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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 5th Nov 12, 5:42 PM
    • 7,904Posts
    • 19,719Thanks
    MSE Andrea
    Struggling with debt? Ask a debt advisor a question
    • #1
    • 5th Nov 12, 5:42 PM
    Struggling with debt? Ask a debt advisor a question 5th Nov 12 at 5:42 PM
    MSE Update 18 November 2016

    Hi everyone! After four years on this discussion we've started a new one to keep it fresh and so you can see the latest information.

    Please use the new discussion to ask your questions.

    Back to the original discussion:

    -----

    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 three, see parts one and two.



    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!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 18-11-2016 at 1:10 PM.

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Page 164
  • StepChange_Richard
    Hi sorry to go off topic but I have been on a debt management plan since 2009 with credit card debt and was wondering if I had a case to try to reclaim my bank charges from my bank. I have totalled them up and they come to £2.7k - yes honestly. Mostly a fixed charge of £30 each month for an overdraft.

    Thanks

    Mark
    Originally posted by Mark Brassington
    Hi Mark

    Thanks for getting in touch. Not to worry, the thread is here to help with all aspects of debt.

    The key thing here is if you feel you have been treated unfairly, you should make a complaint.

    If you feel you have been treated unfairly, contact your bank (written communtiation is best so you can keep copies) and explain your concerns. Add any evidence to support your case and follow the banks complaints process whcih you should find on their website.

    The bank will then investigate your case and they should respond. If you're not happy with the outcome, you can ask the Financial Ombudsman to investigate the matter further.

    The Money Advice Service website has a great guide to help you through this process.

    I hope this helps.

    Best of luck
    Richard
    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_Richard
    Hello my mom has signed up to virgin media today with a door salesman but my mom is mentally ill and didn't really understand what she was signing up to and didn't understand the cost and we want to cancel but we don't know the number or the best way to do it ?
    My sister said if it is cancelled in 30 days there is no fee do you know if that's true ?
    We are already in a lot of debt with rent and council tax and we can't afford this.
    Originally posted by Sarah m
    Hi there

    Welcome to the forum and thanks for your message. I'm sorry to hear of your situation and I hope you mum is ok. Here's some information I have found to help you with this.

    On the Virgin Media website in the terms and conditions it says:

    1. If you have ordered the services online, by telephone or from an agent attending at your home you have a statutory right to cancel an order for the services within 14 days (the cooling off period) from the latest of (i) the day after the delivery of the equipment (ii) the service start date, and (iii) the day on which you received a copy of these terms and conditions in printed or PDF format.
    2. We may choose to offer an enhanced cooling off period from time to time, and will inform you of this at the time of your purchase if this is the case.Any cancellation of the services in the cooling off period must be in accordance with this paragraph. You can cancel your order by:
    3. Dialing 0345 234 0751 from any phone (for information on how much this call will cost from a Virgin Media home phone visit virginmedia.com/callcosts. Call costs from other networks and mobiles vary);
    4. Writing to Virgin Media Sales Operation Support, Unit 5 Nimbus Park, Porz Avenue, Houghton Regis, Dunstable, LU5 5FR; or
    5. Completing the cancellation form you will have been given as part of your welcome pack and returning this to us at the address specified on the form.

    By getting in contact with them as stated above hopefully you will be able to get this resolved.

    Once you have sorted this out, if you want any help with the other debts you mention, we'll certainly be able to help. I would suggest speaking with our Helpline team where one of our advisors can discuss your situation, help you to build a budget and then give you advice on the best way to deal with your debts.

    If you prefer, you can use our self-help, Debt Remedy tool on our website. This will allow you to build a budget in your own time and once this is completed, you will be presented with your advice.

    I hope this helps and please let us know if you have any further quesitons.

    Take care
    Richard
    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_Richard
    Hello,
    It is crunch time, I am off sick from work (due to the stress of everything,I think) so I went online to StepChange yesterday and am now awaiting my pack.
    My story is this, I am a single parent with one 18 year old living at home (I was supporting my older son for two years when he lived here and was jobless but has now left home) and I owe about £28,000 in credit cards, loan and overdrafts. I am working full time and have not missed any payments yet but now I am really panicking and it is making me ill. My tax credits, child benefit and maintenance have all just stopped -so I am about £400 a month worse off.

    I have a mortgage on my house but also a mortgage on the house that my mum lives in (it was her house but we moved things around to enable me to buy a property and get on the housing ladder a few years ago). She is technically my tenant but obviously does not pay full rent). Eventually when she is no longer around I will rent the house out at full rental or sell it so I know I will be alright long term but for now I am terrified that our homes will be affected as she went out of her way to help me and now I've really messed things up. I also can't tell her as it would make her ill. I can't remortgage, even though there is equity in both properties, due to the stricter lending criteria and my debts.

    I have read hundreds of these posts on these forums and the consensus of opinion is change banks, cancel direct debits, write letters to creditors and offer nominal sums. I am sick with worry, any advice would be gratefully received.
    Originally posted by Mabelsmum
    Hi there

    Thanks for your message. I'm sorry to hear how this situaiton is affecting you and your work. Please try not to worry though, we're here to help.

    Managing your fincnces can be very hard when you have a change in your income for any reason. I can appreciate how difficult things must be now that you find yourself £400 per month worse off. With our help, we'll be able to find the best way for you to deal with your debts now and to make things more managable and affordable.

    It sounds like you 've taken a great first step by using our website to get some advice. As you're awaiting your pack you should have access to something called your Personal Action Plan. This has advice on how to deal with your creditors in the mean time until you recieve your pack.

    If you can't find this or you're not sure what to do, it would be best to speak with one of our advisors on the phone. They will be able to give you tailored advice of what to do based on the information you have provided. If you have any quesitons about what happens next they'll be able to answer these for you too. All our contact details are avaialble here.

    This section of our website has been setup to help people through the first steps of starting a plan with us. You may find some answers to quesitons here too.

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

    Take care
    Richard
    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.
    • joshsmith11
    • By joshsmith11 5th Oct 16, 1:30 PM
    • 3 Posts
    • 3 Thanks
    joshsmith11
    Ok, firstly I have read a lot of threads on this forum and I don't think my situation is that bad in comparison to others. However, I am now suffering from depression and would like some advice on how to proceed with my life and finances.

    I am a 24 year old male, currently living at home with my parents. Around 8 months ago I suffered from rage and lost a substantial (to me) amount of money gambling. The gambling situation is now firmly under control and I will never make the same mistakes again. In order for me to see ends meat and to pay my bills, I took out multiple loans.

    I am in full time employment (having been with the same company for nearly 3 years) and currently earn a net pay of £1,171.99 (after NI, tax and company pension) - I don’t have any money saved or tied up elsewhere.

    My next month’s payments look as below and this is the basis for month upon month;

    • £100 board to my parents - ongoing
    • £50 phone contract until - January 2017
    • £145 car finance - (3 years left)
    • £70 Car insurance - until September 2017
    • £100 petrol - ongoing
    • £3 p/m – car tax
    • £250 paying girlfriend back for holidays/money lent - £2,000 outstanding
    • Football subs £25 p/m
    In addition to the above I also need to pay £100 to my mum (money owed). Also I have a lot of birthdays and Christmas plus other miscellaneous which also cause outgoings.

    My debts are as follows:

    • HSBC 1 - 12 monthly payments left of £84.15. (£993.70 outstanding).
    • HSBC 2 - 12 monthly payments left of £161.82. (£1,925.80 outstanding).
    • Zopa 1 - 36 monthly payments left of £40.74. (£1,466.64 outstanding).
    • Zopa 2 - 31 monthly payments left of £39.70. (£1,190.00 outstanding).
    • Rate Setter - 30 monthly payments of £54.47. (£1,493.39 left outstanding).
    I appreciate this was my own doing and I have nobody other than myself to blame but I am really struggling with uncharacteristic mood swings due to this and it is getting me down.



    I also have been in a relationship with my girlfriend for over 3 years now and we are desperate to save to buy our own place, her finances are much better than mine. She currently has deposit saved of over 6k and also comes out with £500 a month saving money.

    I don't want to seek doctor’s advice as I don't want this to affect my work life or anything.



    I have also been asked to interview for a new job at a big company with a large pay increase. However, with this obviously comes with the risk of meeting the probation period targets ect.


    Is it worth looking into setting up an IVA or should I stick to my payments and suffer the consequences of my actions for the next couple of years? If I was to take out additional support/advise, would this ruin my credit history of ever getting a mortgage with my partner? Would I have to declare this on all future correspondence such as job offers or anything to do with payments such as insurance companies?

    I would be grateful to hear some advice on how to proceed with this and also seeing the bigger picture as to regards to future plans.

    Thanks,
    Josh.
    • MrsA27
    • By MrsA27 5th Oct 16, 6:50 PM
    • 17 Posts
    • 0 Thanks
    MrsA27
    Hello


    I started a thread over at credit card seeking advice then came across this thread and thought I would repost it here and seek help. I hope you don't mind. Many thanks in advance.


    Over the years, due to poor management and various other factors I've built up about £18k worth of credit card debt. Amongst the cards I have, many of them were the big lenders with good 0% balance transfer rate. This means that I've ran out of lenders to apply to balance transfer and cut down the interest that is accumulating. One or two of the 0% balance transfer cards I already have are coming to the end of the deal as well so interest will start building up again.

    As I can't apply for anymore balance transfer cards (having been rejected by a few already), I have been quoted a debt consolidation loan by Money Way (broker is Freedom Finance) for £15k with 13.9% APR, £341.96 monthly payment over 5 years. This means that the total cost of credit is £5517.37. I've not made the application yet so not sure if I will get it.

    I've been doing some research online and there are some other secured loans or personal loans available for debt consolidation. I wonder if this is really the last and only option for me? If I can, I'd rather be re-directing the £400 odd minimum payment plus interest I'm paying each month for the cards to paying off a loan.

    I wonder if anyone has done this before and find it a good/reasonable solution to my debt problem.

    Any advice or suggestions greatly appreciated. I just want to get out of this and rebuild my life, all the worrying is certainly not helping with my depression.
  • StepChange_Allen
    Ok, firstly I have read a lot of threads on this forum and I don't think my situation is that bad in comparison to others. However, I am now suffering from depression and would like some advice on how to proceed with my life and finances.

    I am a 24 year old male, currently living at home with my parents. Around 8 months ago I suffered from rage and lost a substantial (to me) amount of money gambling. The gambling situation is now firmly under control and I will never make the same mistakes again. In order for me to see ends meat and to pay my bills, I took out multiple loans.

    I am in full time employment (having been with the same company for nearly 3 years) and currently earn a net pay of £1,171.99 (after NI, tax and company pension) - I don’t have any money saved or tied up elsewhere.

    My next month’s payments look as below and this is the basis for month upon month;


    • £100 board to my parents - ongoing
    • £50 phone contract until - January 2017
    • £145 car finance - (3 years left)
    • £70 Car insurance - until September 2017
    • £100 petrol - ongoing
    • £3 p/m – car tax
    • £250 paying girlfriend back for holidays/money lent - £2,000 outstanding
    • Football subs £25 p/m
    In addition to the above I also need to pay £100 to my mum (money owed). Also I have a lot of birthdays and Christmas plus other miscellaneous which also cause outgoings.

    My debts are as follows:


    • HSBC 1 - 12 monthly payments left of £84.15. (£993.70 outstanding).
    • HSBC 2 - 12 monthly payments left of £161.82. (£1,925.80 outstanding).
    • Zopa 1 - 36 monthly payments left of £40.74. (£1,466.64 outstanding).
    • Zopa 2 - 31 monthly payments left of £39.70. (£1,190.00 outstanding).
    • Rate Setter - 30 monthly payments of £54.47. (£1,493.39 left outstanding).
    I appreciate this was my own doing and I have nobody other than myself to blame but I am really struggling with uncharacteristic mood swings due to this and it is getting me down.



    I also have been in a relationship with my girlfriend for over 3 years now and we are desperate to save to buy our own place, her finances are much better than mine. She currently has deposit saved of over 6k and also comes out with £500 a month saving money.

    I don't want to seek doctor’s advice as I don't want this to affect my work life or anything.


    I have also been asked to interview for a new job at a big company with a large pay increase. However, with this obviously comes with the risk of meeting the probation period targets ect.


    Is it worth looking into setting up an IVA or should I stick to my payments and suffer the consequences of my actions for the next couple of years? If I was to take out additional support/advise, would this ruin my credit history of ever getting a mortgage with my partner? Would I have to declare this on all future correspondence such as job offers or anything to do with payments such as insurance companies?

    I would be grateful to hear some advice on how to proceed with this and also seeing the bigger picture as to regards to future plans.

    Thanks,
    Josh.
    Originally posted by joshsmith11
    Hi Josh

    Thanks for posting.

    I've noticed that you also sent this via private message so I'll send you a reply on there in a short while.

    I hope that's okay with 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_Allen
    Hello


    I started a thread over at credit card seeking advice then came across this thread and thought I would repost it here and seek help. I hope you don't mind. Many thanks in advance.


    Over the years, due to poor management and various other factors I've built up about £18k worth of credit card debt. Amongst the cards I have, many of them were the big lenders with good 0% balance transfer rate. This means that I've ran out of lenders to apply to balance transfer and cut down the interest that is accumulating. One or two of the 0% balance transfer cards I already have are coming to the end of the deal as well so interest will start building up again.

    As I can't apply for anymore balance transfer cards (having been rejected by a few already), I have been quoted a debt consolidation loan by Money Way (broker is Freedom Finance) for £15k with 13.9% APR, £341.96 monthly payment over 5 years. This means that the total cost of credit is £5517.37. I've not made the application yet so not sure if I will get it.

    I've been doing some research online and there are some other secured loans or personal loans available for debt consolidation. I wonder if this is really the last and only option for me? If I can, I'd rather be re-directing the £400 odd minimum payment plus interest I'm paying each month for the cards to paying off a loan.

    I wonder if anyone has done this before and find it a good/reasonable solution to my debt problem.

    Any advice or suggestions greatly appreciated. I just want to get out of this and rebuild my life, all the worrying is certainly not helping with my depression.
    Originally posted by MrsA27
    Hello

    Thanks for posting and welcome to this page.

    I'm sorry to hear that these debts are causing problems for you and affecting your mental health. There's always a way of tackling debts, it's what we help people with every day at StepChange. We do need to have a really good understanding of your financial situation before we can make recommendations though.

    In our experience, borrowing more money, often referred to as debt consolidation, rarely fixes a debt problem and often makes it worse. As you've seen, if you borrow what you owe, you'll be significantly increasing your debt due to the interest. It is possible for debt consolidation to work for some people, but it usually doesn't.

    You can register with us free for our impartial advice by clicking here and choosing a way of contacting us and doing a budget. Once you've done a budget and list of debts with us we'll be able to make a recommendation of your best steps to take.

    If you need support for your depression, we'd recommend contacting your GP in the first instance if you haven't already.

    I hope this is helpful and we hope to hear from you soon.

    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.
    • HK1989x
    • By HK1989x 6th Oct 16, 1:07 PM
    • 1 Posts
    • 0 Thanks
    HK1989x
    Hi there,

    Just wondered if anyone would be able to give me some advise on a wage arrestment. I'm in scotland too..

    basically i've had an arrestment schedule through for unpaid council tax, and I called a council tax arrears helpline & they've advised the best bet would be to collate all my old debts along with this council tax debt & get set up on a trust deed. thats fine its currently in the process of being set up for me & this will get the wage arrestment lifted.

    the only thing is it takes 5 weeks approx to set up & the wage arrestment will still happen at the end of this month, is there nothing at all I can do to get round this? after all my bills i'll be left with £205 and the wage arrestment will be around £251 !! my cars due for an MOT early november & I know its needing some odds and ends done, and I've got a son to feed, what can i do!!??
    • prime1
    • By prime1 6th Oct 16, 2:09 PM
    • 1 Posts
    • 0 Thanks
    prime1
    Nightmare situation
    I hope someone can help. We are in an awful situation which has spiralled so badly. we had a house which we rented out when we moved as we hoped it would provide some money in the future. Sadly although it was rented out it needed urgent repairs so we borrowed via a personal loan to pay for the repairs. Since then my husband has lost his job 4 times in 1.5years and now has half the salary he used to have and it took collectively 12 months to find each new job so we had nothing coming in for a 12 month period (2 or 3 months each time he lost his job). We haven't enough money coming in to cover the mortgage and living costs on this house and this house is in need of repairs so wouldn't sell easily but we haven't the money to fix it. we have had the other one for sale since April 2016 unfortunately the tenant moved out immediately so we had to pay that mortgage as well and council tax. it still hasn't sold and the debts are rising. The mortgage on the house for sale is rolling on sort of on 'hold' until it sells. we have an offer from someone who is in a chain. the offer is over £5ooo short. what can we do? If the mortgage lender forecloses they will sell it for even less but we cannot get into any more debt as we are about £1000 short every month. we are desperate and grateful for any help and advice.
  • StepChange_Richard
    Hi there,

    Just wondered if anyone would be able to give me some advise on a wage arrestment. I'm in scotland too..

    basically i've had an arrestment schedule through for unpaid council tax, and I called a council tax arrears helpline & they've advised the best bet would be to collate all my old debts along with this council tax debt & get set up on a trust deed. thats fine its currently in the process of being set up for me & this will get the wage arrestment lifted.

    the only thing is it takes 5 weeks approx to set up & the wage arrestment will still happen at the end of this month, is there nothing at all I can do to get round this? after all my bills i'll be left with £205 and the wage arrestment will be around £251 !! my cars due for an MOT early november & I know its needing some odds and ends done, and I've got a son to feed, what can i do!!??
    Originally posted by HK1989x
    Hi

    Thanks for getting in touch and welcome to the forum.

    I appreciate time is at a premium here so the best thing to do would be to speak with the council direct. You may be able to agree with the council direct a fixed deduction from your wages. I can't guarentee this, unfortunately but if you explain your situation and the financilay difficulty this will cause you, they may be willing to make an allowance for this month.

    Something to look at for the longer term would be that you may be able to apply for a time to pay order. There are fees involved with this so given that you are about to enter into a trust deed, you may not be able to afford this. You can find more informaiton about this here though if you would like to look into this further.

    I hope this helps.

    Richard
    Last edited by StepChange_Richard; 07-10-2016 at 5:25 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_Richard
    I hope someone can help. We are in an awful situation which has spiralled so badly. we had a house which we rented out when we moved as we hoped it would provide some money in the future. Sadly although it was rented out it needed urgent repairs so we borrowed via a personal loan to pay for the repairs. Since then my husband has lost his job 4 times in 1.5years and now has half the salary he used to have and it took collectively 12 months to find each new job so we had nothing coming in for a 12 month period (2 or 3 months each time he lost his job). We haven't enough money coming in to cover the mortgage and living costs on this house and this house is in need of repairs so wouldn't sell easily but we haven't the money to fix it. we have had the other one for sale since April 2016 unfortunately the tenant moved out immediately so we had to pay that mortgage as well and council tax. it still hasn't sold and the debts are rising. The mortgage on the house for sale is rolling on sort of on 'hold' until it sells. we have an offer from someone who is in a chain. the offer is over £5ooo short. what can we do? If the mortgage lender forecloses they will sell it for even less but we cannot get into any more debt as we are about £1000 short every month. we are desperate and grateful for any help and advice.
    Originally posted by prime1
    Hi there

    Thanks for your post. I'm sorry to hear of your husband's experience with his jobs and I can appreciate how hard it must have been with the loss of this income. Please try not to worry though as we will be able to help.

    There's a lot of different variables to be considered and number of things which could change and affect your situaiton, like the offer in the chain. Because of this, I would suggest calling our Helpline and speaking with an advisor about your situation. We'll help to build a budget for you. We'll then use this informaiton to give you advice on the best way to deal with this. All our contact details are here.

    Once we have discussed your situation in more detail, we'll be able to create a clear plan of action for you.

    We look forward to hearing from you.

    Take care
    Richard
    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.
    • Gus1855
    • By Gus1855 10th Oct 16, 1:16 PM
    • 4 Posts
    • 0 Thanks
    Gus1855
    Hopefully a fairly quick query. Having been rather silly over the last 10 years I had buried my head in the sand with a few debts. Nothing particularly terrible, but of course had an impact on my credit file.

    I'm now earning enough to clear them and having reduced my debt considerably in the last month, I hope to be debt free in a matter of months. However, naturally I'm keen to improve my score. I can certainly do that my avoiding debt (which ought not now be a problem), and one of the best ways to do it appears to be to get a credit card and pay if off religiously. But of course I cannot get one with a low score, so may need to wait for 6-12 months to improve my score (p.s. I'm on CreditLadder and similar).

    The query is, having contacted my creditors over the last month and reduced debts, my Equifax scores has dropped further. The only thing I can see if that one of my debtors who had a old address on file have updated the address to my current one. Is that likely to be the cause of the drop, and if so, is it right that they can do that?
    • StepChange Private Messages
      Verified User verified user
    • By StepChange Private Messages Verified User verified user 10th Oct 16, 6:15 PM
    • 103 Posts
    • 110 Thanks
    StepChange Private Messages
    Hopefully a fairly quick query. Having been rather silly over the last 10 years I had buried my head in the sand with a few debts. Nothing particularly terrible, but of course had an impact on my credit file.

    I'm now earning enough to clear them and having reduced my debt considerably in the last month, I hope to be debt free in a matter of months. However, naturally I'm keen to improve my score. I can certainly do that my avoiding debt (which ought not now be a problem), and one of the best ways to do it appears to be to get a credit card and pay if off religiously. But of course I cannot get one with a low score, so may need to wait for 6-12 months to improve my score (p.s. I'm on CreditLadder and similar).

    The query is, having contacted my creditors over the last month and reduced debts, my Equifax scores has dropped further. The only thing I can see if that one of my debtors who had a old address on file have updated the address to my current one. Is that likely to be the cause of the drop, and if so, is it right that they can do that?
    Originally posted by Gus1855
    Hi there

    Thanks for your message and welcome to the forum.

    Understanding your credit file can be difficult and it's not always easy to pinpoint the reason why your score has been affected. Having multiple addresses listed often has a negative impact on your file so it's hard to say if changing to just your current address is the reason your score has dropped.

    Equifax has a section on their website that explains the things that can affect your score and there's a FAQ section that might help to understand this better.

    It is your responsibility to update your creditors when you change address, but the creditor should only have updated your address if you have provided this inforamtion to them.

    I hope this helps.

    Take care
    Richard
    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.
    • RyanOwen_
    • By RyanOwen_ 11th Oct 16, 10:27 PM
    • 1 Posts
    • 0 Thanks
    RyanOwen_
    Hi,

    I currently have 4 years out of 5 left to pay regular payments of £196 for my car. When that's complete it will be mine. With me leaving university next year and renting my own house, money will become short.

    My question is, how can I decrease the amount that I owe other than paying my regular payments or overpaying? Can I get one of them credit cards at 0% then transfer the balance over? My total left to pay for my car remains at around £9000 with no payments missed.

    Thanks in advance
    Ryan
  • StepChange_Rachael
    Hi Ryan

    Welcome to the forum and thanks for your post.

    It might depend on the type of finance you have on your options. I assume the car is on finance or Hire Purchase which means it’s important to keep up with the regular payments as missed payments mean the company could look at ways to repossess the vehicle.

    I can see that with the change in your financial situation it may make it more difficult to keep up with the regular payments so it’s important to look at your options. It might be possible the company would be able to look at options of making payments more manageable with a different vehicle or changing the period of time it’s repaid.

    In general I wouldn’t advise on taking out further credit to pay a debt as the chances are the 0% interest would end before the debt is paid and could cause further financial difficulty when the interest rates are added.

    If you did decide to take this route I’d suggest researching your options and checking your car contract or discussing with the finance company to check this would be an option for you to pay it back early.

    If you do feel that you are struggling financially at any point and would like advice based on your financial situation you can find our contact details here for free and impartial debt advice.

    Thanks
    Rachael



    Hi,

    I currently have 4 years out of 5 left to pay regular payments of £196 for my car. When that's complete it will be mine. With me leaving university next year and renting my own house, money will become short.

    My question is, how can I decrease the amount that I owe other than paying my regular payments or overpaying? Can I get one of them credit cards at 0% then transfer the balance over? My total left to pay for my car remains at around £9000 with no payments missed.

    Thanks in advance
    Ryan
    Originally posted by RyanOwen_
    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.
    • Jeffiner84
    • By Jeffiner84 15th Oct 16, 8:54 PM
    • 8 Posts
    • 1 Thanks
    Jeffiner84
    Out of options
    I've just realised I'm completely out of options.

    I'm in 22k of debt, missed payments and living in a flat. My flatmate is moving out so I'm being stuck with everything so I have no disposable income.

    I haven't had any up til now but was hoping that my flatmates contribution would allow me to get a DMP or similar - but if he goes I can't. I'm stuck in flat til xmas.

    HELP
  • StepChange_Richard
    I've just realised I'm completely out of options.

    I'm in 22k of debt, missed payments and living in a flat. My flatmate is moving out so I'm being stuck with everything so I have no disposable income.

    I haven't had any up til now but was hoping that my flatmates contribution would allow me to get a DMP or similar - but if he goes I can't. I'm stuck in flat til xmas.

    HELP
    Originally posted by Jeffiner84
    Hi Jennifer

    Thanks for your message. I'm glad you got in touch because there are ways we can help. I know how worrying it can be when you miss payments, but we'll find the best option to help with your debts.

    First thing we need to do is a build a budget with you that will show us your finances. Using this information we can then see what options are best suited for you and we'll then be able to identify the best solution for you.

    You can use our Debt Remedy tool on our website to make the budget in your own time.

    If you prefer, you can speak with one of our advisors on the phone who will make the budget for you. Our contact details are available here.

    We look forward to hearing from you soon.

    Take care
    Richard
    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.
    • onwardsandupwards127
    • By onwardsandupwards127 17th Oct 16, 4:24 PM
    • 32 Posts
    • 9 Thanks
    onwardsandupwards127
    Hi
    Hoping someone can advise.

    I have had to recently post on here regarding a seperate statue barred debt.
    A long time ago I took out a debt management plan, couldn't afford that and was advised if I didn't pay that due to my situation and circumstances there was nothing the people I had borrowed money from could do. This is over 7 years ago that I made any contact with any companies.

    A few weeks ago I recevied a ccj form regarding one of these after I had sent them the letter stepchange had advised me to send regarding a statue barred debt.

    I am yet to here back from the court.

    Today I have received another letter from a different agency regarding a debt I have heard nothing about for years and years, they stopped sending letters.

    Its from Robinson Way and its titled Proposed Reconnection visit. I have never had any knocks at my door for the whole of this.
    It states they are proposing to send a field contact manger to my address on 23/10, if I do not wish this to happen to call them.

    I was advised very strongly by then cccs (stepchange) that they would not act on these letters and people would NOT call at my door. I feel that they are trying to get me to contact them by scaring my with this threat.

    They were all debts of loans and credit cards.

    Obviously this has left me a little shaken.

    None of these debts show on my credit history. I have a credit rating of 3/5. Stepchange couldn;'t even find the debt when they searched my report.

    They are statue barred.

    I hope someone can advise me.
    • jt225
    • By jt225 17th Oct 16, 11:19 PM
    • 1 Posts
    • 0 Thanks
    jt225
    Guarantor question
    I'm writing to see if my sister-in-law can get any help. She had agreed to be a guarantor for her son when he took out some loans. All was going well and he had just started a new job, when he was admitted to hospital with a brain tumour, which because of other complications, cannot be operated on until he is well enough to survive the operation. We dont know how long he will be in hospital for, or how long his recovery would be. His new employer sent him a text in hospital ending his employment for not being fit to work. His mother is self-employed but not bringing any money in because she is by his hospital bedside daily. In the meantime, she is worried how she is going to pay his loans payments each month. She does have a boyfriend who lives with her, but I dont know if he is named on the mortgage or even if thats relevant. Is there anything that she can do to get through these months, and hopefully something that wont destroy her credit rating as she needs to change her mortgage lender at some point soon?
    • StepChange Private Messages
      Verified User verified user
    • By StepChange Private Messages Verified User verified user 18th Oct 16, 8:52 AM
    • 103 Posts
    • 110 Thanks
    StepChange Private Messages
    Hi
    Hoping someone can advise.

    I have had to recently post on here regarding a seperate statue barred debt.
    A long time ago I took out a debt management plan, couldn't afford that and was advised if I didn't pay that due to my situation and circumstances there was nothing the people I had borrowed money from could do. This is over 7 years ago that I made any contact with any companies.

    A few weeks ago I recevied a ccj form regarding one of these after I had sent them the letter stepchange had advised me to send regarding a statue barred debt.

    I am yet to here back from the court.

    Today I have received another letter from a different agency regarding a debt I have heard nothing about for years and years, they stopped sending letters.

    Its from Robinson Way and its titled Proposed Reconnection visit. I have never had any knocks at my door for the whole of this.
    It states they are proposing to send a field contact manger to my address on 23/10, if I do not wish this to happen to call them.

    I was advised very strongly by then cccs (stepchange) that they would not act on these letters and people would NOT call at my door. I feel that they are trying to get me to contact them by scaring my with this threat.

    They were all debts of loans and credit cards.

    Obviously this has left me a little shaken.

    None of these debts show on my credit history. I have a credit rating of 3/5. Stepchange couldn;'t even find the debt when they searched my report.

    They are statue barred.

    I hope someone can advise me.
    Originally posted by onwardsandupwards127
    Hi

    Thanks for your message. I know what a shock it can be when debts resurface from a long time ago and I understand how this has left you feeling. I'm glad you have got in touch though as we can help.

    For the two debts you have descirbed you have mentioned that in both cases the debts are statute barred. Just as a reminder, this means that six years has passed since:

    · Earliest date the creditor could take court action to recover the full amount
    · Date of last payment
    · Date of last written acknowledgement


    For the first debt that you mentioned you have recieved a CCJ for, you have grounds for defence against this on a legal basis as the debt is statute barred. You also mention that you are waiting to hear back from the court so I'm assuming you responded to the claim with the defence form (N9B) and explained that the debt was statute barred. If you haven't done this, you need to respond to the CCJ claim within the time frame allowed (mentioned on the N9 claim form).

    For the letter that you have recieved from Robinson Way regarding another debt that you have mentioned that is statute barred, there's a couple of things to be aware of which you might know already, but just in case I'll explain. Firstly, when a debt becomes statute barred the debt does not dissappear. The debt is unenforcable against you though and this is why you have a legal defence against if a CCJ is issued aginst you.

    Secondly, a Field Contact Manager is not an enforcement agent. This is a person that works for Robinson Way. If they do come to your house (which is unlikely) they do not have any powers against you and they can only ask you to pay the debt back. You don't have to speak to them. You may not even be in the house especially given the 23rd of October is a Sunday.

    Best thing to do would be to write to Robinson Way and reiterate that the debt is Statute Barred. Here's a template letter that you can use.

    I hope this helps.

    Take care
    Richard
    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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