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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,621Posts
    • 20,860Thanks
    MSE Andrea
    Struggling with debt? Ask a debt advisor a question
    • #1
    • 18th Nov 16, 1:05 PM
    Struggling with debt? Ask a debt advisor a question 18th Nov 16 at 1:05 PM
    If you need help with your debts, this is the thread for you.

    Trained advisors from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. Theyíre a friendly bunch so please donít be shy!

    There are three ways to get in touch:

    1 - Simply post your question below and Richard, Allen, Rachael, Linsi or Kirsty will reply. If your question is about bankruptcy, then pop over to the Bankruptcy board.

    2 - If you would prefer to ask a question in private, feel free to send a message to StepChange Private Messages.

    3 Ė StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an advisor through online chat.

    If you're a StepChange Debt Charity client already, please contact its Aftercare team rather than posting in this thread (their contact details are in your Welcome Pack).

    This is discussion thread part four, see parts one, two and three.

    Finally, follow @MSE_Forum on twitter for debate and discussion on all things MoneySaving and more.

    If you havenít already, join the forum to reply!
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Page 25
  • StepChange_Allen
    Hello. Here is a brief outline of my situation. My mortgage is ending on the 16th of this month (October) and I will have a shortfall of approximately £13,000. I am a teacher and usually do supply work. However, I have not had any work from September, so effectively have not had any money coming in for over two months. My wife works part time but does not earn enough to pay all the outgoing costs. We have contacted StepChange but they said they cannot help until I get an income. We have contacted the bank (Barclays) but have been passed around to various departments and have now been told we might have left things too late. There has been mention that our home could be repossessed!! The one piece of good news is that I have been offered full time employment but that does not start until January 2018. I have also joined several more education employment agencies in the hope of securing work up until January. What I would like to know is it possible to extend the time period for payment until I have a steady income? Or, who would be best to contact to offer me advice. I am still in contact with Barclays and I am in the process of completing forms regarding income and expenditure so they can evaluate my position. It has been suggested that I could borrow the money from a money lender but I believe the repayments would astrological.
    I am really hoping you can help as we have worked hard over the years to own our home and these final few months have now put our home at risk.
    Originally posted by Mr. Gee

    Hi Mr Gee

    Thanks for posting.

    I'm sorry to hear that your home is currently under threat, I appreciate how worrying that must be. Without listening to the conversation you had with us it's difficult to be sure what exactly was advised. I'd imagine that with a very small amount of household income we wouldn't be able to advise what a long term debt solution would be; until things change; which happily for you will be in January at the latest.

    We can still offer advice; even without seeing your budget I can say that it's vital to communicate with the lender about the problem and the fact you now have a job lined up. If you can show them (for example via a budget) that you can afford to pay the full mortgage plus something towards the arrears from January, they may be reassured that no further action needs to be taken.

    What's key to remember or be aware of is that banks don't usually want to repossess houses; they'd rather look at alternatives where possible and realistic. However only the bank themselves can answer whether they'll give you more time to get things straight, and what they can do to help. As long as you're keeping in touch, being transparent and are willing to work with them I'd be surprised if they looked to repossess before you're back in work. At least if you've not got a history of problems with them - people that have may find that further action escalates more quickly eventually.

    I hope this helps a little. Please get back in touch with us if you need some further help at any stage.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • tomking83
    • By tomking83 6th Oct 17, 5:31 PM
    • 1 Posts
    • 0 Thanks
    tomking83
    Hi,

    I'm after some advice. My wife and I have been living in our house for nearly one year. When we bought it we knew that there was a lot of work that needed doing to the house. Over the next few months we saved and saved and my parents loaned us £25,000 to complete the work needed. Unfortunately, as often happens, it has gone over budget by about £10,000 and as a result I have had to use credit cards and overdraft to complete the work.
    I have read that there is the possibility of additional borrowing on our mortgage however we have already borrowed 85% of the value of the house. The work we have had done is extensive such as rewiring, new bathroom, kitchen, lounge etc. Is it worth getting the property revalued by the bank to at least relieve some of the debt?

    Many thanks,

    Tom
    • InNeedOfAdviceAboutWork
    • By InNeedOfAdviceAboutWork 6th Oct 17, 9:40 PM
    • 7 Posts
    • 5 Thanks
    InNeedOfAdviceAboutWork
    Not so much struggling with, but still need an answer :D
    Hi there!

    I've worked my !!! off to get my debt from the teenage years sorted - I owed a lot (over 26k) , I now owe not a lot (less than 500£) .. it's taken years! But better that than go bankrupt - for me anyway. Now I've grown up I've realised what I should have back then if I'd spent it wisely, but hindsight eh ?

    I've kept one low credit limit card up to date - and worked my way down to a pretty much satisfied record - with the exception of one thing from 2010 - Lowell Group - £300 - which still appears to be open and active on my file.

    I'm confused - I thought it became Null after 6 years. No I have't had any contact with them at all... ?
    I would much rather pay it off, but it would need to be at a rate I can afford ( would probably only take me 3 - 5 months at the minimum. But if I contact them and make the offer .. are they going to start hounding me? Because they haven't been ...

    Just need to know what's the best route to take .... If I could phone them and pay it in one go I would .. but it's been a rough few months .. so I want to go the best way I can go with it, with minimal "damage"
    • sourcrates
    • By sourcrates 6th Oct 17, 10:07 PM
    • 12,175 Posts
    • 11,637 Thanks
    sourcrates
    Hi there!

    I've worked my !!! off to get my debt from the teenage years sorted - I owed a lot (over 26k) , I now owe not a lot (less than 500£) .. it's taken years! But better that than go bankrupt - for me anyway. Now I've grown up I've realised what I should have back then if I'd spent it wisely, but hindsight eh ?

    I've kept one low credit limit card up to date - and worked my way down to a pretty much satisfied record - with the exception of one thing from 2010 - Lowell Group - £300 - which still appears to be open and active on my file.

    I'm confused - I thought it became Null after 6 years. No I have't had any contact with them at all... ?
    I would much rather pay it off, but it would need to be at a rate I can afford ( would probably only take me 3 - 5 months at the minimum. But if I contact them and make the offer .. are they going to start hounding me? Because they haven't been ...

    Just need to know what's the best route to take .... If I could phone them and pay it in one go I would .. but it's been a rough few months .. so I want to go the best way I can go with it, with minimal "damage"
    Originally posted by InNeedOfAdviceAboutWork
    Six years with no,payment or written acknowledgement the debt will be statute barred and you should write and tell them so.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Ej14
    • By Ej14 6th Oct 17, 10:25 PM
    • 1 Posts
    • 0 Thanks
    Ej14
    Remortgage advise
    Hi looking for some help have ran up large debt 35kafter years burying head in sand time to tackle it . Our mortgage is 30k and house valued at 90k is it good idea to remortgage to become debt free as we are only making minimum payments on credit cards and will take forever to pay off
  • StepChange_Linsi
    Hi Tom

    Thanks for your post and welcome to the forum.

    Thereís no reason why you canít have your home revalued and look at increasing your mortgage. If you decide to do this, you need to make sure your mortgage repayments are going to be affordable. Iím sure you already know but you can lose your home if you fall behind with your mortgage payments.

    There are other ways to manage unsecured debts such as credit cards and overdrafts without replying on further credit. Before you make a decision Iíd recommend you use our Debt Remedy tool to create a budget online.

    This will help you work out what you can afford to pay towards your debts and youíll be able to access a personal action plan online. This explains how our recommended debt solution works and what the next steps are. Hereís the link for Debt Remedy.

    All the best,

    Linsi


    Hi,

    I'm after some advice. My wife and I have been living in our house for nearly one year. When we bought it we knew that there was a lot of work that needed doing to the house. Over the next few months we saved and saved and my parents loaned us £25,000 to complete the work needed. Unfortunately, as often happens, it has gone over budget by about £10,000 and as a result I have had to use credit cards and overdraft to complete the work.
    I have read that there is the possibility of additional borrowing on our mortgage however we have already borrowed 85% of the value of the house. The work we have had done is extensive such as rewiring, new bathroom, kitchen, lounge etc. Is it worth getting the property revalued by the bank to at least relieve some of the debt?

    Many thanks,

    Tom
    Originally posted by tomking83
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Linsi
    Hi

    Thanks for getting in touch and welcome to the forum.

    Iím surprised a debt from 2010 is still showing on your credit file. If the original debt was regulated by the Consumer Credit Act, a default must have been registered before the original creditor could sell or Ďassigní the debt to a third party debt collection agency such as Lowell.

    Once six years has passed from the default date, the whole account should disappear from your credit file, even if there is an outstanding balance. This doesnít automatically mean the debt becomes null.

    As sourcrates mentioned some debts become unenforceable if you havenít made any payments or acknowledge a debt for six years or more. You can visit our website for more information about statue barred debts and thereís also a template letter you can use should you believe the debt with Lowell is statute barred.

    If the debt isnít statute barred then itís a good idea to work out what you can afford to pay and then contact Lowell to set up an arrangement to repay the debt. If Lowell isnít happy with your offer it doesnít mean you have to pay more. This is because unsecured debts are only entitled to a fair share of your disposable income.

    Lowell may look to take further action if the debt isnít statute barred and you can find more information about the collection process on our website.

    I hope this helps,

    Linsi

    Hi there!

    I've worked my !!! off to get my debt from the teenage years sorted - I owed a lot (over 26k) , I now owe not a lot (less than 500£) .. it's taken years! But better that than go bankrupt - for me anyway. Now I've grown up I've realised what I should have back then if I'd spent it wisely, but hindsight eh ?

    I've kept one low credit limit card up to date - and worked my way down to a pretty much satisfied record - with the exception of one thing from 2010 - Lowell Group - £300 - which still appears to be open and active on my file.

    I'm confused - I thought it became Null after 6 years. No I have't had any contact with them at all... ?
    I would much rather pay it off, but it would need to be at a rate I can afford ( would probably only take me 3 - 5 months at the minimum. But if I contact them and make the offer .. are they going to start hounding me? Because they haven't been ...

    Just need to know what's the best route to take .... If I could phone them and pay it in one go I would .. but it's been a rough few months .. so I want to go the best way I can go with it, with minimal "damage"
    Originally posted by InNeedOfAdviceAboutWork
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Rachael
    Hi

    Thanks for your post and welcome to the forum.

    Itís definitely worth looking at all your options when deciding on how to tackle debt. Remortgaging can be a really good idea for some however; itís worth bearing in mind that remortgaging isnít a great option for everyone. It would depend on the product offered.

    Itís worth speaking to an independent mortgage advisory service to find out more about this option as youíd need to speak to some specially trained.

    Here you can find a link to this Martin Lewis page on reasons for and against re-mortgaging.

    If you also want to explore other options available to tackle your unsecured debt and find alternative ways to become debt free, then you can use the StepChange online Debt Remedy tool.

    Best of luck
    Rachael


    Hi looking for some help have ran up large debt 35kafter years burying head in sand time to tackle it . Our mortgage is 30k and house valued at 90k is it good idea to remortgage to become debt free as we are only making minimum payments on credit cards and will take forever to pay off
    Originally posted by Ej14
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Matt_C74
    • By Matt_C74 10th Oct 17, 9:27 AM
    • 24 Posts
    • 6 Thanks
    Matt_C74
    Good Morning

    Here's the situation

    2017 is the year to address things after years of burying my head in the sand, and so far all is well

    - refund from Wonga re payday loans, balance cleared.
    - refund from Wage Day Advance re payday loans, balance cleared.
    - Sunny rejected a complaint so we're with the FOS ATM.
    - Vanqis credit card paid off, zero balance.
    - Capital One credit card paid off, zero balance.
    - Lending Stream loan paid off, zero balance.
    - New bank account with no overdraft facility, healthy in the green.
    - Council tax arrears coming down steadily.

    Very, very happy with what I've achieved so far - feel like a new man!

    Anyway, have 1 outstanding issue ATM

    Several years ago I had a joint bank account with my Santander (I've been with my current bank since this year and was with the Co-Op before that from Sept 2009 to 2017 - Santander was the account before that so no activity on the account since early 2010 at the latest).

    My OH has started getting messages from Robinson Way about a Santander debt, I haven't had any contact from them at all...they haven't provided any detail - just a message asking for contact.

    I'm not sure what the debt is, to the best of my knowledge the account was left dormant/closed with nothing owing.

    What is my best course of action here? Should I or OH contact them or wait for them to put something in writing?

    I've checked my credit file and there's nothing there from Santander at all, no open account or closed account, no default, no CCJ

    Intend to check OHs credit file tonight

    Thanks in advance
  • StepChange_Allen
    Good Morning

    Here's the situation

    2017 is the year to address things after years of burying my head in the sand, and so far all is well

    - refund from Wonga re payday loans, balance cleared.
    - refund from Wage Day Advance re payday loans, balance cleared.
    - Sunny rejected a complaint so we're with the FOS ATM.
    - Vanqis credit card paid off, zero balance.
    - Capital One credit card paid off, zero balance.
    - Lending Stream loan paid off, zero balance.
    - New bank account with no overdraft facility, healthy in the green.
    - Council tax arrears coming down steadily.

    Very, very happy with what I've achieved so far - feel like a new man!

    Anyway, have 1 outstanding issue ATM

    Several years ago I had a joint bank account with my Santander (I've been with my current bank since this year and was with the Co-Op before that from Sept 2009 to 2017 - Santander was the account before that so no activity on the account since early 2010 at the latest).

    My OH has started getting messages from Robinson Way about a Santander debt, I haven't had any contact from them at all...they haven't provided any detail - just a message asking for contact.

    I'm not sure what the debt is, to the best of my knowledge the account was left dormant/closed with nothing owing.

    What is my best course of action here? Should I or OH contact them or wait for them to put something in writing?

    I've checked my credit file and there's nothing there from Santander at all, no open account or closed account, no default, no CCJ

    Intend to check OHs credit file tonight

    Thanks in advance
    Originally posted by Matt_C74
    Hi Matt

    Thanks for posting.

    It's great to hear that you've made such fantastic progress with your debts this year.

    It's up to your partner whether they contact Robinson Way now or wait for a letter; sometimes debt collection companies try calling/texting first as it's cheaper than sending a letter, but eventually they will write.

    As they're contacting your partner, it's probably best if they contact Robinson Way to find out what the debt is. As you think that the old bank account had no debt on it, could it be a different debt that your partner had?

    If it is an old bank account balance that hasn't been paid or acknowledged in writing by either of you for 6 years or more, the debt would be statute barred (legally unenforceable). If you need more information on statute barred debt, please visit www.stepchange.org and type 'statute barred' into the search box. In this case it wouldn't show on your credit file because any debt would have been defaulted over 6 years ago, so it would have dropped off.

    I hope this helps, please let us know if we can offer any further advice.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Matt_C74
    • By Matt_C74 11th Oct 17, 9:35 AM
    • 24 Posts
    • 6 Thanks
    Matt_C74
    Thanks for the reply

    I think we're going to wait for them to write, my OH had no relationship with Santander before we opened the joint account so we're quite confident it's to do with that account and must be at least 7 years old. Will wait to see what arrives in the post

    Cheers
    • Gellerbing
    • By Gellerbing 11th Oct 17, 11:25 AM
    • 2 Posts
    • 0 Thanks
    Gellerbing
    Hi im after a bit of advice.
    I have acumilated around £8000 in debt over 4 credit cards, ive been paying around £40-£50 per card per month and until recently its been fine as i did have a decent paid job. However i recently lost my full time job and am now only part time meaning it is a struggle to keep scraping the money together to pay these debts.
    I wrote a letter to the company's i owed, explaining my situation, giving them proof of my income and what my outgoings are and offered a lower monthly payment. However it is now a week later and they have sent me my usual statement at the usual minumum payments, meaning obviously they have completely ignored my letter.
    Is there anything else i can do?
  • StepChange_Linsi
    Good morning,

    Thank you for your post and welcome to the forum.

    Iím sorry to hear you lost your full-time job; itís completely understandable why youíre not able to pay as much as you have previously.

    Youíve done the right thing to tell your creditors about the change in your employment. As your letters were sent a week ago they may not have reach the right department yet. You could try to email or call the creditors instead as this is usually quicker.

    You can also use our Debt Remedy tool to create a budget online. Weíll then be able to let you know which solutions are available to help you with your debts going forward.

    As your income has reduced itís also worth checking your benefit entitlement as there may be benefits you can claim to help cover your living costs. Thereís a benefits checker on our website, hereís the link.

    I hope this helps,

    Linsi

    Hi im after a bit of advice.
    I have acumilated around £8000 in debt over 4 credit cards, ive been paying around £40-£50 per card per month and until recently its been fine as i did have a decent paid job. However i recently lost my full time job and am now only part time meaning it is a struggle to keep scraping the money together to pay these debts.
    I wrote a letter to the company's i owed, explaining my situation, giving them proof of my income and what my outgoings are and offered a lower monthly payment. However it is now a week later and they have sent me my usual statement at the usual minumum payments, meaning obviously they have completely ignored my letter.
    Is there anything else i can do?
    Originally posted by Gellerbing
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • mejaa
    • By mejaa 15th Oct 17, 1:05 PM
    • 170 Posts
    • 58 Thanks
    mejaa
    Just looking for a bit of advice.
    Me and husband have got a fair bit of debt between us. No joint debt
    I am willing to try and enter a dmp for the debt in my name, I am worried abOut how it will affect my husband as we have a joint bank account so are financially linked, my husband needs to keep him credit score relatively clean as we need a car on finance.please do not judge me, it has taken me all morning to write this, I am so ashamed and feel like I have let my kids down ������
    Please someone give me some advice
  • StepChange_Allen
    Just looking for a bit of advice.
    Me and husband have got a fair bit of debt between us. No joint debt
    I am willing to try and enter a dmp for the debt in my name, I am worried abOut how it will affect my husband as we have a joint bank account so are financially linked, my husband needs to keep him credit score relatively clean as we need a car on finance.please do not judge me, it has taken me all morning to write this, I am so ashamed and feel like I have let my kids down ������
    Please someone give me some advice
    Originally posted by mejaa

    Hello

    Thanks for posting.

    I can understand that you're worried but there'll definitely be options for you to get the financial situation under control. We don't judge people at StepChange, we just want to help everybody that contacts us.

    The best thing to do is to register with us so that we can get a good understanding of your financial situation. You can either complete a budget online and receive your advice in writing at the end, or call our Helpline to register on the phone. All details are found here: www.stepchange.org/Contactus

    We can explain how any available debt solutions may impact your husband before you choose.

    I hope this is okay and we look forward to helping you.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • katiegovier
    • By katiegovier 16th Oct 17, 2:28 PM
    • 2 Posts
    • 0 Thanks
    katiegovier
    Hi,
    I currently have a £1600 overdraught with that costs me at least £30 per month in fees (soon to go up to around £54 or more) I also have a credit card with the same bank at £750 and 23% p.a (was 0% but I missed a few payment so lost this)
    I was wanting to get a balance transfer to another credit card and pay it off £100 per month. I saw one on MBNA that was 4.9% pa which even though its not 0% would still not be as bad as what i am paying now. My application was denied. My credit score is on the lower side of "fine". I think one of the main problems is that my credit limit is reached based on my income which is low. The only other thing affecting my credit score is some previous applications for my overdraught increasing (which also failed) . I applied quite often and didn't realise the effect. Im wondering how I can solve this if my credit limit for my income is reached and I cant get further credit for a balance transfer. Im currently just paying fees and interest that could be going towards paying off the debt.
    Any advice would be much appreciated
    Katie
    • Carrera74
    • By Carrera74 16th Oct 17, 8:14 PM
    • 735 Posts
    • 283 Thanks
    Carrera74
    Can you change a DMP to an IVA after 2 years? Joint debt not included after divorce.
    As part of my divorce I agreed to take on the loan / credit card debt and to keep the equity in the house (it works out the same amount). This was to save me selling the house as I am a carer for my autistic adult son as we would have been homeless. The divorce etc was stressful enough so this seemed the best option at the time.

    I have been paying into the DMP for 2 years now and I have an estimated end date of July 2036!!

    I am due to do my annual review and I have read about IVAs and I am wondering if this is a route I can take now that I am more financially stable after the divorce. I am budgeting okay so able to sign up to something more permanent.

    My problem is that I have a joint loan that I want to keep out of the agreement. Is this allowed? The reason I want to keep it out is that it is listed in the consent order and we have both agreed to pay our half til the end of the agreement and if not we will be breaking the court order.

    Once the joint loan is paid in 2 years time I will pay the money I use for this into my IVA (assuming you can increase payments as I know itís a fixed agreement).

    Any guidance would be appreciated.
  • StepChange_Rachael
    Hi Katie

    Thanks for your post.

    I know it can be very frustrating when the payments are barely reducing the balance.

    As a debt advisor I wouldnít be able to give advice on further borrowing but I know thereís specific articles and information on the MSE website on how you can soft search to find lower interest rates, where the checks wonít impact your credit file so severely. However, as youíve mentioned this may not be an option with your current credit file.

    Where minimum payments to creditors are a struggle, or you find youíre borrowing further to meet general living costs then Iíd advise to look into other debt solutions.

    To find out more about alternate solutions to deal with problem debt you can follow this link.

    I hope youíre able to find the best way forward for you.

    Rachael



    Hi,
    I currently have a £1600 overdraught with that costs me at least £30 per month in fees (soon to go up to around £54 or more) I also have a credit card with the same bank at £750 and 23% p.a (was 0% but I missed a few payment so lost this)
    I was wanting to get a balance transfer to another credit card and pay it off £100 per month. I saw one on MBNA that was 4.9% pa which even though its not 0% would still not be as bad as what i am paying now. My application was denied. My credit score is on the lower side of "fine". I think one of the main problems is that my credit limit is reached based on my income which is low. The only other thing affecting my credit score is some previous applications for my overdraught increasing (which also failed) . I applied quite often and didn't realise the effect. Im wondering how I can solve this if my credit limit for my income is reached and I cant get further credit for a balance transfer. Im currently just paying fees and interest that could be going towards paying off the debt.
    Any advice would be much appreciated
    Katie
    Originally posted by katiegovier
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Rachael
    Hi

    Thanks for posting.

    Based on your DMP end date it makes sense to look into other options to see if you can find a solution to get you debt free quicker. An individual voluntary arrangement (IVA) may be a good option for you and itís certainly worth looking into.

    Youíve not mentioned which DMP company/organisation youíre currently with. If this is with StepChange then you can contact the team dealing with your DMP and weíll discuss this option with you. If not you can still contact StepChange for free and impartial debt advice to discuss this as a possible option. You can find contact details here.

    In any debt solution itís generally a standard that all unsecured non-priority debt would be included. However, a court order through a divorce settlement does make things more complex, I wouldnít be able to answer this for certain at this stage but Iíd say itís still worth looking into further.

    IVAís can be amended due to changes in your situation but this would have to be discussed with the Insolvency Practitioner.

    You can also contact the Insolvency Service who can provide more advice regarding IVAs.

    Best of luck going forward.

    Rachael


    As part of my divorce I agreed to take on the loan / credit card debt and to keep the equity in the house (it works out the same amount). This was to save me selling the house as I am a carer for my autistic adult son as we would have been homeless. The divorce etc was stressful enough so this seemed the best option at the time.

    I have been paying into the DMP for 2 years now and I have an estimated end date of July 2036!!

    I am due to do my annual review and I have read about IVAs and I am wondering if this is a route I can take now that I am more financially stable after the divorce. I am budgeting okay so able to sign up to something more permanent.

    My problem is that I have a joint loan that I want to keep out of the agreement. Is this allowed? The reason I want to keep it out is that it is listed in the consent order and we have both agreed to pay our half til the end of the agreement and if not we will be breaking the court order.

    Once the joint loan is paid in 2 years time I will pay the money I use for this into my IVA (assuming you can increase payments as I know itís a fixed agreement).

    Any guidance would be appreciated.
    Originally posted by Carrera74
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Meerkat1979
    • By Meerkat1979 17th Oct 17, 9:25 AM
    • 4 Posts
    • 1 Thanks
    Meerkat1979
    Hi ,

    My friend has just checked his credit score and there is a £194 default with Virgin Media outstanding from 2016 from when he lived with his wife.

    This is the only debt he has , and he believed all bills were being paid.
    Its a small amount and if he contacts Virgin he could clear it in a few months.

    Would this then remove it from his credit file ? Or will it stay there regardless of if paid off or not ?

    opps posted on the wrong board
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