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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 5th Nov 12, 5:42 PM
    • 6,934Posts
    • 17,594Thanks
    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
    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 James, Mat or Rachel 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.
    Last edited by MSE Andrea; 23-10-2013 at 2:06 PM.

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Page 2
  • StepChange_Mat
    Hi
    We are looking for help...

    Currently in around 30,000 worth of debt most my husbands before my time...
    We've tried an iva with debt free debt that failed as we couldn't keep up the 250 guide price
    Now with a company called bright oak debt help, they charge, think its about 23 in our 123 payments, but I'm still getting all the letters off creditors and I don't get any monthly statements off her to explain where our money is going and I'm a bit worried incase she isn't paying people
    Also I have a load of debt listed that came off his iva, that we have included in the debt management plan as well but looking on hubby's credit file today some of them aren't even showing...so is there a way to find out if they've been wrote off or what?.
    Also did a statement of affairs and it says that we have no surplus funds but I have included all the debts even the ones that weren't showing on the credit file and I can change our expenditure
    We were thinking of doing it ourselves instead, contacting the creditors and arranging payments, I have files from a national debt line also from this site that we can fill in and send but a. I'm not sure where some debts have gone? And b. I'm not sure whether we could get rid of the little debts and then tackle the big one or do we have do they all together?

    Can someone help us please

    Thanks
    Gemma
    Originally posted by Gem2012
    Hi Gemma and welcome to the forum.

    It sounds like you would benefit from some free and impartial advice.

    If youre on a debt management plan (DMP) there is no need to pay any sort of fee. We administrate DMPs free of charge so that all the money you pay goes towards repaying your debt.

    Id recommend that you contact us so that we can look at what is best advice for your situation. We can also look at your credit file and see what the situation with the debts not showing is.
    (They may have come off of the credit file, but may still be enforceable).

    You can put together a budget and get suggestions for solutions using our online service Debt Remedy.

    The first thing to do is visit our online debt advice service Debt Remedy (http://www.stepchange.org/msehelp) to help you find a solution to your debt problem quickly.

    Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

    To help you fill in the form, its best to gather together information about:

    Your income

    Your expenditure

    The creditors you owe money to

    Youll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

    If youre not confident with computers or would like to speak to an advisor then youre welcome to ring our free Helpline on 0800 138 1111. Were open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

    If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

    I hope this helps.

    Kind regards,

    Mat
  • StepChange_Mat
    Firstly i am on an ipod so bad gramma. I am in big trouble. I have so many debts including payday loans i cant pay back my hubby has left me i am a nurse and cant wirk as my car has broken down noone to help me. I have no mortgage but noone will lend me money to consoladte . What can i di i have less than a quid and cant get to work
    Originally posted by Breakdowncoming
    Hi and welcome to the forum.

    It sounds like you would benefit from some free and impartial advice.


    Consolidating debts often makes the situation worse as you are borrowing more money repayable over a longer period.

    We will be able to assist you with this and the first thing to do is put together an accurate budget.


    You can find help by visiting our online debt advice service Debt Remedy (
    http://www.stepchange.org/msehelp) to help you find a solution to your debt problem quickly.

    Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.


    To help you fill in the form, its best to gather together information about
    :
    Your income

    Your expenditure

    The creditors you owe money to


    Youll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.


    If youre not confident with computers or would like to speak to an advisor then youre welcome to ring our free Helpline on 0800 138 1111. Were open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.


    If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.


    I hope this helps.


    Kind regards,


    Mat
  • Urbanina
    Expat with debts to manage
    Hi there,

    I don't know if you can help me, I hope so!
    Background to my situation: I moved abroad last year with the ultimate aim of paying off some small-ish debts and starting to save. Unfortunately the plan didn't work as quickly as I hoped and in the short term I have actually ended up further in the red.

    My circumstances are about to change as I have just accepted a well-paid job that will mean I will now have spare money each month that I can use to pay off my debts more quickly.

    I have a rental flat in the UK. My mortgage payment is 785 but the rental income is only 450 - not ideal, but better than nothing. I have been meeting the payments so my mortgage is totally on track.

    Aside from mortgage, my other debts are:
    1,750 in an overdraft
    3,500 on a barclaycard
    1,000 on a santander credit card

    Here is the issue that I need advice on: I have a new tenant moving in who will pay 12 months rent up front in a lump sum. My instinct is telling me to put this in a savings account and not touch it (apart from to deduct the monthly 450 towards the mortgage) in case the tenant wants to move out for any reason and I have to refund the unused rent.

    However, I would save myself a lot of interest if I used it all to pay off some of my debt (almost all of it in fact), immediately. Then if the tenant moved out I'd have to refund them using a credit card.

    Is it appropriate to use this lump-sum money like that? Is there a danger my credit card limit could get reduced thus leaving me unable to repay the tenant? My current allowances are 6,000 and 3,000 across the two cards. It's unlikely they'll move out, but I have to plan for every possibility.

    Please let me know how you think I should manage this!
    Thanks
  • Cenedra41
    Hello

    I'm desperately in need of some advice. My husband and I have a consolidation loan we took out 2 years ago for 16000 (still has 3 years to run at 331 per month) but since then we have also built up debts of 30000 more or less on three other credit cards. We are paying 200 per month approximately on each credit card so all in all our debts are costing us around 1000 per month. Up to this month our mortgage cost us 1200 per month as we bought at the height of the boom and thought fixing it would be a good idea! From this month it has gone down to 800 which helps but I am 9 weeks pregnant with twins, bad timing I know but I am 44 so this was last chance saloon as far as having kids goes. I intend to return to work but I am desperately stressed and worried about how we will manage these debts. I'm not a high earner so have to balance how many days I return to work against cost of childcare. I only get 6 weeks full(ish) pay then down to 130 per week statutory maternity pay which isn't nearly enough to manage on.

    At the moment we struggle with minimum payments and run out of money mid month which means I have to put basics such as shopping on to cards which is just adding to the debt. I want to funnel the savings from my mortgage payments into paying things off but have a limited amount of time now until I go on maternity leave next year. I want to deal with this issue now and do something but don't know where to start.

    We considered borrowing extra on the mortgage but a. I don't think they'd lend money to us to consolidate debts and b. we don't have a great deal of equity in the mortgage anyway.

    I considered another consolidation loan but it would need to be very long and low interest for us to manage the payments until I am able to work more hours.

    My husband earns a good salary and is doing his best to do what overtime he can get but it's never enough. Another thing is that on 2 of the cards we have 0% deals until next year which are then due to finish and will go up again.

    I know we have brought this on ourselves but we need to sort this out so it doesn't add to pregnancy stress and gives us a clear idea of the steps we can take

    any help will be so appreciated thanks

    Tina

    sorry one more thing I forgot to add - my husband works for a financial company and due to the nature of the job he holds cannot be a bankrupt or have IVA's etc
    Last edited by Cenedra41; 12-11-2012 at 2:58 PM. Reason: additional information
  • StepChange_Mat
    Hi there,

    I don't know if you can help me, I hope so!
    Background to my situation: I moved abroad last year with the ultimate aim of paying off some small-ish debts and starting to save. Unfortunately the plan didn't work as quickly as I hoped and in the short term I have actually ended up further in the red.

    My circumstances are about to change as I have just accepted a well-paid job that will mean I will now have spare money each month that I can use to pay off my debts more quickly.

    I have a rental flat in the UK. My mortgage payment is 785 but the rental income is only 450 - not ideal, but better than nothing. I have been meeting the payments so my mortgage is totally on track.

    Aside from mortgage, my other debts are:
    1,750 in an overdraft
    3,500 on a barclaycard
    1,000 on a santander credit card

    Here is the issue that I need advice on: I have a new tenant moving in who will pay 12 months rent up front in a lump sum. My instinct is telling me to put this in a savings account and not touch it (apart from to deduct the monthly 450 towards the mortgage) in case the tenant wants to move out for any reason and I have to refund the unused rent.

    However, I would save myself a lot of interest if I used it all to pay off some of my debt (almost all of it in fact), immediately. Then if the tenant moved out I'd have to refund them using a credit card.

    Is it appropriate to use this lump-sum money like that? Is there a danger my credit card limit could get reduced thus leaving me unable to repay the tenant? My current allowances are 6,000 and 3,000 across the two cards. It's unlikely they'll move out, but I have to plan for every possibility.

    Please let me know how you think I should manage this!
    Thanks
    Originally posted by Urbanina
    Hi and welcome to the forum.

    I think where we could help is putting together an accurate budget and looking at what you can afford towards repaying the debts now that youve got a new job.


    Id recommend that you gather details of your income and expenditure give us a call to discuss the situation.


    If you live outside of the UK, and are contacting us regarding UK debts you can contact us on +44 113 297 0126 to book an appointment with an advisor. Lines are open Monday to Friday 08:00-20:00 and Saturday 09.00 to 15.00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to an advisor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.


    I hope this helps.


    Kind regards,


    Mat
  • Decked
    50k unsecured debt
    Mainly on credit cards. Spoken to various people, seems like a DMP is the way to go, had lots of advice and slowly working way through budget plan etc.
    A couple of questions, I have 5k overdraft with my bank and also 12k on credit card with same bank. If I set up safe account and stop paying my salary in to my current bank, can they take any action?
    I am 100% up to date on all payments and always have been for the last 20 years. It's got silly though and I am paying over 900 a month in interest.
    I am hoping that the credit card companies would take this into account, would I do any harm in approaching them personally and asking for interest to be frozen and payments reduced with a review of payments in say 12 months time. Also should I start with a phone call or go straight in with a letter?
    Thanks
  • StepChange_Rachel
    Mainly on credit cards. Spoken to various people, seems like a DMP is the way to go, had lots of advice and slowly working way through budget plan etc.
    A couple of questions, I have 5k overdraft with my bank and also 12k on credit card with same bank. If I set up safe account and stop paying my salary in to my current bank, can they take any action?
    I am 100% up to date on all payments and always have been for the last 20 years. It's got silly though and I am paying over 900 a month in interest.
    I am hoping that the credit card companies would take this into account, would I do any harm in approaching them personally and asking for interest to be frozen and payments reduced with a review of payments in say 12 months time. Also should I start with a phone call or go straight in with a letter?
    Thanks
    Originally posted by Decked

    Hi there Decked

    Thank you for posting and welcome to the MoneySavingExpert forum.

    If you owe your current bank an unsecured debt, they do have the right to continue taking money out of your bank account. This is called the Right of Offset. This means that they can take a payment regardless of the other bills and expenses you may have such as rent, council tax, food etc. They can do it without warning but most banks will let you know in advance before they exercise this right they have.

    The best way to prevent having your money seized by the bank is to get a brand new bank account with a bank you owe no money to. Your current bank will not be able to exercise their Right of offset once you do, so long as your new bank is not connected to them. Ill give you an example:

    Say you bank with Lloyds and have debt with them. You get a basic bank account with Santander and move everything away - Lloyds cannot contact Santander and demand payment. They can only extract money from the account by means of a direct debit or standing order that you authorise.

    But, if you move to Halifax, Lloyds have merged with them and can offset your new account - what a waste of your time!

    So, my advice is always to check with your new bank that they are definitely NOT connected to anyone you owe money to. please be aware that the bank you owe money to can pass the debts on to a collection agency, but don't worry, this is normal and something we can help you deal with.

    You are within your rights to approach your creditors directly and try to negotiate lower payments, but keep in mind that when you act on your own behalf, chances are a lot of your creditors will refuse your offer outright. They will want to ensure that they're treated as fairly as your other creditors.

    The best way to make reduced payments on multiple debts that's fair and realistic for everyone is going on a fee-free, impartial Debt Management Plan such as what we may be able to offer you.

    In case you're not familiar with us, we a free and confidential debt advice charity. There's a lot of fee-charging DMP companies out there but our plans have no fee included, so you have peace of mind that your payment is going towards your debts and not in our pockets.

    I recommend you try Debt Remedy, our online debt advice tool that can give you your best debt solution in just 20 minutes. The link will be in my signature.

    If you'd prefer to speak to someone, just call our Helpline (free from landlines and mobiles) and talk to one of our advisors.

    Our number is 0800 138 1111. We're open 8:00am to 8:00pm Monday to Friday, and 9:00a.m. and 3:00p.m. on Saturday.


    Best wishes,

    Rachel
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) 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

    If money worries are keeping you awake, read Paul's success story at Need to Sleep

  • wnjmurphy
    Hello,

    I have just requested my DMP that (as per the email) should arrive tomorrow.

    If I get everything back via e-mail tomorrow, when will things be set up? Reason I ask is I have a pay day loan (DOH!) to go out at the end of the month. If they take the money, it leaves me requiring probably another to pay the rent etc.

    If I contact them direct, do they stop the taking of the payment, or will they still attempt it on that date, if so, how quickly can StepChange act to make sure they don't.

    Many thanks for your help and your fantastic service.
  • p0lly
    Lowell
    Hi Just a quick query I have this company chasing me for a debt I do not owe. I have asked them for the credit agreement over a month ago and they have written to say the company are still trying to retrieve it from their archives. They say they will not be in touch again unless they have the agreement. I am wondering should I just leave at that or will this be on my record ? TIA P0lly
    JBFF # 20 NSD 12/25
    Jan Grocery budget 77 /100
  • singlewhytemail
    DMP or IVA? advice please.
    hi there, i am looking for some assistance with some solutions to resolve my current financial situation which i've summarised below;

    i have unsecured debts of around 9k which i am unable to meet due to a decrease in salary. having read about the different options i have, the ones i am looking at are a DMP and IVA.

    i would prefer to write these debts off over a 5 year period via an IVA, rather than applying for a DMP, as i believe the DMP process would take longer to resolve and would not include writing off any debt. at the moment i am not in a position to resolve these debts on a monthly basis as they are with 4 different companies who are asking me to pay more than i can afford.

    i have been a homeowner for 8 years and earn 21K a year so hopefully these debts are resolvable using one of these methods, after mortgage and bills i have around 300 per month which i could use as repayment for these debts. i'd really appreciate some advice on the best way forward for me as i'd like to start 2013 on a better financial footing.



    sincere thanks
    Last edited by singlewhytemail; 14-11-2012 at 1:25 PM.
  • r6joe
    Debt collector says they do not have to prove
    Hi,
    I have been contacted by a debt recovery agency about a debt I dont recognise. I sent them the standard "prove it" letter to which they have replied saying that because it is an "O2 mobile phone account" they do not have to produce any documents. Is this true and do I just have to pay a bill I dont think I owe or are they trying it on?
    Thank you
    Joanne
  • Cougargb
    DRO Expenses help
    I am not prepared for what has just happened to me!

    Last Wednesday I "rescued" my 37 year old estranged son (no contact since May) as he was evicted from his house. He has not worked since being made redundant 2 years ago, living off his redundancy and accruing debts of just over 5k. He suffers from ADHD and is unfit for work.

    He has asked me to deal with his debts and guide him on a suitable path!

    After some initial advice we/he applied for ESA and on checking various sites feel that going down the DRO route is the best option.

    Clearly we have to produce a presentable budget but I have no idea on expenses we should claim bearing in mind he is living "at home". I am financially stretched and would need some help with food costs etc.

    None of the so called "debt remedy calculators" give any advice for our situation, so any advice would be gratefully received.
  • Rat Boy
    Need some advice
    Hi, we have built up a large debt over the last 7 years of around 40k, it all started 7 years ago when I got a new mortgage and tried to reduce the term by paying more, and this was ok at first but the last few years it has suddenly got out of control.

    However I’m now in a position to re mortgage as my fixed term is up, (I took a 2 year then a 5 year fixed rate).

    We have repaid about 20k off in this time from the mortgage and owe about 75% of our house.

    My question is as some of our debt is with the mortgage company 2 credit cards and overdraft, should I get a new fixed term rate (thats if I can) again for 5years and add this debt to the mortgage this would be about 15k, and the rest either do a DMP or a loan?

    What will happen in 5 years if I did a DMP, would I still be able to get a mortgage at a preferred rate?

    Regards

    Richard
    Last edited by Rat Boy; 14-11-2012 at 10:31 PM.
  • WayneB73
    Hi,

    I need some advise about IVA's as apposed to bankruptcy. The only reason i havn't already filed for bankruptcy is the fact i don't want to lose my house..

    I currently have a debt plan which i pay around 167 pcm on a debt of 90,000 My mortgage is 115,000 with a house value of 150,000 max, Currently i can only afford to pay my interest which is about 142 pcm.

    the problem i have is i am due to finish my mortgage in 16 years time, by my maths i would have to pay 7187 per year plus 1800 in interest providing my rate stayed the same meaning i would have to pay back 748 pcm to clear the mortgage in 16 years..

    Out of the 90,000 debt two of those creditors has debts secured against the house by a court order for around 35,000 which leaves 55.000 of unsecured debt to pay..

    I am self employed and based on my estimated average earning's over the next 5 years after tax will be around 24,000 pa, my living costs are currently 17.400 pa which means providing living costs don't rise i have around 6600 disposable income pa..

    What i really need to know is, should i keep my mortgage on interest only for the next 5 years and apply for an IVA to clear the debt? Tecnically with the secured loans i am in negative equity..

    The only reason i don't use the extra 6600 currently is because for some reason i can never live to my budget as i have no saving's, there always seem to be something that goes wrong from car repairs to house hold goods need replacing, i was trying to save a large some of money before taking out an IVA as i know it would limit my cash flow every month to the max with nothing spare.. If i pay the mortgage in full and i pay the mortgage off before the debt i will be forced to sell the house or remortgage the house in my late 50's to pay the remaining debt which means i would have noting and worked all my life for nothing.. Am i wrong to feel it so crucial to want to keep my house for retirement?

    Any advise would be much appreciated, sorry for any poor spelling and grammer in advance as it's not my strong point..
    Last edited by WayneB73; 15-11-2012 at 6:12 AM.
  • Serinapuk
    Bank threatens to shut accounts
    Hi,

    Me and my partner have natwest accounts. I previously banked with Barclays but got into financial difficulty so now have current account with Natwest and trying to pay off my Barclays overdraft (with difficulty)!!!
    We have received a letter advising that our joint, his current and business (he is self employed) will be closed if we can't pay the overdrafts off! This is as a result of my partners current account being 4k overdrawn! My partner has attempted to contact natwest to explain that he was made redundant over 3 times in the past 2 years which meant he had to go self employed but this does not guarantee a regular income! He was told that it was not their problem and he needed to pay it off! Since then, the interest has been building and building and at no point did they offer to stop interest charges which has now resulted in the current situation!
    My current account is ok, I have never gone over limit. I am wondering whether I should pay all wages into my account for now and set up the direct debits for utility bills, mortgage etc from my account but I am worried that they will try to take that money to repay debt on our other accounts with them which would leave us in a position where we would be unable to meet our monthly outgoings! Please help!
    Thank you
  • StepChange_Mat
    Hello

    I'm desperately in need of some advice. My husband and I have a consolidation loan we took out 2 years ago for 16000 (still has 3 years to run at 331 per month) but since then we have also built up debts of 30000 more or less on three other credit cards. We are paying 200 per month approximately on each credit card so all in all our debts are costing us around 1000 per month. Up to this month our mortgage cost us 1200 per month as we bought at the height of the boom and thought fixing it would be a good idea! From this month it has gone down to 800 which helps but I am 9 weeks pregnant with twins, bad timing I know but I am 44 so this was last chance saloon as far as having kids goes. I intend to return to work but I am desperately stressed and worried about how we will manage these debts. I'm not a high earner so have to balance how many days I return to work against cost of childcare. I only get 6 weeks full(ish) pay then down to 130 per week statutory maternity pay which isn't nearly enough to manage on.

    At the moment we struggle with minimum payments and run out of money mid month which means I have to put basics such as shopping on to cards which is just adding to the debt. I want to funnel the savings from my mortgage payments into paying things off but have a limited amount of time now until I go on maternity leave next year. I want to deal with this issue now and do something but don't know where to start.

    We considered borrowing extra on the mortgage but a. I don't think they'd lend money to us to consolidate debts and b. we don't have a great deal of equity in the mortgage anyway.

    I considered another consolidation loan but it would need to be very long and low interest for us to manage the payments until I am able to work more hours.

    My husband earns a good salary and is doing his best to do what overtime he can get but it's never enough. Another thing is that on 2 of the cards we have 0% deals until next year which are then due to finish and will go up again.

    I know we have brought this on ourselves but we need to sort this out so it doesn't add to pregnancy stress and gives us a clear idea of the steps we can take

    any help will be so appreciated thanks

    Tina

    sorry one more thing I forgot to add - my husband works for a financial company and due to the nature of the job he holds cannot be a bankrupt or have IVA's etc
    Originally posted by Cenedra41
    Hi Tina and welcome to the forum.

    It sounds like would benefit from some free and impartial advice.


    In your situation we dont normally recommend taking out any further lending to consolidate loans, this often makes the situation worse over the long run. We also wouldnt normally recommend taking out any further secured lending for the same reason.


    The best thing to do is to put together a budget and look at what realistic options are available. If your husband cannot have an IVA or go bankrupt this will be taken into consideration and it could be that a less formal solution such as a debt management plan (DMP) would be best suited.


    The first thing to do is visit our online debt advice service Debt Remedy (http://www.stepchange.org/msehelp) to help you find a solution to your debt problem quickly.


    Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.


    To help you fill in the form, its best to gather together information about:

    Your income

    Your expenditure

    The creditors you owe money to


    Youll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.


    If youre not confident with computers or would like to speak to an advisor then youre welcome to ring our free Helpline on 0800 138 1111. Were open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.


    Id recommend that both you and your partner call together once you have the paperwork you require for the debts and your monthly income and expenditure.


    Its worth noting that debt solutions will have an impact on your partners credit rating and he should check to see if this will impact his employment also. If you call us we may still be able to give more advice regards this.


    I hope this helps.


    Kind regards,


    Mat
  • StepChange_Mat
    Hello,

    I have just requested my DMP that (as per the email) should arrive tomorrow.

    If I get everything back via e-mail tomorrow, when will things be set up? Reason I ask is I have a pay day loan (DOH!) to go out at the end of the month. If they take the money, it leaves me requiring probably another to pay the rent etc.

    If I contact them direct, do they stop the taking of the payment, or will they still attempt it on that date, if so, how quickly can StepChange act to make sure they don't.

    Many thanks for your help and your fantastic service.
    Originally posted by wnjmurphy
    Hi and thanks for your message.

    As youre already a client Id recommend that you get in touch for some more advice.

    Well be able to look at whats best in this situation and give you the best advice on what to do.

    The contact number should be in the pack.

    I hope this helps.

    Kind regards,

    Mat
  • StepChange_Mat
    Hi Just a quick query I have this company chasing me for a debt I do not owe. I have asked them for the credit agreement over a month ago and they have written to say the company are still trying to retrieve it from their archives. They say they will not be in touch again unless they have the agreement. I am wondering should I just leave at that or will this be on my record ? TIA P0lly
    Originally posted by p0lly
    Hi and thanks for your post.

    Id recommend double checking your credit file if you havent done this recently.

    There are three credit reference agencies in the UK Callcredit, Equifax and Experian. Their websites will explain how to get access to your credit report.

    If anything is listed on your credit report regards this debt, and you have no knowledge of taking this credit out youd need to come back for more advice.

    I hope this helps.

    Kind regards,

    Mat
  • AllenL
    Efg
    Hi,
    I took out an EFG for 50,000 for my business approximately 30 months ago and now still owe 39,000. I now cannot afford the repayments and the company in whose name the loan was taken out has ceased trading.
    I have no personal assets apart from my house.
    Can anyone tell me what my options are? The name suggests that the government will guarantee the loan, so surely if I cannot pay, the government are expected to cover the shortfall.
    Any help gratefully received.
  • StepChange_Mat
    hi there, i am looking for some assistance with some solutions to resolve my current financial situation which i've summarised below;

    i have unsecured debts of around 9k which i am unable to meet due to a decrease in salary. having read about the different options i have, the ones i am looking at are a DMP and IVA.

    i would prefer to write these debts off over a 5 year period via an IVA, rather than applying for a DMP, as i believe the DMP process would take longer to resolve and would not include writing off any debt. at the moment i am not in a position to resolve these debts on a monthly basis as they are with 4 different companies who are asking me to pay more than i can afford.

    i have been a homeowner for 8 years and earn 21K a year so hopefully these debts are resolvable using one of these methods, after mortgage and bills i have around 300 per month which i could use as repayment for these debts. i'd really appreciate some advice on the best way forward for me as i'd like to start 2013 on a better financial footing.



    sincere thanks
    Originally posted by singlewhytemail

    Hi and welcome to the forum.


    It sounds like you would benefit from some free and impartial advice.

    Im afraid you dont have enough debt to qualify for the IVA criteria (Debts of 15,000 and over only).

    However, as you suggest it is possible to get yourself back on track most likely through a debt management plan (which we offer free of charge, so all the money you pay in goes towards clearing your debts).

    The first thing to do is visit our online debt advice service Debt Remedy (
    http://www.stepchange.org/msehelp) to help you find a solution to your debt problem quickly.

    Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.


    To help you fill in the form, its best to gather together information about
    :
    Your income

    Your expenditure

    The creditors you owe money to


    Youll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.


    If youre not confident with computers or would like to speak to an advisor then youre welcome to ring our free Helpline on 0800 138 1111. Were open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.


    If you phone us it may be possible to refer you directly to an advisor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.


    I hope this helps.


    Kind regards,


    Mat
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