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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,328Posts
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    MSE Andrea
    Struggling with debt? Ask a debt advisor a question
    • #1
    • 18th Nov 16, 1:05 PM
    Struggling with debt? Ask a debt advisor a question 18th Nov 16 at 1:05 PM
    If you need help with your debts, this is the thread for you.

    Trained advisors from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. They’re a friendly bunch so please don’t be shy!

    There are three ways to get in touch:

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

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

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

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

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

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

    If you haven’t already, join the forum to reply!
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Page 18
    • Moragg
    • By Moragg 5th Jun 17, 7:27 PM
    • 5 Posts
    • 0 Thanks
    Moragg
    house equity and debt
    HI, I could really do with some advice.

    I have about £25K debt, mainly on interest free credit cards. I am paying off very very slowly but surely.
    I'm paying about £500 a month debt repayment and I never have any spare cash.
    My house looks like students live in it and I feel frustrated.

    I was wondering if it was a good idea to release equity from my mortgage to pay off debt and do my house up. My house is worth 240k and my mortgage is 130k.

    I'm worried about paying lots of interest as I think this is an expensive way of paying off loans, but I'm fed up with a scruffy house and no cash.

    Any advice gratefully received.

    Moragg
    • alad6586
    • By alad6586 5th Jun 17, 7:49 PM
    • 3 Posts
    • 0 Thanks
    alad6586
    Hello
    We have debt on a credit cards which has gradually built up over the years. Last year we became in a situation of being unable to pay the minimum amounts due each month. Therefore, we made each creditor a repayment plan offer of £1 per month. All offers were accepted.

    We were recently able to obtain a certain amount of money with the help of family and friends, an amount which equalled approx. 40% of our debts. So we therefore wrote a letter to each creditor (Halifax, Lloyds and Barclaycard) to make them a full and final settlement offer of 40% each. Both Lloyds and Halifax have accepted, and both been paid. However, Link Financial (who have bought the Barclaycard debt) will not budge and insist on nothing less than 90%. At a push we managed to raise the offer to 45% as we are desperate to clear this debt, again with more help from a relative, but we are getting no where.

    We are both pensioners, so will now be impossible for us to obtain any more money than this. All our other creditors have assessed our situation and agreed to 40% except Link Financial. What can we do now, other than just repay £1 per month for the rest of our lives?

    Thankyou in advance
    Jas
  • StepChange_Richard
    Hi there,

    Sorry to hear Debt Remedy isn't working for you. You can complete your budget over the phone instead? You'll need to call our Helpline. All our contact details are here.

    Take care,

    Richard


    Hi Linsi,

    Thanks for the reply. The link to the debt remedy tool doesn't seem to work for me? Is it correct?

    Thanks,

    Leanne
    Originally posted by LeaPea
    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
    Hi there,

    Thanks for your message.

    I'm afraid that this is beyond our area of expertise so I would suggest that you seek legal advice to help with this. The Citizens Advice Bureau are a good starting point.

    Sorry we can't be of more help on this.


    Richard



    Hi, I am after some guidance please. I am trying to recover money for a duff car from the man who sold it to me. He is 'trading as'. I have tried all ways but his story keeps changing and a friend told me to file court papers which I have done. An acknowledgement of service has been filed which is fine, but he has put his wrong date of birth, does this make any difference, it doesn't just look to be a simple mistake but done deliberately and I am perplexed. Any help would be appreciated. Thank you.
    Originally posted by Help needed please
    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
    Hi Moragg

    Thanks for your message and getting in touch.

    Without seeing a budget for your full finanical situation I can't say whether releasing equity is the right move for you. You can build a budget with us so that we can give advice on the best way to deal with your situaiton. You can do this through our Debt Remedy tool on our website or by calling and speaking with an advisor.

    You can read more about Equity Release on our website here also.

    I hope this helps.


    Richard




    HI, I could really do with some advice.

    I have about £25K debt, mainly on interest free credit cards. I am paying off very very slowly but surely.
    I'm paying about £500 a month debt repayment and I never have any spare cash.
    My house looks like students live in it and I feel frustrated.

    I was wondering if it was a good idea to release equity from my mortgage to pay off debt and do my house up. My house is worth 240k and my mortgage is 130k.

    I'm worried about paying lots of interest as I think this is an expensive way of paying off loans, but I'm fed up with a scruffy house and no cash.

    Any advice gratefully received.

    Moragg
    Originally posted by Moragg
    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
    Hi Jas

    Welcome to the forum and thanks for your message.

    I know it can be frustrating when trying to pay your debts back, especially when you can only afford to make very low payments, but we can help.

    To give you advise on your options we'll need to complete a budget with you to see your full finanical situation. You can do this through our Debt Remedy tool on our website or by calling and speaking with an advisor. From here we'll be able to assess the best way for you to deal with your debts.

    I hope this helps.


    Richard




    Hello
    We have debt on a credit cards which has gradually built up over the years. Last year we became in a situation of being unable to pay the minimum amounts due each month. Therefore, we made each creditor a repayment plan offer of £1 per month. All offers were accepted.

    We were recently able to obtain a certain amount of money with the help of family and friends, an amount which equalled approx. 40% of our debts. So we therefore wrote a letter to each creditor (Halifax, Lloyds and Barclaycard) to make them a full and final settlement offer of 40% each. Both Lloyds and Halifax have accepted, and both been paid. However, Link Financial (who have bought the Barclaycard debt) will not budge and insist on nothing less than 90%. At a push we managed to raise the offer to 45% as we are desperate to clear this debt, again with more help from a relative, but we are getting no where.

    We are both pensioners, so will now be impossible for us to obtain any more money than this. All our other creditors have assessed our situation and agreed to 40% except Link Financial. What can we do now, other than just repay £1 per month for the rest of our lives?

    Thankyou in advance
    Jas
    Originally posted by alad6586
    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.
    • Help needed please
    • By Help needed please 6th Jun 17, 1:32 PM
    • 2 Posts
    • 0 Thanks
    Help needed please
    Thank you veR||y much for point|ing me in the right direction, it is much appreciated.
    • Missmk
    • By Missmk 6th Jun 17, 4:22 PM
    • 1 Posts
    • 0 Thanks
    Missmk
    Information requested by creditor
    Hi, I have long-term debit with (among others) M&S. A few years ago, when I was in a v bad place financially, I made an arrangement to pay the debt only, an agreed sum each month. In previous years, they've phoned and I've been able to continue with the arrangement. I opened a whole lot of backlog mail at the weekend, and I have a letter threatening legal action if I don't get in touch with them and provide financial information. I'm completely up-to-date with my payments (and know that not opening the post is a silly thing to do... old habits). Having previously been self-employed, I'm not in permanent employment. Although I'm on a decent salary now, I'm paying PAYE and self-assessment, and don't have loads spare. My question: what information do I have to give them; are they within their rights asking for details of all my finances, income/outgoings, etc? Is there any way I can renew the current arrangement (i.e. not paying interest), particularly if I offer a wee bit more each month? Sorry for such a long post and thanks for your help.
    • StepChange Private Messages
      Verified User verified user
    • By StepChange Private Messages Verified User verified user 7th Jun 17, 9:39 AM
    • 109 Posts
    • 112 Thanks
    StepChange Private Messages
    Hi

    Welcome to the forum and thanks for your post.

    Creditors can ask for details of your financial situation and often do, this is so they have evidence that the agreement that is in place is realistic and fair.

    You aren’t legally obliged to send this information to the creditor if it’s a simple budget review, however it may be a good idea to as with this information creditors are less likely to take legal action.

    Creditors are more likely to take a debt through to a county court to set a county court judgement (CCJ) against the debt if they believe they may be able to get higher payments through the court.

    Once a debt goes through to a county court there is more risk of further action if the payment arrangement is missed.

    If the creditor has stopped the interest with your current payment arrangement then they are unlikely to start adding it again.

    If you'd like further help you can build a financial budget through our Debt Remedy tool online and at the end you’ll receive advice and recommendations based on your financial situation.

    Thanks
    Rachael



    Hi, I have long-term debit with (among others) M&S. A few years ago, when I was in a v bad place financially, I made an arrangement to pay the debt only, an agreed sum each month. In previous years, they've phoned and I've been able to continue with the arrangement. I opened a whole lot of backlog mail at the weekend, and I have a letter threatening legal action if I don't get in touch with them and provide financial information. I'm completely up-to-date with my payments (and know that not opening the post is a silly thing to do... old habits). Having previously been self-employed, I'm not in permanent employment. Although I'm on a decent salary now, I'm paying PAYE and self-assessment, and don't have loads spare. My question: what information do I have to give them; are they within their rights asking for details of all my finances, income/outgoings, etc? Is there any way I can renew the current arrangement (i.e. not paying interest), particularly if I offer a wee bit more each month? Sorry for such a long post and thanks for your help.
    Originally posted by Missmk
    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.
    • Rochdale_Guy
    • By Rochdale_Guy 7th Jun 17, 9:19 PM
    • 1,682 Posts
    • 1,293 Thanks
    Rochdale_Guy
    Hi.

    My annual review is now due, but my partner has now moved in and we have a baby. My partner is unwaged and not on benefits so has no income as a stay at home mum. When I fill in my review, do I have to put "number of adults" as 2 as she now lives with me? Is this "number of adults" about how many are in the home, not about how many have the debt, as the debt is mine and not her responsibility. And does the Child Benefit have to be listed in my income total, as that is paid to my partner. I receive some Child Tax Credit, so does that have to be listed too? There seems to not be much on the review to include all the spends on baby things (only including it under food or clothes), does it come under "other", and will StepChange be accepting of all the massive things you have to constantly buy for a child (stair gates, high chair, push chair, cot, cot bed, mattress, bedding, baby monitors, developmental toys, etc).

    Thank you.
  • StepChange_Richard
    Hi there,

    Thanks for your message and getting in touch.

    It sounds like you've had some big changes recently (and exciting ones, congratulations) so I would suggest calling for a review of your budget rather than doing it online. That way the advisors here can discuss your situaiton and make sure you able to look after the family first whilst paying for all the things you need. All our contact details are here if you need them.

    The number of adults is to represent the number of adults who are financially dependant on your income. If your partner is reliant on you to provide things for her then she should be included as a dependent adult. If she has her own income and is not reliant on your income then you would not include her.

    You would only need to list incomes that you recieve. If you made a joint applicaiton for tax credits and you receive some of the money you would include this as an income. If you don't receive the money, its not an income for you.

    I hope this helps,


    Richard




    Hi.

    My annual review is now due, but my partner has now moved in and we have a baby. My partner is unwaged and not on benefits so has no income as a stay at home mum. When I fill in my review, do I have to put "number of adults" as 2 as she now lives with me? Is this "number of adults" about how many are in the home, not about how many have the debt, as the debt is mine and not her responsibility. And does the Child Benefit have to be listed in my income total, as that is paid to my partner. I receive some Child Tax Credit, so does that have to be listed too? There seems to not be much on the review to include all the spends on baby things (only including it under food or clothes), does it come under "other", and will StepChange be accepting of all the massive things you have to constantly buy for a child (stair gates, high chair, push chair, cot, cot bed, mattress, bedding, baby monitors, developmental toys, etc).

    Thank you.
    Originally posted by Rochdale_Guy
    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.
    • Rochdale_Guy
    • By Rochdale_Guy 8th Jun 17, 9:55 AM
    • 1,682 Posts
    • 1,293 Thanks
    Rochdale_Guy
    Thanks.


    I am out at work from 7.30am until 6.30pm Monday to Fridays so can't phone up and update my details. I have to do it online, have this problem each year.
    • sourcrates
    • By sourcrates 8th Jun 17, 11:33 AM
    • 11,204 Posts
    • 10,870 Thanks
    sourcrates
    Thanks.


    I am out at work from 7.30am until 6.30pm Monday to Fridays so can't phone up and update my details. I have to do it online, have this problem each year.
    Originally posted by Rochdale_Guy
    They are open Saturday mornings.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Rochdale_Guy
    • By Rochdale_Guy 9th Jun 17, 9:36 AM
    • 1,682 Posts
    • 1,293 Thanks
    Rochdale_Guy
    As far as I know, NOT for existing clients on a DMP.
  • StepChange_Richard
    Hi there

    I'll send you a private message so I can take your details and see if there's any alternatives for you.

    If you can find the time during a lunch break that would be best though so we can discuss the situation with you.

    Many thanks,


    Richard.



    As far as I know, NOT for existing clients on a DMP.
    Originally posted by Rochdale_Guy
    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.
    • Rochdale_Guy
    • By Rochdale_Guy 10th Jun 17, 11:37 PM
    • 1,682 Posts
    • 1,293 Thanks
    Rochdale_Guy
    PM sent, thank you.
    .
    • Lilpinkkitty1984
    • By Lilpinkkitty1984 13th Jun 17, 3:11 PM
    • 1 Posts
    • 0 Thanks
    Lilpinkkitty1984
    Hello, I am currently
    On a dro with stepchange, it was granted about 2/3 weeks ago. One of my debts was a credit card with capital one, they have issued me a default notice today, I'm now panicking as to what is going to happen? As it's very confusing, it states no action will be taken whilst I'm on the dro yet it also states the company intends to take the above action on it after 28 days, above it , it states terminate credit agreement etc. Then it says no sum of money is required???? What does this mean it throws in if we take you to court and get a judgement you may have to pay the judgement fees?? I'm so scared and not sure what to do?
    Be taken whilst the dro is active,
  • StepChange_Allen
    Hello, I am currently
    On a dro with stepchange, it was granted about 2/3 weeks ago. One of my debts was a credit card with capital one, they have issued me a default notice today, I'm now panicking as to what is going to happen? As it's very confusing, it states no action will be taken whilst I'm on the dro yet it also states the company intends to take the above action on it after 28 days, above it , it states terminate credit agreement etc. Then it says no sum of money is required???? What does this mean it throws in if we take you to court and get a judgement you may have to pay the judgement fees?? I'm so scared and not sure what to do?
    Be taken whilst the dro is active,
    Originally posted by Lilpinkkitty1984
    Hi there

    Welcome to the forum and thanks for posting.

    I can understand that it'd be worrying to receive a letter like this, however there's no need to be alarmed. Creditors can't get a CCJ against you or add any fees on when a DRO is in place. You also don't need to contact any creditors that went into your DRO and can disregard this letter.

    If you'd like any further reassurance and explanation of why the letter may have been sent, you can call our DRO team that dealt with your application and they'll be able to explain in more detail.

    I hope this is okay.

    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.
    • Rochdale_Guy
    • By Rochdale_Guy 14th Jun 17, 11:25 AM
    • 1,682 Posts
    • 1,293 Thanks
    Rochdale_Guy
    New PM sent, not happy.
    .
  • StepChange_Linsi
    Hi,

    I've replied to your private message.

    Thanks

    Linsi


    New PM sent, not happy.
    Originally posted by Rochdale_Guy
    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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