergency fund is interest. You’ll pay to use credit, and the amount you owe can quickly spiral if, for any reason, you can’t keep up with repayments.

Credit is also not guaranteed. A credit provider can call revoke an offer of credit, leaving you with little access to a plan B.

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Being a stay-at-home parent has its advantages as it enables you to witness all of those key milestones as your children grow up. But it’s also nice if you can earn an income without having to sacrifice the joys of raising your kids.

Now, it’s possible to update your title to ‘work-from-home parent’, earn some extra cash and still teach little Alfie how to safely climb down the stairs. Let’s take a look at a few of our favourite work from home jobs.

Also, check out our guide to family finances while you’re at it!

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What jobs can a stay-at-home parent do?

There are a number of jobs that you can do at home, including traditional sales distribution such as Avon, Kleeneze and Forever Living. These have been around for years, and if you’re good at selling, you’ll make a killing.

But what if selling isn’t your thing or you just don’t want that direct interaction with others? Thanks to the Internet, there are a number of jobs you can do online as a stay-at-home parent.

1. Blogger

Becoming a blogger may seem daunting. While it’s not for everyone, those who are able to cement themselves in a niche that gets a good following have a long list of potential revenue streams. Think ad revenue, sponsorships and sponsored posts.

Some of the most influential niches include lifestyle, fashion, cars, beauty and parenting. These are also the most saturated niches, so it helps if you have an angle that no one’s tapped before. There are a number of resources that will help guide you along the way, such as blogstarter.com. According to Indeed, bloggers earn an average of £20,000 per year.

2. Writer

No, you don’t have to be the next J.K. Rowling to make money from writing as a stay-at-home parent. There are a number of writing disciplines to choose from:

• Content writer
• Copywriter
• Technical writer
• Legal writer
• Grant writer
• Academic writer
• Journalist
• Novelist
• Biographer

While this isn’t a complete list, it gives you an idea of the options available. The average income for a writer is around £32,000 a year. It’s worth noting that the individual writing categories and levels of seniority will affect that income.

3. Editor

If you catch yourself cringing at the grammar and syntax errors on social media and even advertising campaigns, it’s time to get paid for your talent. Editors can make a decent income, even as freelancers.

A straightforward salary check reveals that editors make an average of £30,000 per year. Senior editors and editors-in-chief can expect around £40,000, on average.

4. Transcriber

As a stay-at-home parent, this might be a job for when the kids are at school or taking a nap. Why? Well, it requires a fair amount of concentration and superb listening skills. The higher your skill levels, the better your chance of finding a good transcription post that generates a fairly decent income.

Transcribing might not bring in enough to cover all expenses, but it might help fill some gaps in the family budget or provide you with fun money. Expect to earn around £20,000 a year.

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How else can I make money as a stay-at-home parent?

Apart from the popular options above, there are a number of other ways to earn money as a stay-at-home parent, such as setting up an Etsy shop, becoming an Amazon reseller or even doing telemarketing.

The following sites offer some great opportunities for remote workers, which is ideal for the work-from-home parent:

• Craigslist
• Rev
• Upwork
• Problogger
• LinkedIn
• Indeed
• FlexJobs
• Remote OK
• Fiverr
• We Work Remotely

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After supermarket price comparison site MySupermarket closed, there was a scramble to find a replacement app. MySupermarket had it all: decent comparisons, great savings, and best of all, it was intuitive. Thankfully, there are some pretty great supermarket price comparison tools out there looking to fill those enormous shoes.

We take a look at the top alternatives to MySupermarket that claim to get you the best savings on your grocery shopping.

Apps you won’t see on this list are Comparasaurus and Compare Supermarkets as there seems to be no further development on these apps. 

Also, if you’re in the market for a great FinTech app, have a look at some of our other reviews. 

LatestDeals – a worthy entry for best supermarket price comparison app

LatestDeals was established to fill the gaping hole that MySupermarket’s departure left. It admits to not having all the bells and whistles you may have grown used to with MySupermarket, but it sure tries.

It grants its members access to over a thousand new deals every day through its intuitive app. Members also have the opportunity to earn free Amazon vouchers.

The app is free – LatestDeals makes its money through a commission earned on its affiliate sales. This means that every time you make a purchase, LatestDeals earns a commission. This allows them to keep the wheels in motion, like keeping the site and app up to date.

There is no shortage of discounted shopping through LatestDeals. Categories include books, fashion, kids, music, tech, travel, and more. Consumers should also keep an eye out for regular flash sales, freebies and competitions.

Which? – almost there 

Which? offers a price comparison service that scrapes prices from major retailers such as Aldi, Tesco, Waitrose, and Sainsbury’s. It then compares them behind a paywall. The downside is that you’ll need to be a Which? subscriber to access the information. Subscriptions to the service start at £7.99 a month, or £79 a year.

It’s worth noting that the comparison is between a basket of around 200 ingredients. This may not be enough to get a comprehensive overview of the items you may need. Technically this isn’t an app, but it does the job. What’s more, keep an eye out for exclusive deals and vouchers. 

Superizon – one to watch 

The new kid on the supermarket block is Superizon. It’s a good option for those who haven’t found an app to fill their MySupermarket void. It offers a decent range of comparisons and covers most of the supermarkets.

While there’s not much information about the app on the great wide web, there are a few reviews on Google Play Store and the Apple App Store. The app seems to be a good fit for users, however, a word to the wise: keep it up to date to benefit from real-time deals.

A handy barcode scanner allows you to get real-time prices without having to make your way to a scanning point or the checkout. You can also save your basket so you’ll remember what you need before heading out to the stores. Another handy feature is that you can filter stores to limit your shopping to one store at a time. 

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Post-pandemic financial management is likely to include an element of rebuilding. For many, this will mean rebuilding their credit score. Whether you’ve undergone a period of furlough or been laid off, the pandemic could well have left its mark on your finances.

Let’s take a look at what you can to rebuild your score sooner than you think. 

Check your credit score

Checking your current credit score is an important first step. It will let you know where you stand and how much you need to do to rebuild it. Knowing your current score places you in a better position to negotiate interest rates or favourable financial contracts.

In the UK, there are three major credit reference agencies and they each have their own criteria regarding what a ‘good’ credit score is:

• Experian: at least 881
• Equifax: at least 420
• TransUnion: at least 604

Revert back to full payments as soon as possible

If you’ve applied for reduced payments or a payment holiday during the pandemic, it may affect your credit score. While you may have agreed an arrangement with your credit provider, they still have to report the changes to the credit reference agencies as partial or missed payments.

It may not seem fair, but a dwindling credit score isn’t the only consideration here.

For property owners, making such an arrangement might affect their credit score, but it may also save their property. If you are in a position to begin making full payments again, contact your lender to make arrangements as soon as possible.

Bring credit balances down

If you’ve resorted to credit to carry you through the worst of the lockdown, it’s time to bring those balances down. Try to pay more than the minimum required payments to reduce the balance quicker. Credit scores are often affected when credit products are maxed out.

The rule of thumb on credit balances is that your utilisation shouldn’t be more than 20% to 30% of your credit limit. So if your limit is £1,000, aim to be using no more than £200 to £300.

Rebuild your credit score using a credit rebuilder card

If your credit score has dropped below a ‘good’ level, there are still options. Credit cards for bad credit are worth looking into. 

Credit cards for bad credit usually have low borrowing limits and high APRs to offset the risk for the lender. These cards are designed to help you rebuild your credit and over time. As you prove your reliability, the lender may reduce the APR or gradually increase your credit limit.

As soon as you’ve reached a satisfactory rating, however, it’s time to move on to a lower-cost product. 

Keep your credit provider in the loop

While there’s still a good chance that your credit score will dip as explained above, there are certain credit ‘sins’ that are worse than others. For instance, defaults and county court judgements (CCJs) are major no-nos that can take months or even years to resolve, depending on your ability to pay.

Keeping in contact with your credit provider and being honest about your financial situation may prevent them from taking more serious action. It’s important to stick to any new arrangements in order to rebuild trust.

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