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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,384Posts
    • 20,467Thanks
    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. They’re a friendly bunch so please don’t 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 – 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 haven’t already, join the forum to reply!
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Page 2
  • StepChange_Rachael
    Hi

    Thanks for your post.

    Credit files can be a tricky as it’s up to the creditors to update them and many different things can affect them. What will normally happen with a debt once the contractual payment has been missed is that the creditor at some stage will issue you with a default notice.

    This will show on your credit file where it will remain for 6 years before being removed, whether the debt is paid or not.

    The default while it’s on their will having some negative impact on your credit file. Only one default can be issued per debt.

    As you’re making regular payments to pay the debt back this will be positive on your credit file as the creditor will update your file to show this is the case.


    Once the debt is paid in full the debt will show as full and finally paid on your credit file. This again is likely to have a positive impact on your credit file.

    The debt will come off your file completely 6 years after the last note has been placed from the creditor. So the default is likely to come off your credit file before the debt it settled.

    Here is a link to ways in which you can improve your credit score and how your credit score can be impacted. There are many things that can positively or negatively affect your credit file other than defaults and missed payments.

    You can also check your credit score to keep an eye on it's progress. You can use Noddle to check your credit file for free.

    Thanks
    Rachael



    Hello

    I hope you can give me some advice.

    A debt linking to EE has surpassed at £319 since my contract account was suspended in January of this year, am making regular payment of £40 a week to help settle the debt for a brighter future ahead, to obtain credit from other lenders. I should be debt free by December - I am currently on £159!!

    The debt has been passed forward to debt collection agencies and then back to my mobile phone provider, EE again. What's going to happen on my credit report, will this shown up as XX amount of missed payments after many promises of wanting to make payment previously when it was with the debt collection agency and therefore be defaulted from the date the debt had been settled for six years?
    Originally posted by himynameisaaron
    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.
    • mike2017
    • By mike2017 25th Nov 16, 7:43 PM
    • 8 Posts
    • 0 Thanks
    mike2017
    old default account
    HI everyone,

    I've got one default account which is going to to be dropped off my credit report in 6 months. Its has been passed to collection agency. I have not paid off the debt. What is the best approach ? should I wait and expect it to drop off. I have suffered enough for almost six years by having this default. Paying it now does not make me any good. but I was told they might take me to court just weeks before its six years period. Plus they don't have my current address and I did not notify them of changing address.

    What is the best approach ? contact them ? leave it ?

    Thanks in advance .

    Mike.
    • motato
    • By motato 27th Nov 16, 10:06 AM
    • 1 Posts
    • 0 Thanks
    motato
    Debt from abroad.
    I am living outside the EU and have been doing so for 8 years. I had some outstanding debts in the debts in the UK when I left. I would to address any issues that could be caused by these debts should I ever return to the UK. I have not been paying my student loan and have not had contact with the student loans company for about 9 years.

    I think the first step is to check my credit file but I am concerned my details will logged and I will be contacted by creditors before I am ready to deal with the situation. I also would like to check for any CCJs against me and wonder if any of the debts can now be statute barred if I CCJ has not been issued.

    I am unsure of the exact amounts of the debts maybe about 6000 (not including stduent loan) or more. I am also worried the amount will have increased signficantly as high interest rates might have been applied.

    Once these issues are settled, I would like to re-start voluntary national insurance contributions from abroad.

    Any advice on the most advantageous way to deal with the situation would be much appreciated.

    Thank you
    Last edited by motato; 27-11-2016 at 2:33 PM. Reason: spelling error
  • StepChange_Rachael
    Hi Mike

    Thanks for your post.

    Default notices will come off your credit file after 6 years but it doesn’t mean the debt is wiped off.

    The Statute of Limitations Act which stops a debt being enforced through the court can only be used if there has been no acknowledgement of the debt from yourself or payments made within a 6 year period.

    The creditors could take the debt to a County Court and set a County Court Judgement (CCJ) against the debt. This will show on your credit file and have some negative impact while it is on there.

    It is up to you to update the creditor of a change in address. It’s possible the creditors have sent you correspondence and have been chasing for the debt but at the wrong address.

    If you’ve not checked your credit file recently it might be worth doing as the creditor now collecting for the debt may have already taken the debt to court and issued a CCJ without you knowing, as the paper work may have been sent to your old address. You could also contact Northampton Bulk court to see if a CCJ is registered against you.

    If this has already happened it will show on your credit file and you’d need to have the debt re-determined through court to come to an affordable payment and stop any enforcement action.

    If the debt hasn’t gone further than the collections agency then it’s up to you how you’d want to go forward with the debt, as it’s impossible to say if the credit will pursue the debt through the court.

    By acknowledging the debt and making affordable payments the collection agency is less likely to take the debt to court as they are already receiving a payment. However, they do have the right to do this and often will take the debt to court just before the 6 year period to guarantee repayment if no payment is in place.

    If you decide to go ahead and look at options to acknowledge and deal with the debt then we can help you explore suitable solutions for this and any other debts you have.

    Also if the debt is registered as a CCJ already then we can advise you on the next steps going forward.

    You can find our contact details here.

    Thanks
    Rachael


    HI everyone,

    I've got one default account which is going to to be dropped off my credit report in 6 months. Its has been passed to collection agency. I have not paid off the debt. What is the best approach ? should I wait and expect it to drop off. I have suffered enough for almost six years by having this default. Paying it now does not make me any good. but I was told they might take me to court just weeks before its six years period. Plus they don't have my current address and I did not notify them of changing address.

    What is the best approach ? contact them ? leave it ?

    Thanks in advance .

    Mike.
    Originally posted by mike2017
    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.

    First of all regarding the student loan, dealing with them depends on whether it is an old style student loan where you’d have been expected to defer payments each year or if it’s a new style student loan where it would automatically be deducted from your income before you recieve your wage.

    Here is a link to our website about the different types of student loans and how they can be enforced.

    To check if the other debts have been taken to a County Court Judgement (CCJ) you can either check your credit file or contact the Northampton Bulk Court. The bulk court holds information on registered CCJs. However, by doing a credit search yourself, it is generally a soft search and shouldn’t cause creditors to start contacting you out of the blue.

    If the creditors haven’t taken the debts through court then they may be Statute Barred, but only if you’ve made no acknowledgement of the debt including payments within a 6 year period. Not all debts can be statute barred or have the same time period.

    There’s certainly a way forward to deal with any debts you have but to find the best way forward you’d need to know where you stand with the debts including the balances and type of debt.

    Once you know your full financial situation then we’d be able to discuss the debts with you further and find a suitable solution.

    You can find our contact details here.

    Take care
    Rachael


    I am living outside the EU and have been doing so for 8 years. I had some outstanding debts in the debts in the UK when I left. I would to address any issues that could be caused by these debts should I ever return to the UK. I have not been paying my student loan and have not had contact with the student loans company for about 9 years.

    I think the first step is to check my credit file but I am concerned my details will logged and I will be contacted by creditors before I am ready to deal with the situation. I also would like to check for any CCJs against me and wonder if any of the debts can now be statute barred if I CCJ has not been issued.

    I am unsure of the exact amounts of the debts maybe about 6000 (not including stduent loan) or more. I am also worried the amount will have increased signficantly as high interest rates might have been applied.

    Once these issues are settled, I would like to re-start voluntary national insurance contributions from abroad.

    Any advice on the most advantageous way to deal with the situation would be much appreciated.

    Thank you
    Originally posted by motato
    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.
    • petitmale
    • By petitmale 28th Nov 16, 2:52 PM
    • 1 Posts
    • 0 Thanks
    petitmale
    credit cards interest
    what are the guidelines on asking a cc company to freeze the interest on your cards?
  • StepChange_Kirsty
    Hi Petitmale,

    Welcome to the forum.

    There are no specific guidelines on asking a credit card company to freeze the interest on your cards as it always down to the individual lender whether they would agree to do this.

    Creditor’s will usually only agree to freeze the interest if you’re in financial difficulties and often they will advise you to contact an organisation such as ourselves who can provide you with free and impartial debt advice.

    If you’re looking for the credit card companies to freeze your interest and charges it sounds like you might be struggling with your repayments at the moment so you might benefit from some additional advice for your individual circumstances.

    There are a couple of ways you can get in touch with us:

    Firstly, you can use the Debt Remedy tool within our website. This is an anonymous, self-help tool which will guide you through the process of putting a budget together in your own time and will recommend the right solution for your situation.

    Alternatively, if you would prefer to speak to us over the phone, you can call our Helpline on 0800 138 1111 and have a debt advice session with one of our specialist advisors. We are open from 8am to 8pm Monday to Friday and 8am to 4pm on Saturdays. Calls are free from all landlines and major mobile phone networks.

    I hope this is helpful.

    All the best.

    Kirsty

    what are the guidelines on asking a cc company to freeze the interest on your cards?
    Originally posted by petitmale
    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.
    • Jaffa pig
    • By Jaffa pig 29th Nov 16, 9:06 AM
    • 181 Posts
    • 1,575 Thanks
    Jaffa pig
    Hi,

    We could really do with some help, as we are struggling with our debts at the moment. I am disabled and lost most of my PIP benefit a couple of years ago. We then couldn't keep up the payments on our credit cards/loan, so decided to sell our house and buy something cheaper, so we could pay off our debts. Everything that could go wrong went wrong with our move. We lost two houses at the last minute, through no fault of our own and eventually had to move into a rental house, as our buyers wouldn't wait any longer. Desperate to find something quickly, we ended up buying a new build through the shared ownership scheme. Unfortunately we had to pay way over our budget, so after all the solicitor's fees and money lost through renting, we weren't any better off. We have now reached crisis point, as by the time we have paid all our monthly bills and minimum payments on our credit cards, we are over £200 in debit each month and that's before allowing any money for food or petrol. We could really do with some advice on what to do next. We owe about £24,000 and own 75% of our new home outright with no mortgage. The house was worth £190,000 when we bought it 6 months ago. We have been considering getting a mortgage, but as we are both in our 50's we don't know if we would get one. We also looked at equity release, but as I am 53, I don't think we would qualify. My husband is in full time work, but it's not a high paying job. We really don't want to have to sell our house again, if at all possible.
  • StepChange_Kirsty
    Hi Jaffa Pig,

    Thank you for your post.

    I’m sorry to hear about the difficulties you’ve had with your move over the last few years. It must have been a really difficult period for you. You’ve come to the right place for some advice though. We’ll definitely be able to help.

    You’re right that you would not qualify for equity release at this time as the criteria states that you must be 55 based on the youngest applicant and if you are married you would need to make a joint application. It is possible though that you might want to reconsider this option in a couple of years’ time.

    In the meantime we need to look at what other options you might have to deal with the outstanding debts. You mentioned you are in a debit of £200 each month after you have paid your household bills and the minimum payments on your credit cards. I would say you should only pay your creditors what you can afford and this means looking at your budget a little bit differently. You need to work out how much your monthly costs are including your food and petrol and then whatever is left over can then be paid to your creditors. You shouldn’t need to struggle each month to put food on the table because you’ve paid your unsecured creditors first.

    A good way of working out your budget is by using our online Debt Remedy tool where you can enter your income, expenditure and list of creditors. You’ll then be able to see how much you have left over on a monthly basis to pay your creditors. We’ll also be able to recommend to you the best way of dealing with your debts going forward.

    I hope this is helpful but if you have any questions don’t hesitate to reply to this post or get in touch with us directly.

    Best Wishes

    Kirsty



    Hi,

    We could really do with some help, as we are struggling with our debts at the moment. I am disabled and lost most of my PIP benefit a couple of years ago. We then couldn't keep up the payments on our credit cards/loan, so decided to sell our house and buy something cheaper, so we could pay off our debts. Everything that could go wrong went wrong with our move. We lost two houses at the last minute, through no fault of our own and eventually had to move into a rental house, as our buyers wouldn't wait any longer. Desperate to find something quickly, we ended up buying a new build through the shared ownership scheme. Unfortunately we had to pay way over our budget, so after all the solicitor's fees and money lost through renting, we weren't any better off. We have now reached crisis point, as by the time we have paid all our monthly bills and minimum payments on our credit cards, we are over £200 in debit each month and that's before allowing any money for food or petrol. We could really do with some advice on what to do next. We owe about £24,000 and own 75% of our new home outright with no mortgage. The house was worth £190,000 when we bought it 6 months ago. We have been considering getting a mortgage, but as we are both in our 50's we don't know if we would get one. We also looked at equity release, but as I am 53, I don't think we would qualify. My husband is in full time work, but it's not a high paying job. We really don't want to have to sell our house again, if at all possible.
    Originally posted by Jaffa pig
    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.
    • mrsnju
    • By mrsnju 29th Nov 16, 7:58 PM
    • 1 Posts
    • 0 Thanks
    mrsnju
    Is there anything more I can do ??
    Hi. I'm completely new to posting on forums, so I hope I'm getting this right.
    I would say I reasonably money savy .... Or not after writing this. I look after the money in our house. My husband is aware of our status but prefers to let me handle things. We are in debt and I don't like it. We had some building work done last year, took a further advance on the mortgage to do it, it wasn't enough, no where near in fact. We took a further £13k on a low rate loan over 10 yrs. further to that we have 3 credit cards. Lloyds with £6800 of a £8300 limit.
    Virgin with £4800/£5000 and mbna £3800/£4300. All of the cards are 0% and finish over a 6m period in 2018. We have DD in place for each card. £100,£100 and £50 respectively. I want to get as much of the cards cleared as possible before were due to remortgage 04/18. I'm hoping we will have a 60% ltv. So it's all in hand, I have a vague goal. But the main bone of contention is my overdraft which I'm always right up to. It's £1370, I get paid £1100 each month and I'm paying £40/50 pm in charges for the privilege. I'd much rather pay that money into clearing it.
    But can't see a way forward - none of the cc offer a money transfer and I have no other idea.
    My husband has very little surplus cash - he pays all the house hold bills. I have about £600 a month after my commitments - however that £600 has to cover food for the month for 4, diesel and any other expenses, like school trips, birthday party's, new school uniform etc.
    I have no means to do overtime, my husband does but that's seasonal and won't be till around Easter. I can't take a second job as it's just not feasible. I should add we have £700 outstanding with Very and £200 with Argos which comes out my £600. I've cut up my debenhams and outfit store cards and the 3 cc to prevent additional spending as well as disassociating stored card details from PayPal,Amazon and the like.
    We're on a water meter, pay minimum on virgin tv, have an employee discount on gas/electric, have sim only deals on mobiles, don't want to change mortgage deal till its up and were in a finically better place.
    So can I do any more ? Is there anything I'm missing? Should I consolidate 2 or more cards, as I've currently allocated £250 pm to clear debts is that money working to the best advantage ?
    A fresh pair of eyes and a different take on things would be appreciated.
    TIA
    • Jaffa pig
    • By Jaffa pig 30th Nov 16, 7:35 AM
    • 181 Posts
    • 1,575 Thanks
    Jaffa pig
    Thanks for the quick reply. We filled in the debt remedy thing last night and it suggested we go for a Debt Management Plan as the first choice, with the only other option being to sell our house. If we do the DMP it said our creditors might take legal action, does that mean there is a chance we might lose our house, or possessions?

    I will be 55 in December next year and applying for equity release at that time seems like a good option. Would a bad credit rating (from the DMP) stop us getting an equity release scheme next year?

    Lastly, would a home owners loan be a good option for us? It wasn't mentioned in our debt remedy plan, but would enable us to consolidate our debts into one lump sum and spread the repayments over 15 years.

    Thanks for your help,

    Sally
  • StepChange_Linsi
    Hi Tia

    Thanks for your post and welcome to the forum.

    You’ve clearly put a lot of thought and effort into dealing with your debts. Reducing your living costs is a good way to free up money to pay towards your debts, but don’t feel pressured to pay back more than you can afford.

    Opening a basic bank account with a bank you don’t owe any money to would help you to budget and put you back in control of your income. Your current bank can still add charges, but you’ll be able to start making payments to clear the debt.

    MSE has more information about balance transfer credit cards, but this option really does depend on financial situation and credit file. I’d say it’s only worth considering if you’re able to manage your household bills and living costs and it’s just the interest and charges that are causing an issue.

    Debt consolidation is just one way to deal with debts and isn’t something I wouldn’t normally recommend because further borrowing usually involves higher repayments and can make a difficult situation worse.

    Our Debt Remedy tool can help you create a budget and recommend other debt solutions that you may not have considered before. It’s free to use and you can access the tool here.

    I hope this helps,

    Linsi


    Hi. I'm completely new to posting on forums, so I hope I'm getting this right.
    I would say I reasonably money savy .... Or not after writing this. I look after the money in our house. My husband is aware of our status but prefers to let me handle things. We are in debt and I don't like it. We had some building work done last year, took a further advance on the mortgage to do it, it wasn't enough, no where near in fact. We took a further £13k on a low rate loan over 10 yrs. further to that we have 3 credit cards. Lloyds with £6800 of a £8300 limit.
    Virgin with £4800/£5000 and mbna £3800/£4300. All of the cards are 0% and finish over a 6m period in 2018. We have DD in place for each card. £100,£100 and £50 respectively. I want to get as much of the cards cleared as possible before were due to remortgage 04/18. I'm hoping we will have a 60% ltv. So it's all in hand, I have a vague goal. But the main bone of contention is my overdraft which I'm always right up to. It's £1370, I get paid £1100 each month and I'm paying £40/50 pm in charges for the privilege. I'd much rather pay that money into clearing it.
    But can't see a way forward - none of the cc offer a money transfer and I have no other idea.
    My husband has very little surplus cash - he pays all the house hold bills. I have about £600 a month after my commitments - however that £600 has to cover food for the month for 4, diesel and any other expenses, like school trips, birthday party's, new school uniform etc.
    I have no means to do overtime, my husband does but that's seasonal and won't be till around Easter. I can't take a second job as it's just not feasible. I should add we have £700 outstanding with Very and £200 with Argos which comes out my £600. I've cut up my debenhams and outfit store cards and the 3 cc to prevent additional spending as well as disassociating stored card details from PayPal,Amazon and the like.
    We're on a water meter, pay minimum on virgin tv, have an employee discount on gas/electric, have sim only deals on mobiles, don't want to change mortgage deal till its up and were in a finically better place.
    So can I do any more ? Is there anything I'm missing? Should I consolidate 2 or more cards, as I've currently allocated £250 pm to clear debts is that money working to the best advantage ?
    A fresh pair of eyes and a different take on things would be appreciated.
    TIA
    Originally posted by mrsnju
    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 Sally

    Thanks for your post and I hope you found our Debt Remedy tool useful.

    A DMP is an informal arrangement, so I can’t guarantee that your creditors won’t take further action against you, but they’re less likely to do so when you’re on a plan with us.

    It’s very unlikely that an unsecured debt such as a credit card would put your house or possessions at risk. If a creditor decided to take legal action they can apply for a county court judgement (CCJ).

    If this was to happen you’d be given the opportunity to show what you can afford to pay and an arrangement will usually be set for you to pay in monthly installments.

    The creditor can then apply for a charging order which would secure the debt against your property. However, as long as you keep to the terms of the order by making the agreed monthly payments no further action can be taken, so you wouldn’t lose your home or possessions.

    You can find more information about charging orders here on our website along with more information on the debt collection process.

    Making reduced payments to your debts will affect your credit rating. This won’t make it impossible to get an equity release scheme in the future but you may not get the best offers. When the time comes we can provide free equity release advice if you'd like to use our services again.

    Home owner loans are usually secured against your property and have a higher monthly repayment. I wouldn’t recommend taking out a secured loan, because if you fell behind with the payments your house would be at risk. There’s more information about consolidation loans on our website.

    If you’d like to talk about your budget in more detail you can find our contact details by clicking the ‘Need Help?’ button at the bottom of each page in Debt Remedy.

    Thanks,

    Linsi


    Thanks for the quick reply. We filled in the debt remedy thing last night and it suggested we go for a Debt Management Plan as the first choice, with the only other option being to sell our house. If we do the DMP it said our creditors might take legal action, does that mean there is a chance we might lose our house, or possessions?

    I will be 55 in December next year and applying for equity release at that time seems like a good option. Would a bad credit rating (from the DMP) stop us getting an equity release scheme next year?

    Lastly, would a home owners loan be a good option for us? It wasn't mentioned in our debt remedy plan, but would enable us to consolidate our debts into one lump sum and spread the repayments over 15 years.

    Thanks for your help,

    Sally
    Originally posted by Jaffa pig
    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.
    • Crobster 34
    • By Crobster 34 1st Dec 16, 11:48 PM
    • 1 Posts
    • 0 Thanks
    Crobster 34
    Help Needed !!
    Hi

    Ive recently recieved a county court judgement i think.. i dont think its a summons though

    Lowells is the claiment and its over an umpaid credit card ( £ 1023.00)

    Could some one advise me how to proceed as i think the debt is statute barred.

    I there any way i can find out when the last payment was paid to my credit card (Capitol One)
    am i right in saying the statute barred time out so to speak is started from the last payment date ??

    also does lowells need the origonal or a copy of the signed credit agreement

    Im well over my head on this im asking this and alot more questions as ive been doing some research on the net

    any help or advice would be really appreciated as im kacking myself

    Regards Rob
    • sourcrates
    • By sourcrates 4th Dec 16, 2:01 PM
    • 11,597 Posts
    • 11,166 Thanks
    sourcrates
    Hi I'm new to this, so wasn't sure where to post this. I initially posted in the loans section and got some advice, but some said that it's my own fault. I just needed some advice please. Firstly I should tell you that I'm on a DMP with Stepchange- I have 2 credit cards . One of them has frozen my interest. The second one (£9700 with Halifax) refuse to freeze the interest as i can pay the minimum through the DMP. My issue is that I am paying £150 a month, but only £50 goes towards the main balance. They are charging me £100 a month in interest. I called them and they said that they couldn't help. I cant get a loan as it's not allowed as I'm on a DMP. Also my credit rating is not great.I don't know what to do. I'm never going to pay off the Halifax card at this rate and I'm feeling quite depressed and anxious about it. I don't have anyone to talk to. Please help!
    Originally posted by Loserpippa
    Pippa this really needs to be in the general DFW forum, this is the stepchange advisers thread, you'll just get the same advice again, maybe board guide can move possibly ?

    You want the big blue "NEW THREAD" button, don't tag it onto someone else's post.

    PM me if your unsure.
    Last edited by sourcrates; 04-12-2016 at 2:04 PM.
    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.
    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/
    • ryankelly1984
    • By ryankelly1984 5th Dec 16, 12:20 PM
    • 5 Posts
    • 0 Thanks
    ryankelly1984
    Hi,

    This is my first post on here and hopefully the first step in getting my financial situation sorted.

    I currently owe 20600 and am struggling to meet my monthly financial commitments ie, rent, council tax etc.

    It hasn't got to the point where I have people knocking at my door but that can't be too far away unless I get something sorted. Ultimately I have more outgoing than coming in.

    what would you suggest would be the best course of action? I literally have no luxuries and I'm working 50 hours a week and I'm not making ends meet.

    Thanks in anticipation Ryan
    • loopy1980
    • By loopy1980 5th Dec 16, 3:16 PM
    • 4 Posts
    • 0 Thanks
    loopy1980
    Shifting Catalogue debt to 0% card
    Hi


    I owe about 3 catalogues a total of around £2500 and was wondering if its possible to shift these debts to a 0% credit card as the interest on them is around the 49% mark and its getting hard to keep to the minimum monthly repayments.


    I'm not sure whether my credit score would be good enough to get a card but I wanted to know whether this is even possible to do in the first place


    Many Thanks
  • StepChange_Allen
    Hi,

    This is my first post on here and hopefully the first step in getting my financial situation sorted.

    I currently owe 20600 and am struggling to meet my monthly financial commitments ie, rent, council tax etc.

    It hasn't got to the point where I have people knocking at my door but that can't be too far away unless I get something sorted. Ultimately I have more outgoing than coming in.

    what would you suggest would be the best course of action? I literally have no luxuries and I'm working 50 hours a week and I'm not making ends meet.

    Thanks in anticipation Ryan
    Originally posted by ryankelly1984
    Hi Ryan

    Welcome to the forum and thanks for posting.

    I'm sorry to hear that you're struggling to pay everything that you need to at the moment. There's always something that can be done to get things under control, but that something is different for everyone.

    We would be happy to assess your financial situation and recommend the best steps to take. You can register with us free, with no obligation, which will involve putting a budget together so that we can get the understanding we need about your circumstances. We'll then also be able to put your mind at ease about the possibility of someone knocking at your door about money. There are only a few circumstances where this can happen and we'll advise what to do if this does occur.

    You can contact us in different ways, details of which are on our website.

    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.
  • StepChange_Linsi
    Hi Rob

    Thanks for your post and welcome to the forum.

    The first thing to do check is that you’ve received a genuine claim form. It should have N1 written at the bottom of the page and should also show the name of the court and the claim number which identifies your case.

    For credit cards the limitation period is usually 6 years. This starts from whichever of the following is most recent:

    • Earliest date the creditor could take court action to recover the full amount
    • Date of last payment
    • Date of last written acknowledgement (this does not include letters sent by the creditor)

    To find out when the last payment was made you can check your old bank statements or your credit file. I’d also recommend you have a look at the step by step guide to statute barred debts on our Money Aware blog.

    If the debt is statute barred you could use this as a defence against the CCJ. Drafting a valid defence can be complex, so if this is something you decide to do I’d recommend you seek legal advice first.

    Lowell won’t necessarily need the credit agreement to apply for a CCJ. However, if the agreement was made before April 2007 and Lowell can’t provide a copy of the agreement this could also be used as a defence.

    If the debt isn’t statute barred and you need help completing the claim form please get in touch, here are our contact details.

    I hope this helps,

    Linsi


    Hi

    Ive recently recieved a county court judgement i think.. i dont think its a summons though

    Lowells is the claiment and its over an umpaid credit card ( £ 1023.00)

    Could some one advise me how to proceed as i think the debt is statute barred.

    I there any way i can find out when the last payment was paid to my credit card (Capitol One)
    am i right in saying the statute barred time out so to speak is started from the last payment date ??

    also does lowells need the origonal or a copy of the signed credit agreement

    Im well over my head on this im asking this and alot more questions as ive been doing some research on the net

    any help or advice would be really appreciated as im kacking myself

    Regards Rob
    Originally posted by Crobster 34
    Last edited by StepChange_Linsi; 05-12-2016 at 5:55 PM.
    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

    Welcome to the forum and thanks for your post.

    I’m sorry you’re finding it hard to keep up with the minimum payments to your catalogues.

    Most creditors do run a credit check as part of their application process. So if you don’t have a great credit score your application might not be approved. I can’t say what the likelihood is that you’ll be accepted as each credit card provider has their own criteria when reviewing applications. However, you can use the eligibility calculator on the MSE website without affecting your credit rating.

    I wouldn’t normally recommend further borrowing, but if the only issue is the interest then it might be worth looking into. Here’s a link to find out more about this option.

    Another option may be to put a realistic budget together and where possible cut back on any unnecessary areas of spending. This could help you to maintain the minimum payments and pay extra towards the debts, bringing the debt down quicker.

    You can use our anonymous online tool Debt Remedy to put a budget together and get further advice for free.

    Thanks,

    Linsi


    Hi


    I owe about 3 catalogues a total of around £2500 and was wondering if its possible to shift these debts to a 0% credit card as the interest on them is around the 49% mark and its getting hard to keep to the minimum monthly repayments.


    I'm not sure whether my credit score would be good enough to get a card but I wanted to know whether this is even possible to do in the first place


    Many Thanks
    Originally posted by loopy1980
    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.
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