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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,838Posts
    • 21,150Thanks
    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 the team 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).

    If you're self employed and need debt help please get in touch with Business Debtline.

    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!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 07-12-2017 at 2:44 PM.
    Could you do with a Money Makeover?


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Page 28
  • StepChange_Linsi
    Hi

    Thanks for getting in touch.

    When you say youíve completed the calculator do you mean our online Debt Remedy tool? If so, our budget has a section for sundries and emergencies. This is where youíd budget for special occasions and emergencies. You can log back into Debt Remedy here to update your budget.

    As you have debts with your current bank it means Halifax can use the right of set-off so your income isnít safe. You can find more information about this on our website.

    All of your debts will need to be included in a DMP so itís likely your account will be closed. If the insurances you have with your Halifax account are essential you can look at purchasing these separately. Iíd recommend using a comparison website to ensure you get the best deals and then update your budget accordingly.

    Alternatively, you can open up a new account with a bank that offers similar benefits. There isnít a specific bank I can recommend but thereís an article on the MSE website about the best packaged bank accounts.

    I hope this helps,

    Linsi

    Hi

    I am looking into setting up a DMP. I have completed the calculator, Though I need to adjust it slightly but I have a couple of questions.

    1) I bank with Halifax. I have a loan, mortgage and overdraft with them. If I change bank as advised I lose the benefits of which I pay £15 per month for. Car breakdown cover, Home emergency cover. Mobile phine cover and holiday insurance. To purchase these separately comes to a lot more than the £15.

    2) The plan does not allow for Xmas/ birthdays or an emergency fund. If something was to go wrong how would I fund it?

    Can you please advise.

    Thanks in advance
    Originally posted by Cassox
    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.
    • stepha4
    • By stepha4 20th Nov 17, 6:19 PM
    • 2 Posts
    • 1 Thanks
    stepha4
    Donít know which way to turn :(
    Hi,

    Iíll be as brief as possible whilst adding as much info as I can.

    Myself and my husband have 2 children, youngest 8 months (Iím on maternity leave), own our house and heís in full time employment and Iím part time once I go back.

    We have substantial debts and I donít know which way to go about sorting them out...! I canít work any more hours as childcare would eradicate most of my wage and thereís no family available that can care for them for free. We donít get any benefits or free childcare hours as my husband earns £32,000 a year.

    I have done a budget planner and it leaves us with £98 cash a month once everything is paid...insurance, tax, mortgage, water, electricity & gas & our debts. We are not behind on any payments at all but am fast realising we soon will be if we donít sort something ASAP!

    We currently pay £985 a month on all our minimum payments and loan our debt is 40k (not including mortgage)

    From the above (knowing very little about options) would anything jump out at you with what we should do? Are we too far gone to sort it?

    Thankyou in advance, this feels like a very big muddle which I donít know how to sort. I am on medication for anxiety and this is having a very negative affect on it.

    Thanks again 🙂
  • StepChange_Allen
    Hi there, Posting this on behalf of my girlfriend so i'll include as much info as I can
    Here are the facts as I know them.
    My girlfriend has has 4 credit cards in her name. A failed relationship about 2 years 6 months ago caused her to have difficulty repaying them. She stopped paying them at this point however did not contact the companies (she has an incredible history of burying her head in the sand and hoping things just go away, however this is not the topic of the advice i seek).
    My girlfriend moved into a new privately rented accommodation and has not received any letters however has had missed calls on her mobile that appear to be from Cabot and/or Lowells
    From what we can tell from her credit file, these debts have now been sold to Cabot and Lowells, who have been updating her credit file monthly. As you can imagine her credit score is shocking.
    Up to now, there has still been no contact with either Cabot or Lowells but we're in a position where we need to improve her credit score (by anything) as in aprox 3 years we'd like to buy a house. We realize that her credit rating will have a major impact on getting a mortgage. Did a bit of Googling and found that a mortgage might still be obtainable as long as there are no defaults within, say, a 2 year period. If this is true then what we want to do (what i'm trying to get her to do) is start and put an end to these monthly defaults being registered by Cabot and Lowells.
    So, I'm hoping one of you more knowledgeable people might be able to offer some guidance. Is this a sound idea to try and stop these defaults and stop more negative marks on her file?
    If we put a plan into action straight away if 3 years of clear credit file going to help get a mortgage? (I really hope the answer to this is a simple Yes)
    What is the best way to approach these debt buyers? she really doesn't have much spare money after rent and everything else but she does want to actually pay something, however small.
    Her debts across 4 cards total about £9,000. After doing an income and outgoings sheet she has about £40 she can afford to pay to them. Are they likely to agree to this?
    My first thought was just ring them, set up a plan with what you can afford and that should stop all the negative marks, but after a bit of browsing online there's a lot of advice about writing letters and all sorts. I'm lost.
    Our goal is not to avoid the debt, but we do need to improve this credit file and we can't just pay it all off huge chunks at a time.
    Would appreciate some advice Thanks
    Originally posted by Jellyworm

    Hi Jellyworm

    Thanks for posting.

    I understand what you're saying and what the aim is with these debts. Credit files are a little bit complex so it's difficult to give cast iron answers to exactly what affects them. However, I can confirm that once a debt has been defaulted (original agreement broken), that default stays on a person's credit file for 6 years, whether it's been paid off or not. This will have some impact on the credit rating throughout this period.

    Whether not having had a recent default helps the credit rating I'm not sure; if there are a number of defaults already on there I wouldn't expect it to improve much until either the debts have dropped off (after the 6 years) or until they've been updated as paid/settled. Different banks might have a slightly different view on the credit worthiness if you apply for a mortgage so I can't say whether you would or wouldn't get a mortgage in 3 years. Banks also look at how much income you have and other things as part of an application.

    We can help your partner find a solution to her a debt problems. She can register with us on the phone or online for free. The number to call to go through things with an advisor is 0800 138 1111 or if she'd prefer getting the advice online our Debt Remedy tool can be found here: www.stepchange.org/DebtRemedy

    I hope this is useful.

    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
    Hi,

    Iíll be as brief as possible whilst adding as much info as I can.

    Myself and my husband have 2 children, youngest 8 months (Iím on maternity leave), own our house and heís in full time employment and Iím part time once I go back.

    We have substantial debts and I donít know which way to go about sorting them out...! I canít work any more hours as childcare would eradicate most of my wage and thereís no family available that can care for them for free. We donít get any benefits or free childcare hours as my husband earns £32,000 a year.

    I have done a budget planner and it leaves us with £98 cash a month once everything is paid...insurance, tax, mortgage, water, electricity & gas & our debts. We are not behind on any payments at all but am fast realising we soon will be if we donít sort something ASAP!

    We currently pay £985 a month on all our minimum payments and loan our debt is 40k (not including mortgage)

    From the above (knowing very little about options) would anything jump out at you with what we should do? Are we too far gone to sort it?

    Thankyou in advance, this feels like a very big muddle which I donít know how to sort. I am on medication for anxiety and this is having a very negative affect on it.

    Thanks again 🙂
    Originally posted by stepha4

    Hi there

    Welcome to the forum and thanks for posting.

    I can appreciate being in financial difficulty can make anxiety worse, but I can reassure you that it's never too late to get help or get things sorted out with debts.

    At StepChange we're able to make recommendations and explain all available options to someone once we have full details of their income, spending and debts. Without those details we can only really talk generally about things so it'll help if we can speak with you.

    You can either call our Helpline free on 0800 138 1111 to get started, or use our anonymous online Debt Remedy tool here: www.stepchange.org/DebtRemedy

    I hope this is useful and we look forward to helping you.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • blanchedubois1992
    • By blanchedubois1992 24th Nov 17, 4:33 PM
    • 1 Posts
    • 0 Thanks
    blanchedubois1992
    Hi there,


    I am looking for advice: I have an old student overdraft debt that was passed onto arrow global - they are writing to me asking for £1600. I ignored it for a while then I called them myself and abused them down the phone just saying things like 'I bet you were bullied at school' and 'your parents must be really proud of you' - it worked pretty well because they never call me anymore, I guess I must have struck a nerve with my personal debt collector Julie and she just dreads picking up the phone to call me knowing that I will bully her.


    So my issue is...what happens now? What will realistically happen if I just ignore this? Will they bother going to court for this meagre sum? DO THEY HAVE TO NOTIFY ME AND WRITE TO ME BEFORE IT GOES TO COURT?? I really want to apply for a mortgage next year so I don't want the situation to get dramatically worse, also don't want to end up paying more than necessary so when the time comes I was thinking I might settle with them and try to do that for about 700 quid. It's been over a month and I've not received any more letters or calls...what do you think is going on?


    Many thanks
    • igaveupnowimback
    • By igaveupnowimback 26th Nov 17, 11:09 AM
    • 269 Posts
    • 1,977 Thanks
    igaveupnowimback
    Worried
    Hello, am couple years into DMP gone well so far. Bank Credit Card now say writing off debt and closing account. This is a substantial amount which would more than halve my total dmp, but although they don't mention this I suspect this is a precursor to selling to DCA and starting court proceedings due to amount. Can anyone advise please I am desperate to avoid court or dealing with escalation to DCA. (Scotland). Also when check SC statement online this debt is listed with 'opening new account' can you please tell me what that means, thank you.
    Last edited by igaveupnowimback; 26-11-2017 at 11:15 AM.
  • StepChange_Rachael
    Hi

    Welcome to the forum.

    Iím not quite sure how to respond to the first paragraph. If you felt this was the right way to react due to receiving similar language from Arrow Global then Iíd suggest making a formal complaint so it can be looked into. They should have a formal complaints route that you can follow on their website.

    Creditors are quite likely to take further action such as court action to set a CCJ against the debt if they canít make an informal arrangement. This means they can look to take further action to collect for the debt if a payment arrangement isnít maintained. This further action can be enforcement agents or attachment of earnings, for the full sum plus court costs.

    The creditor will inform you if theyíre looking to take the debt to court. This is called the letter of claim and gives the debtor (yourself) 30 days to respond and come to an agreement with the creditor before they take this further action.

    A CCJ will have a greater impact on your credit file. However, you might find outstanding debts and defaults from the creditors have already had a negative impact on your credit file which could affect getting a mortgage.

    You can check your credit file through Noddle, ClearScore or Experian. Please check individual website for charges.

    If youíd like to explore your options with finding a suitable debt solution you can find StepChanges contact details here.

    Thanks
    Rachael


    Hi there,


    I am looking for advice: I have an old student overdraft debt that was passed onto arrow global - they are writing to me asking for £1600. I ignored it for a while then I called them myself and abused them down the phone just saying things like 'I bet you were bullied at school' and 'your parents must be really proud of you' - it worked pretty well because they never call me anymore, I guess I must have struck a nerve with my personal debt collector Julie and she just dreads picking up the phone to call me knowing that I will bully her.


    So my issue is...what happens now? What will realistically happen if I just ignore this? Will they bother going to court for this meagre sum? DO THEY HAVE TO NOTIFY ME AND WRITE TO ME BEFORE IT GOES TO COURT?? I really want to apply for a mortgage next year so I don't want the situation to get dramatically worse, also don't want to end up paying more than necessary so when the time comes I was thinking I might settle with them and try to do that for about 700 quid. It's been over a month and I've not received any more letters or calls...what do you think is going on?


    Many thanks
    Originally posted by blanchedubois1992
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Rachael
    Hi

    Thanks for your post.

    If a creditor was going to pass a debt on to a collections agency I wouldnít expect them to send a letter stating that theyíre writing off the debt. Iíd suggest contacting the creditor and asking what they intend to do with the account. Itís unusual that a creditor would write off debt so if this is the case Iíd suggest asking for confirmation of this and to confirm in writing the debt wonít be sold on and that your credit file will be marked as full and finally settled for this debt.

    You could also contact the organisation/company dealing with your DMP and discuss this with them. Youíve mentioned ĎSC statementí in your response. If this means your DMP is with StepChange Iíd suggest speaking with the department dealing with the plan. You can find our contact details here.

    A debt going to a collections agency and a debt going to court are very different routes of collection. Itís more likely a creditor will pass the debt to a collections agency than take a debt to court when youíre in a DMP.

    Thanks
    Rachael


    Hello, am couple years into DMP gone well so far. Bank Credit Card now say writing off debt and closing account. This is a substantial amount which would more than halve my total dmp, but although they don't mention this I suspect this is a precursor to selling to DCA and starting court proceedings due to amount. Can anyone advise please I am desperate to avoid court or dealing with escalation to DCA. (Scotland). Also when check SC statement online this debt is listed with 'opening new account' can you please tell me what that means, thank you.
    Originally posted by igaveupnowimback
    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.
    • weezypops
    • By weezypops 27th Nov 17, 11:49 AM
    • 26 Posts
    • 406 Thanks
    weezypops
    Hi,

    I'm looking for some advice as to our best next steps.

    We have got ourselves into more debt than we can handle. My husband earns a good wage and I am self-employed so I know we are in a better situation than many but paying off debts each month is killing us.

    We currently have an overdraft of £5k and three credit cards totalling about £30k, plus a loan we are paying off £300ish a month. The total we're paying out a month on repayments is about £1k. Then we also have a mortgage which we pay £750 a month on.

    We own a third share in my husband's grandad's old house and are in the process of selling some of that to his dad, which should give us £20k. We plan to use this to pay two of the cards off totally.

    The largest of the cards (£12k) was interest free but we missed one payment over the summer and lost that benefit so are now paying interest on that one too.

    I was just wondering if someone can advise as to what is our best route out of debt. We are tackling our spending, and obviously the £20k is going to make a big dent. Would we be better applying for another 0% card and moving over what is left, or is there a better way of clearing what is left?
    • igaveupnowimback
    • By igaveupnowimback 27th Nov 17, 1:55 PM
    • 269 Posts
    • 1,977 Thanks
    igaveupnowimback
    Bank letter
    Hi Rachael, thanks. Called bank they at first said no, still balance on account but then said re letter that this was indeed the case and it would not be passed on anywhere, they were dealing with it themselves, and it would not affect my credit rating, (letter had stated that it will be removed from credit registers within 6 weeks). Why would they do this I wonder if it was perhaps an unenforceable account ? I didnt ask for comfirmation aside from letter I have, I could do this over next few weeks if see it removed from CRA records. Thank you.

    Hi

    Thanks for your post.

    If a creditor was going to pass a debt on to a collections agency I wouldn’t expect them to send a letter stating that they’re writing off the debt. I’d suggest contacting the creditor and asking what they intend to do with the account. It’s unusual that a creditor would write off debt so if this is the case I’d suggest asking for confirmation of this and to confirm in writing the debt won’t be sold on and that your credit file will be marked as full and finally settled for this debt.

    You could also contact the organisation/company dealing with your DMP and discuss this with them. You’ve mentioned ‘SC statement’ in your response. If this means your DMP is with StepChange I’d suggest speaking with the department dealing with the plan. You can find our contact details here.

    A debt going to a collections agency and a debt going to court are very different routes of collection. It’s more likely a creditor will pass the debt to a collections agency than take a debt to court when you’re in a DMP.

    Thanks
    Rachael
    Originally posted by StepChange_Rachael
    Last edited by igaveupnowimback; 27-11-2017 at 1:57 PM.
    • Ansari27
    • By Ansari27 27th Nov 17, 3:34 PM
    • 1 Posts
    • 0 Thanks
    Ansari27
    Advice for no income
    Hi! I am looking for advice based on my situation.

    I am currently looking after my father who was taken unwell a few months ago. He struggles with his health and completing tasks etc. I was previously working but had to quit my job and move back into my parents home to look after him.

    Due to this I literally have no income and we live off my mothers wage and my dads pension. My mother is not the greatest when it comes to English etc and does not drive so she would struggle to look after my dad. I am the only person who is capable of looking after him.

    I have approximately £4,000 of debt that I struggled to keep repayments on and therefore they are starting to come calling.

    What options would I have available to me regarding this? I do not expect my fathers situation to change for the next year or 2 and therefore would find it very difficult to get back into work until this.

    Any advice would be greatly appreciated.
    • Juggy1980
    • By Juggy1980 27th Nov 17, 8:33 PM
    • 1 Posts
    • 0 Thanks
    Juggy1980
    Debt Consolidation
    Hi. I have 15,000 worth of debt (cc's mainly and a personal loan). I have a very secure income but my credit is poor. I've applied for personal loans with my bank and others but been refused. My main concern is the huge interest i pay and will i still be paying of in 15 yrs +. If (dream scenario) i could consolidate i could easily make the repayments and i'd prob be paying out less each month. My monthly debt amount is 500 and nearly half is interest!
    All help/advice would be gratefully received.
  • StepChange_Allen
    Hi,

    I'm looking for some advice as to our best next steps.

    We have got ourselves into more debt than we can handle. My husband earns a good wage and I am self-employed so I know we are in a better situation than many but paying off debts each month is killing us.

    We currently have an overdraft of £5k and three credit cards totalling about £30k, plus a loan we are paying off £300ish a month. The total we're paying out a month on repayments is about £1k. Then we also have a mortgage which we pay £750 a month on.

    We own a third share in my husband's grandad's old house and are in the process of selling some of that to his dad, which should give us £20k. We plan to use this to pay two of the cards off totally.

    The largest of the cards (£12k) was interest free but we missed one payment over the summer and lost that benefit so are now paying interest on that one too.

    I was just wondering if someone can advise as to what is our best route out of debt. We are tackling our spending, and obviously the £20k is going to make a big dent. Would we be better applying for another 0% card and moving over what is left, or is there a better way of clearing what is left?
    Originally posted by weezypops

    Hi there

    Thanks for posting.

    There's a number of different options that could work for you, but it's hard to say what's best without knowing your situation in detail. I make it that you'll still have £15,000 plus the loan left after you use that £20,000, so it depends whether you can comfortably afford the repayments after that?

    I don't know what your credit ratings and affordability are like, so whether taking out more credit, either 0% cards or a low interest loan, would work for you, I can't say. You can find more information on these things on the main MSE site under the 'cards and loans' tab. Do be careful about borrowing more money to pay off existing debt.

    If you'd like some tailored debt advice for your situation, accounting for your income, spending and debts, please contact Business Debtline for advice. Because you're self-employed, we advise to contact them; we no longer advise self-employed people. Their website is: www.businessdebtline.org/

    I hope this is helpful.

    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
    Hi Rachael, thanks. Called bank they at first said no, still balance on account but then said re letter that this was indeed the case and it would not be passed on anywhere, they were dealing with it themselves, and it would not affect my credit rating, (letter had stated that it will be removed from credit registers within 6 weeks). Why would they do this I wonder if it was perhaps an unenforceable account ? I didnt ask for comfirmation aside from letter I have, I could do this over next few weeks if see it removed from CRA records. Thank you.
    Originally posted by igaveupnowimback

    Hi there

    Thanks for responding.

    It's difficult to be sure exactly what's going on with this debt without speaking with you and getting some more details, so I'd recommend you contact your DMP provider to discuss it further. If that's us, the details of how to get in touch are on Rachael's previous post.

    The DMP provider could get in contact with the creditor for you to discuss what this letter is about.

    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.
    • katie4
    • By katie4 28th Nov 17, 9:47 AM
    • 36 Posts
    • 7 Thanks
    katie4
    Hi I'v just got a full time job and I'm looking to now pay off my credit cards as i can put a substantial amount aside to this every month now Im wondering if it would be better to pay off higher interest card first which is 42% apr!!!! My question is would it be worth transferring some of the balance to a 0% card in order to reduce the interest and pay off the debt sooner?
    Also the 0% card would be in my husbands name, can my debt be transfered to his card? (as i dont think i would get a 0% card if i applied)
    Thanks
    Last edited by katie4; 28-11-2017 at 9:50 AM.
  • StepChange_Allen
    Hi! I am looking for advice based on my situation.

    I am currently looking after my father who was taken unwell a few months ago. He struggles with his health and completing tasks etc. I was previously working but had to quit my job and move back into my parents home to look after him.

    Due to this I literally have no income and we live off my mothers wage and my dads pension. My mother is not the greatest when it comes to English etc and does not drive so she would struggle to look after my dad. I am the only person who is capable of looking after him.

    I have approximately £4,000 of debt that I struggled to keep repayments on and therefore they are starting to come calling.

    What options would I have available to me regarding this? I do not expect my fathers situation to change for the next year or 2 and therefore would find it very difficult to get back into work until this.

    Any advice would be greatly appreciated.
    Originally posted by Ansari27

    Hi

    Welcome to the forum and thanks for posting.

    I'm very sorry to hear that your father's not well, I hope his health improves soon.

    Did you know that you might be able to claim Carers' Allowance? This is an amount of around £62/week that's available to people that need to care for their loved ones. You can find more details here: www.gov.uk/carers-allowance

    In order to give you some accurate advice we'd need to have more details of your financial situation. You can contact us by phone on 0800 138 1111 or use our online Debt Remedy tool: www.stepchange.org/DebtRemedy

    I hope this is helpful.

    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
    Hi I'v just got a full time job and I'm looking to now pay off my credit cards as i can put a substantial amount aside to this every month now Im wondering if it would be better to pay off higher interest card first which is 42% apr!!!! My question is would it be worth transferring some of the balance to a 0% card in order to reduce the interest and pay off the debt sooner?
    Also the 0% card would be in my husbands name, can my debt be transfered to his card? (as i dont think i would get a 0% card if i applied)
    Thanks
    Originally posted by katie4

    Hi Katie

    Thanks for posting.

    Depending in your overall situation it could help to balance transfer onto a lower rate credit card because 42% is indeed a high APR. I don't know whether you'd be able to get further credit though, so you'd have to check it out. There's an eligibility calculator on the main MSE site: www.moneysavingexpert.com/eligibility/credit-cards/

    I'm not aware of anything legally that means your husband couldn't get a 0% card and transfer your balance to it if you both agreed, however I believe it's unlikely that the credit card company would agree. I say this because effectively it'd be transferring debt from one person to another, which in other scenarios wouldn't normally be allowed. There's no harm in asking though.

    You could also look at low interest personal loans, again there's more information on the MSE site: www.moneysavingexpert.com/eligibility/loans-calculator/ - eligibility calculator, and www.moneysavingexpert.com/loans/cheap-personal-loans - cheap loans.

    Do be careful taking out further credit though; make sure it's affordable, check the terms and conditions carefully and so on.

    If you're struggling to maintain the minimum payments to your debts and can't find the right way to consolidate them, please get in touch with us on 0800 138 1111 and we'll see how we can help.

    I hope this is helpful.

    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.
    • Martin R
    • By Martin R 28th Nov 17, 12:08 PM
    • 34 Posts
    • 4 Thanks
    Martin R
    Please please do not judge me, I had problems and was very generous to people who helped me through my Parentsí deaths a few years ago.

    I also have done serious illnesses, and the only wAy to forget about them was to spend money.

    I am ashamed of myself, have accrued debts, one major one, and I am literally on a daily basis looking up suicide methods if things donít get better, but please donít give me any sympathy.

    Amy main debt is on an Aqua credit card. I always used to pay at least the minimum payment, but for. the last 18 months I have only been paying the minimum.
    I need September they raised the APR from 37.6% to 44.9%.
    The debt is £4226.73, and I havenít used the card in over a year.
    When I asked why the APR was increasing I was told it was because I have a poor credit history, despite begging them, they wouldnít reduce the APR.

    The problem now is that I pay the minimum each month, donít spend, yet payments go up- October £163, Novembef £163.78, December £175.37, and the interest amounts go up each month.
    Iím literally paying around £30 a month with the rest in interest, yet it all goes up and I canít fathom why. I am too scared to phone them in case they cancel the card, as, and again please donít shout at me. IF there was ever a time and there was an emergency, this woukd be my only source of a kareem amount.

    Ihave no friends of family that can help, Inan registered dusabled and have been cerificated as unfit for work for life because of my illnesses.

    I honestly donít know where to turn, can anyone tell me anything reassuring thang would want me want to continue living.

    I apologise fir burdening you with thus problem
  • StepChange_Linsi
    Hi Martin

    Thank you for posting.

    Iím really glad you decided to get in touch as Iím sure weíll be able to help you and just to reassure you weíre not here to judge. The advice we provide is free, impartial and confidential.

    Being in debt can have such a big impact on mental health and whilst we can help you with your debts I also want to make sure youíre getting the right support to manage your wellbeing and any suicidal thoughts you may be having.

    Organisations such as Mind and the Samaritans along with your GP can provide this additional support. You can call Mind on 0300 123 3393 or Samaritans on 116 123.

    So that we can help you find the best way to manage your debts weíll need to know a bit more about your situation. The next step is for us to put a budget together which will include details of your income, living costs and debts.

    To do this youíll need to call our Helpline. Their number is available here on our website and itís free to call from UK landlines and mobiles.

    Once we know more about your situation we can recommend a solution that will help you manage your debts and become debt free as soon as possible.

    I hope this gives you a bit of reassurance and we look forward to speaking to you soon.

    Linsi

    Please please do not judge me, I had problems and was very generous to people who helped me through my Parentsí deaths a few years ago.

    I also have done serious illnesses, and the only wAy to forget about them was to spend money.

    I am ashamed of myself, have accrued debts, one major one, and I am literally on a daily basis looking up suicide methods if things donít get better, but please donít give me any sympathy.

    Amy main debt is on an Aqua credit card. I always used to pay at least the minimum payment, but for. the last 18 months I have only been paying the minimum.
    I need September they raised the APR from 37.6% to 44.9%.
    The debt is £4226.73, and I havenít used the card in over a year.
    When I asked why the APR was increasing I was told it was because I have a poor credit history, despite begging them, they wouldnít reduce the APR.

    The problem now is that I pay the minimum each month, donít spend, yet payments go up- October £163, Novembef £163.78, December £175.37, and the interest amounts go up each month.
    Iím literally paying around £30 a month with the rest in interest, yet it all goes up and I canít fathom why. I am too scared to phone them in case they cancel the card, as, and again please donít shout at me. IF there was ever a time and there was an emergency, this woukd be my only source of a kareem amount.

    Ihave no friends of family that can help, Inan registered dusabled and have been cerificated as unfit for work for life because of my illnesses.

    I honestly donít know where to turn, can anyone tell me anything reassuring thang would want me want to continue living.

    I apologise fir burdening you with thus problem
    Originally posted by Martin R
    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_Kirsty
    Hi,

    Thanks for you post and welcome to the forum. Apologies for the delay in responding.

    As a Debt Charity weíre unable to provide you with advice on taking out further credit but the main MSE site does contain some useful information about consolidation. It also has some very useful hints and tips about how you can improve your credit score here.

    If youíre generally struggling with debts we can provide you with help and advice as to the best solution for dealing with them without the need to take out further credit. We have an anonymous self-help tool on our website called Debt Remedy where you can enter details of your income, expenditure and debts. Once we have all your information we will provide you advice in the form of a personal action plan. You can find our Debt Remedy tool here.

    I hope this helps.

    Kirsty

    Hi. I have 15,000 worth of debt (cc's mainly and a personal loan). I have a very secure income but my credit is poor. I've applied for personal loans with my bank and others but been refused. My main concern is the huge interest i pay and will i still be paying of in 15 yrs +. If (dream scenario) i could consolidate i could easily make the repayments and i'd prob be paying out less each month. My monthly debt amount is 500 and nearly half is interest!
    All help/advice would be gratefully received.
    Originally posted by Juggy1980
    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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