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  • Hi Mrs Jolie

    Thanks for your message and welcome to the forum.

    To review your DMP and the list of debts you’ll need to call our Client Support team. Their direct telephone number will be in your welcome pack or you can find it here on our website. They’re open 8am to 6pm weekdays.

    We look forward to hearing from you soon,

    Linsi
    mrsjolie wrote: »
    Hi, I have been in a DMP with Stepchange for many years and still have many years to go. I recently sent a CCA request to the company that holds my largest debt and I have discovered that this debt is unenforceable. It was an MBNA credit card which was taken in the 1990's at a concession stand in a shopping centre and they have written to me saying that they are unable to locate the original agreement. Would Stepchange remove this from my DMP? The balance is over 9k. Not having to pay it would make a considerable difference to the length of time it would take me to pay off my remaining debts.
  • Thanks Linsi but I don't need a review.
  • Hi

    By reviewing, I meant talking a bit more about the MBNA credit card, updating the list of debts and confirming any changes such as the term of your DMP.

    I hope this is a bit clearer,

    Linsi
    mrsjolie wrote: »
    Thanks Linsi but I don't need a review.
  • Thanks Rachel I will give them a call
  • Hello this is my first post. I've decided to face my debts and done my sums, I've calculated I'm nearly 47k in debt and I'm stuck. The final straw was when I went to my bank for some help with the new overdraft charges and they offered me a loan to pay the overdraft back which would mean I would have no money at all left after paying all my bills. So far I haven't missed any payments but with overdraft charges of £5.67 a day I'm soon going to have nothing. So how did it come to this, I've had things go wrong in my house which needed money to be borrowed to fix, my car has broken down with expensive repairs, just general living it creeps up on you stuff is needed you don't have the money so you borrow then you borrow more. So enough I need help
  • StepChange_Kirsty
    StepChange_Kirsty Posts: 180 Organisation Representative
    Hello,

    Thanks for your post and welcome to the forum.

    I’m sorry to hear about the difficulties you’ve been experiencing. As you say, life happens and when unexpected costs come up you have to deal with them as best you can at the time.

    Rest assured we’ll be able to provide you with some help and advice but we’ll need to understand more about your financial situation. The best way to do this is using our online Debt Remedy tool where you can input details of your income, expenditure and debts. Debt Remedy will then tell you what the best solution is for your individual circumstances and you’ll be able to access lots of useful information in the form of a personal action plan.

    I hope this helps and we look forward to hearing from you soon.

    Kirsty
    Bolian72 wrote: »
    Hello this is my first post. I've decided to face my debts and done my sums, I've calculated I'm nearly 47k in debt and I'm stuck. The final straw was when I went to my bank for some help with the new overdraft charges and they offered me a loan to pay the overdraft back which would mean I would have no money at all left after paying all my bills. So far I haven't missed any payments but with overdraft charges of £5.67 a day I'm soon going to have nothing. So how did it come to this, I've had things go wrong in my house which needed money to be borrowed to fix, my car has broken down with expensive repairs, just general living it creeps up on you stuff is needed you don't have the money so you borrow then you borrow more. So enough I need help
    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.
  • Eastlands70
    Eastlands70 Posts: 55 Forumite
    edited 15 November 2017 at 4:07PM
    Hi,

    I've racked up a significant amount of credit card debt over recent years - about 38k - and so far been able to service it by juggling 0% BT deals. However, a lot of these deals are due to run out shortly and new deals from the CC companies are nowhere near as forthcoming as they used to be, presumably because my debt level has been going up rather than down. I need to act fast, preferably sometime in January at the latest as once February comes around the first big tranche of my 0% CC deals comes to an end. I wouldn't mind but my general bills - utilities and stuff - are all on the cheapest deals and I'm not exactly blowing money left, right, and centre. This is mainly general living expenses and having to use my income to keep both me and my partner who can't work due to health grounds, plus no pay rise at work for nearly 4 years has had an impact too. I can make further cutbacks that may save me another £100 a month but I need to do something else to keep the ogre of the expiring 0% deals away from the door. I don't believe my options are that exhausted that I have to go on a DMP and was thinking of taking out a personal loan to pay down most of the CC debt as well as my £3000 overdraft with Halifax which is costing me a fortune since they introduced the new charges at the start of the month. I also have a bank account with First Direct and it seems I may be eligible for a personal loan of up to £30,000 with them. However, they've quoted me an APR of 9.9% as opposed to the advertised 3.0% and I can't really afford the monthly payments of £490 over 84 months as well as whatever I need to pay to service the rest of the CC debt. I can probably afford a loan of £25,000 though and because I've realised the debt needs tackling, I think I can be disciplined enough not to let things spiral further.

    Would it be advisable for me to wait until after Christmas to see if I can get a better APR from First Direct? Bear in mind that I think I can reduce my CC debt by between £1000 and £1500 between now and then. My credit score isn't great at the moment due to the high level of debt but I've not missed a CC payment in more than 20 years and I'm bang up to date with my mortgage payments.

    Thanks
  • Hi

    Thanks for your message.

    I really can’t say whether or not you’ll be able to get a better interest rate on a loan in the New Year, this will probably depend on what offers First Direct have at the time.

    The advice we give as a charity involves managing existing debt without relying on existing credit. Advice about consolidation loans isn’t something we’re able to provide but you can find a financial advisor through the Money Advice Service, who’ll be able to give advice about the loans available to you and when to apply.

    If you decide not to get a loan and what to look at alternative options such as a DMP you can use our online Debt Remedy tool to get advice. It’s completely anonymous and free to use, here’s the link.

    All the best,

    Linsi
    Hi,

    I've racked up a significant amount of credit card debt over recent years - about 38k - and so far been able to service it by juggling 0% BT deals. However, a lot of these deals are due to run out shortly and new deals from the CC companies are nowhere near as forthcoming as they used to be, presumably because my debt level has been going up rather than down. I need to act fast, preferably sometime in January at the latest as once February comes around the first big tranche of my 0% CC deals comes to an end. I wouldn't mind but my general bills - utilities and stuff - are all on the cheapest deals and I'm not exactly blowing money left, right, and centre. This is mainly general living expenses and having to use my income to keep both me and my partner who can't work due to health grounds, plus no pay rise at work for nearly 4 years has had an impact too. I can make further cutbacks that may save me another £100 a month but I need to do something else to keep the ogre of the expiring 0% deals away from the door. I don't believe my options are that exhausted that I have to go on a DMP and was thinking of taking out a personal loan to pay down most of the CC debt as well as my £3000 overdraft with Halifax which is costing me a fortune since they introduced the new charges at the start of the month. I also have a bank account with First Direct and it seems I may be eligible for a personal loan of up to £30,000 with them. However, they've quoted me an APR of 9.9% as opposed to the advertised 3.0% and I can't really afford the monthly payments of £490 over 84 months as well as whatever I need to pay to service the rest of the CC debt. I can probably afford a loan of £25,000 though and because I've realised the debt needs tackling, I think I can be disciplined enough not to let things spiral further.

    Would it be advisable for me to wait until after Christmas to see if I can get a better APR from First Direct? Bear in mind that I think I can reduce my CC debt by between £1000 and £1500 between now and then. My credit score isn't great at the moment due to the high level of debt but I've not missed a CC payment in more than 20 years and I'm bang up to date with my mortgage payments.

    Thanks
  • Ok, thanks for the quick response Linsi - understood.
  • Hello Guys,
    At the moment me and my wife are in quite big debt. Including overdrafts, we are at around £25k. We are paying every month and dont miss payments, but at the moment my wife is on the maternity leave with the second child and soon she will stop getting money for the maternity. We have 3 credit cards which 2 of them is with 0% apr and one with almost 20% ( 12500 in dept in this one ). Including all fees we are paying around £650 for the debt. At the end of the month we dont have any spare money to take our kids out or buy anything nice.
    Now we are in the closed loop, cant get loan ( some with 3.1% apr )because we dont have spare income. Loan would lower monthly payments and of course we would pay off more of the debt then interest.
    Do we have any options?
    Regards,
    Mindis
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