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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,880Posts
    • 21,289Thanks
    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 30
  • StepChange_Linsi
    Hello,

    Thanks for posting.

    Looking at the monthly budget summary youíve created it would appear you have enough money to cover all your living costs and debt repayments and still have £21 left over to pay towards the arrears with MBNA.

    Weíre not able to provide debt advice using a budget created with the SOA calculator. If youíd like more tailored advice you can use our online Debt Remedy tool to create a budget and get advice. Hereís the link.

    Itís common for creditors to ask you to complete a budget when youíve fallen behind with payments. Your husband has two options when creating a budget. The first option is to show his income, his share of the living costs and his debts.

    Alternatively, your husband can create a budget showing both of your incomes, all your household living costs and his debts. This second option wouldnít make you liable for your husbandís sole debts but it gives creditors a better understanding of the situation.

    Should you decide to include your income on the budget youíll need to deduct any of your debt repayments or other large expenses you have from your income first. For example if you earned £1000 a month and paid £200 towards your debts, your husband would list your income as £800.

    All the best,

    Linsi

    Ok so I have less a month left than I thought 🙁
    Monthly Expense Details[/b]
    Mortgage................................ 650
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 135
    Electricity............................. 100
    Gas..................................... 80
    Oil..................................... 0
    Water rates............................. 55
    Telephone (land line)................... 0
    Mobile phone............................ 30
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 400
    Clothing................................ 0
    Petrol/diesel........................... 220
    Road tax................................ 34
    Car Insurance........................... 60
    Car maintenance (including MOT)......... 6
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 70
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 12
    Contents insurance...................... 0
    Life assurance ......................... 27
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 10
    Total monthly expenses.................. 1911



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 300000...(650)......0
    Total secured & HP debts...... 300000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard ...................7500......155.......0
    Sainsburys ....................2000......44........0
    Tesco .........................7000......135.......0
    HMRC child tax credit..........1300......14........0
    Mbna ..........................9100......160.......0
    Tesco loan ....................3000......60........0
    Total unsecured debts..........29900.....568.......-



    Monthly Budget Summary

    Total monthly income.................... 2,500
    Expenses (including HP & secured debts). 1,911
    Available for debt repayments........... 589
    Monthly UNsecured debt repayments....... 568
    Amount left after debt repayments....... 21


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -300,000
    Total Unsecured debt.................... -29,900
    Net Assets.............................. -329,900


    [i]Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with per
    Originally posted by Bounty1
    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.
    • Beffalump
    • By Beffalump 12th Jan 18, 3:14 AM
    • 1 Posts
    • 0 Thanks
    Beffalump
    Hi, this is my first post.
    I'm wondering if I write to my credit card company and ask them to hold interest for a period of time will this affect my credit file?
    My other half had to resign from his job in October due to personal reasons and therefore our total income is now only a third of what it was. We cannot claim any benefits for 26 weeks so I'm led to believe because he gave up work voluntarily. He is looking for employment but has gone to college part time too so is struggling to find anything to fit around that. I am not in arrears or missed any payments just the payment is going to be getting harder to meet we pay £115 a month on a £3400 balance which at the moment is the minimum payment the interest is around £45ish. I just wondered if we ask for a payment plan before we may/may not fall behind will make any difference to credit file.
    Hope that makes sense. It might not seem a lot to most but it's keeping me awake at night worrying about it - hence here's me typing at 3 in the morning.
    Thank you
  • StepChange_Linsi
    Hello

    Welcome to the forum and thanks for posting.

    Iím sorry worrying about your credit card is keeping you up at night. If you or your partner ever need someone to talk to the Samaritans are available 24 hours a day, their number is 116 123. You can also visit the Turn2Us website to double check your benefit entitlement.

    Making reduced payments to your credit card or asking the company to freeze interest, is likely to break the terms of your agreement. If this happens itís likely to be recorded on and impact your credit file.

    Nothing stays on your credit file forever and it will rebuild overtime as you repay your debts. You can also add a notice of correction to your credit file explaining why you arenít able to make the full payments. This notice will then be seen by anyone looking at your credit report.

    You may also want to use our anonymous Debt Remedy tool to get more tailored advice about dealing with your debts. Hereís the link.

    I hope this helps,

    Linsi

    Hi, this is my first post.
    I'm wondering if I write to my credit card company and ask them to hold interest for a period of time will this affect my credit file?
    My other half had to resign from his job in October due to personal reasons and therefore our total income is now only a third of what it was. We cannot claim any benefits for 26 weeks so I'm led to believe because he gave up work voluntarily. He is looking for employment but has gone to college part time too so is struggling to find anything to fit around that. I am not in arrears or missed any payments just the payment is going to be getting harder to meet we pay £115 a month on a £3400 balance which at the moment is the minimum payment the interest is around £45ish. I just wondered if we ask for a payment plan before we may/may not fall behind will make any difference to credit file.
    Hope that makes sense. It might not seem a lot to most but it's keeping me awake at night worrying about it - hence here's me typing at 3 in the morning.
    Thank you
    Originally posted by Beffalump
    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.
    • hasm94
    • By hasm94 14th Jan 18, 9:56 PM
    • 4 Posts
    • 0 Thanks
    hasm94
    Need some advice on a student situation, I currently have a standard bank account in overdraft (nearly at max) the bank is charging interest on this as its not a student account. What can be done about this, and what is your advice on taking out personal loans to sort my mess as I am a student.
  • StepChange_Rachael
    Hi

    Thanks for posting.

    Iíd first suggest checking the original agreement to make sure the interest they are adding is correct under the agreement. You can always speak with your bank to check this and ask if there's an option to move to a student account without added interest. There may be a slim chance of them agreeing to this but itís worth asking.

    I appreciate it can be difficult to get on top of your finances with the increasing interest, however I wouldnít suggest getting a loan out to cover the overdraft as it doesnít usually remedy the problem. Youíd still need to maintain a monthly payment and still incur monthly interest on the loan.

    Instead Iíd suggest looking into alternative debt solutions and getting some free debt advice. You can then get a good idea of all your options and decide on what would be best for you.

    Here you can find a link to StepChangeís self-help tool Debt Remedy where you can access tailored debt advice.

    Thanks
    Rachael


    Need some advice on a student situation, I currently have a standard bank account in overdraft (nearly at max) the bank is charging interest on this as its not a student account. What can be done about this, and what is your advice on taking out personal loans to sort my mess as I am a student.
    Originally posted by hasm94
    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.
    • tiny_dee
    • By tiny_dee 15th Jan 18, 10:23 AM
    • 1 Posts
    • 0 Thanks
    tiny_dee
    Advice Please?
    I would really appreciate some advice!


    I currently have approx. £4300 in debts. I have a £1,100 overdraft, and two credit cards; a Barclaycard with a balance of £1,700 and a Capital One card with a balance of £1,500.


    I have had the Barclaycard for years, and to try and pay it off last year I took out the 0% Capital One Card so that I could transfer the majority of the balance of the Barclaycard to it and not have to pay so much interest. This was a good idea in principle, but then things happened (I needed a car repair, my cat needed some expensive vet treatment) so the balance on both cards crept up and up and now they are both nearly maxed out again.


    I currently pay off just over the minimum amount on the Barclaycard each month, but this covers little more than the interest. With the other one again I pay just over the minimum payment but I often end up using it again for petrol and necessities just before payday.


    My overdraft fees are usually around £20 a month too, and I am guilty of extending the amount when I get desperate. I am aware that I need to look at my budgeting(!)


    I would really like to try and streamline my debt a bit. At the moment I am not in any direct trouble as such, but I am also not really paying anything off while slowly getting into more debt. I'd like to be free of this situation.


    Also I should add that I am looking to apply for a mortgage with my husband later this year. Would I be better off waiting until after we have done this before I make any changes?


    Would love to hear your opinions!
    • debtfreehopeful77
    • By debtfreehopeful77 15th Jan 18, 1:34 PM
    • 2 Posts
    • 0 Thanks
    debtfreehopeful77
    Are partner's finances taken into account?
    Hi

    I am so ashamed to be writing this

    I have had a small online business for about 10 years and it kept me ticking over. However, the last couple of years has been very slow and I've been using credit cards here and there. Nothing big, just general day to day shopping etc. I get to keep this money as my partner has a good wage and pays all the bills (the house is in his name)

    Ive now got to the point where i owe about 20k over 4 different cards. The problem has been the interest. Im spending every penny I'm earning on paying the minimum payment so its barely making a dent. Then I'm using the cards as I have no money left over. I've hardly eaten or slept this past week

    I really need to sort this out but really don't want my partner to find out, so can I get help with a debt management plan without his earnings being taken into account? We have no financial ties. Even freezing the interest would be fantastic but 3 of the cards are with the Halifax and i've read stories online about them not being interested in that.

    Thank you
    • micholly
    • By micholly 15th Jan 18, 2:48 PM
    • 21 Posts
    • 13 Thanks
    micholly
    Hello and thanks for reading.

    I'm 33, and until recently had a good credit rating. I had around 6000 of debt that I was paying back steadily, over two 0% credit cards. I wasn't going to be able to clear them both before the promotion rates ended, but felt that I would be able to take advantage of a balanced transfer rate.

    However, I found out last year that my partner had been using pay day loans. She owed a significant amount. To help, I took over the payment of all bills and gave what I could to cover the costs. I overstretched myself and missed a couple of payments, before managing to get back on track.

    Now my credit rating is poor, and my promotional rates are ending. I owe around £10,000, and am unable to get any balance transfer deals.

    My plan is to take out a personal loan to cover the amount. I've been getting loan quotes using credit soft searches to avoid impacting my credit rating further. The best I could get is a 10.9% rate with Ikano that doesn't penalise overpayments. Over a couple of years, I'll try to repair my credit rating while making overpayments, until I can either get a better loan rate to cover the remaining amount, or get a credit card at 0%.

    Is this a sensible plan? I've budgeted and can afford the repayments, although I am still worried that they won't accept my loan application.

    Thanks!
  • StepChange_Kirsty
    Hi there,

    Thanks for your post and welcome to the forum.

    It sounds as though youíre managing your debts at the moment but youíre mainly struggling with the interest rates. As a debt charity whilst we canít specifically give advice on taking out further credit, you may benefit from looking at another balance transfer in order to reduce the interest. There is an article on the main MSE site you may find useful which you can find here. Itís really important that you cut up any previous credit cards so that you are not tempted to use them again. You also need to think about what the interest rate will be once the 0% interest rate has come to an end in case youíve not cleared the balance within the interest free period.

    If this isnít possible itís important to keep up with minimum payments on your credit but if youíre able to pay a little bit extra each month you might want to focus on pay off the credit which carries the highest interest rate as this will help you to reduce the balances more quickly and will save you money in the long run. As youíve mentioned, looking at your budgeting may help you with this and you can find an MSE article on budgeting here.

    If youíre looking to apply for a mortgage later this year you must be saving up funds for a deposit. You might want to consider if itís possible to free up some of the funds in order to pay off your debts so that youíre debt free when you apply for a mortgage. The interest rate on your debts will usually be much higher than the interest you can earn on your savings. Clearing your debts now may mean that youíre able to save more of your money. Again the main MSE site has useful article on savings vs debts which you can find here.

    I hope you find this information helpful.

    Kirsty

    I would really appreciate some advice!


    I currently have approx. £4300 in debts. I have a £1,100 overdraft, and two credit cards; a Barclaycard with a balance of £1,700 and a Capital One card with a balance of £1,500.


    I have had the Barclaycard for years, and to try and pay it off last year I took out the 0% Capital One Card so that I could transfer the majority of the balance of the Barclaycard to it and not have to pay so much interest. This was a good idea in principle, but then things happened (I needed a car repair, my cat needed some expensive vet treatment) so the balance on both cards crept up and up and now they are both nearly maxed out again.


    I currently pay off just over the minimum amount on the Barclaycard each month, but this covers little more than the interest. With the other one again I pay just over the minimum payment but I often end up using it again for petrol and necessities just before payday.


    My overdraft fees are usually around £20 a month too, and I am guilty of extending the amount when I get desperate. I am aware that I need to look at my budgeting(!)


    I would really like to try and streamline my debt a bit. At the moment I am not in any direct trouble as such, but I am also not really paying anything off while slowly getting into more debt. I'd like to be free of this situation.


    Also I should add that I am looking to apply for a mortgage with my husband later this year. Would I be better off waiting until after we have done this before I make any changes?


    Would love to hear your opinions!
    Originally posted by tiny_dee
    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 your post and welcome to the forum.

    Iím sorry to hear that your business has been slowing down over the last couple of years and this has been causing you difficulties with debt.

    Itís up to you when you decide to talk to your partner about your debts. You might find that being open about the situation will help relieve some of the stress youíre currently experiencing and he may even be able to help.

    Itís important for you to get some advice on dealing with these debts. If youíre recommended an informal solution such as a debt management plan (DMP) it is not usually essential for you to provide details of your partnerís earnings as long as you also donít include any of the bills your partner pays as part of your expenses so that your plan can be correctly calculated.

    On the other hand, if youíre looking at a formal solution such as Bankruptcy, an Individual Voluntary Arrangement (IVA) or Debt Relief Order (DRO) which involves debt write off, you may be required to provide details of your partnerís income. This is not because your partner would be expected to contribute towards your debts but because the Official Receiver or Insolvency Practitioner may need to check that your partner is paying their fair share towards the household bills. As your partner is paying all the household bills you should be able to demonstrate this.

    As you run a business I would recommend you get in touch with Business Debtline for further advice. They can advise on personal debts but will tailor your advice in light of your business considerations.

    I hope this helps.

    Kirsty

    Hi

    I am so ashamed to be writing this

    I have had a small online business for about 10 years and it kept me ticking over. However, the last couple of years has been very slow and I've been using credit cards here and there. Nothing big, just general day to day shopping etc. I get to keep this money as my partner has a good wage and pays all the bills (the house is in his name)

    Ive now got to the point where i owe about 20k over 4 different cards. The problem has been the interest. Im spending every penny I'm earning on paying the minimum payment so its barely making a dent. Then I'm using the cards as I have no money left over. I've hardly eaten or slept this past week

    I really need to sort this out but really don't want my partner to find out, so can I get help with a debt management plan without his earnings being taken into account? We have no financial ties. Even freezing the interest would be fantastic but 3 of the cards are with the Halifax and i've read stories online about them not being interested in that.

    Thank you
    Originally posted by debtfreehopeful77
    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 your post.

    As a debt advice charity weíre unable to offer any advice on taking out further credit as this is not our specialism. What I can say is that in our experience, trying to consolidate debts with a loan rarely works and the people we speak to have often found themselves in a worse position than when they started.

    There are alternative ways of dealing with the debts that we can certainly give you advice about. In order to give you the best advice we would ask you for information about income, expenditure and debts which will create a budget.

    The best way to get started is by using our online Debt Remedy tool which is available on our website here. Once youíve filled in your information you'll be able to access a personal action plan which explains the best solution for your individual situation and what you would need to do next.

    I hope this helps.

    Kirsty

    Hello and thanks for reading.

    I'm 33, and until recently had a good credit rating. I had around 6000 of debt that I was paying back steadily, over two 0% credit cards. I wasn't going to be able to clear them both before the promotion rates ended, but felt that I would be able to take advantage of a balanced transfer rate.

    However, I found out last year that my partner had been using pay day loans. She owed a significant amount. To help, I took over the payment of all bills and gave what I could to cover the costs. I overstretched myself and missed a couple of payments, before managing to get back on track.

    Now my credit rating is poor, and my promotional rates are ending. I owe around £10,000, and am unable to get any balance transfer deals.

    My plan is to take out a personal loan to cover the amount. I've been getting loan quotes using credit soft searches to avoid impacting my credit rating further. The best I could get is a 10.9% rate with Ikano that doesn't penalise overpayments. Over a couple of years, I'll try to repair my credit rating while making overpayments, until I can either get a better loan rate to cover the remaining amount, or get a credit card at 0%.

    Is this a sensible plan? I've budgeted and can afford the repayments, although I am still worried that they won't accept my loan application.

    Thanks!
    Originally posted by micholly
    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.
    • Ron Shiel
    • By Ron Shiel 16th Jan 18, 4:59 PM
    • 1 Posts
    • 0 Thanks
    Ron Shiel
    Loan against sale of house
    Hi there
    I am 73 living in Brittany
    I own my house outright for 11 years. Currently for sale with 4 estate agents fot 90,000 Euros (Which is what I pasid for it in 2006.
    3 years ago we ordered double glazing then my wife died following a fall. So only one pension coming in and funeral and credit card bills to pay. I had loan from bank and have used credit card to pay 2 years later for car repairs. I want to borrow 12, 000 to clear all debts to be repaid with interest from proceeds of house sale. This will save me 400 Euros a month in debt repayments. Can you help me please
    Regards Ron Shiel
    ron.shiel@orange.fr
    • Megcake
    • By Megcake 16th Jan 18, 9:21 PM
    • 1 Posts
    • 0 Thanks
    Megcake
    What's the best thing to do please?
    Hello,

    Please can you help me.

    I have a personal loan with £10000 left to pay, I pay it by direct debit each month and have never missed a payment, The rate is 7%apr. I also have a credit card with £8900 on it and an apr of 29.9% and have only been paying the interest lately as that's all I can afford. I am self employed and so is my husband, altogether we make £33000 before tax. We have two children.

    I have tried the loan and credit card eligibility calculators and it says we wouldn't be accepted for any. I was thinking of adding the credit card amount onto my loan but that's not possible according to the bank. What else can I do so I'm actually paying off the credit card and not the interest please? Also, we are meant to be paying hmrc back for overpayments of tax credits years ago, which we do monthly and we can hardly manage to afford to do that, is there anything we can do? We are basically paying back every sort of benefit entitlement we have ever received 😫 any help would be appreciated! Many thanks.
    • alison08jb
    • By alison08jb 17th Jan 18, 2:15 AM
    • 1 Posts
    • 0 Thanks
    alison08jb
    Hi,
    I recently learned that my former partner had breached a Court Order, instructing the removal of my name from mortgage and deeds. In the meantime, arrears have accrued on the mortgage account, and I have been informed by the lender that repossession order was obtained on Nov, 2017.
    The property has been abandoned and it would appear from neighbours that the property is derelict and no maintenance has been done. I expect that there will be negative equity on the property as a result of this wilful neglect.
    The problem I have, is if I move back into the property and resume the mortgage payments and come to an arrangement - the mortgage is on a mortgage interest only basis - leaving me effectively nine years in which to stump up the remainder - if I decide to remortgage or sell at a later point - does this mean that I will need the former partner to consent in order to do this? I am also a full-time student at uni, so will the lender consider me viable?
    The alternative is that I await the repossession, already knowing that I anticipate a considerable debt and the liklihood that the provider will look at me as the soft target as I have a child to consider and cannot disappear!

    Would value your advice.

    Alison
  • StepChange_Linsi
    Hi Ron

    Thank you for your post and welcome to the forum.

    Iím very sorry to hear your wife has passed away. I can certainly appreciate that keeping on top of debt repayments is harder now youíre only receiving one pension.

    As you live in Brittany we canít offer any advice. This is because weíre a UK debt advice charity and we donít know enough about laws and regulations in other countries to provide appropriate advice.

    For advice managing your debts Iíd recommend you speak to a debt advice agency in France. You can also find more general advice about loans on the MSE website, hereís the link.

    All the best,

    Linsi

    Hi there
    I am 73 living in Brittany
    I own my house outright for 11 years. Currently for sale with 4 estate agents fot 90,000 Euros (Which is what I pasid for it in 2006.
    3 years ago we ordered double glazing then my wife died following a fall. So only one pension coming in and funeral and credit card bills to pay. I had loan from bank and have used credit card to pay 2 years later for car repairs. I want to borrow 12, 000 to clear all debts to be repaid with interest from proceeds of house sale. This will save me 400 Euros a month in debt repayments. Can you help me please
    Regards Ron Shiel
    ron.shiel@orange.fr
    Originally posted by Ron Shiel
    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_Linsi
    Hello,

    Thanks for posting and welcome to the forum.

    Iím sorry to hear youíre struggling to pay more than the interest on your credit card.

    Not been able to borrow more is probably a blessing in disguise. We often find that taking out additional credit leads to higher repayments, more interest and usually more debt then you had to begin with.

    To find the best way to manage your debts Iíd recommend you speak to Business Debtline. They provide tailored advice and recommend solutions to help the self-employed managed their personal debts. As theyíre a charity the advice they provide is also free and impartial. Hereís the link.

    All the best,

    Linsi


    Hello,

    Please can you help me.

    I have a personal loan with £10000 left to pay, I pay it by direct debit each month and have never missed a payment, The rate is 7%apr. I also have a credit card with £8900 on it and an apr of 29.9% and have only been paying the interest lately as that's all I can afford. I am self employed and so is my husband, altogether we make £33000 before tax. We have two children.

    I have tried the loan and credit card eligibility calculators and it says we wouldn't be accepted for any. I was thinking of adding the credit card amount onto my loan but that's not possible according to the bank. What else can I do so I'm actually paying off the credit card and not the interest please? Also, we are meant to be paying hmrc back for overpayments of tax credits years ago, which we do monthly and we can hardly manage to afford to do that, is there anything we can do? We are basically paying back every sort of benefit entitlement we have ever received 😫 any help would be appreciated! Many thanks.
    Originally posted by Megcake
    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_Linsi
    Hi Alison

    Thanks for your post and welcome to the forum.

    I think it would be best to seek legal advice about this property. If a court order was made to remove your name from the mortgage and deeds you may not have the right to move back into the property, even if your former partner didnít update the mortgage provider.

    If you donít have a legal interest in property then you also shouldnít be liable for any shortfall incurred after the sale.

    If you are able to move back into the property and want to remortgage, a lender will take your financial situation into consideration. Theyíll also want to make sure youíll be able to afford the monthly repayments. I canít say if a lender will consider you viable as it will depend on your situation and their criteria.

    You can use the Law Centres Network to find legal advice in your area. Hereís the link.

    I hope this helps.

    Linsi

    Hi,
    I recently learned that my former partner had breached a Court Order, instructing the removal of my name from mortgage and deeds. In the meantime, arrears have accrued on the mortgage account, and I have been informed by the lender that repossession order was obtained on Nov, 2017.
    The property has been abandoned and it would appear from neighbours that the property is derelict and no maintenance has been done. I expect that there will be negative equity on the property as a result of this wilful neglect.
    The problem I have, is if I move back into the property and resume the mortgage payments and come to an arrangement - the mortgage is on a mortgage interest only basis - leaving me effectively nine years in which to stump up the remainder - if I decide to remortgage or sell at a later point - does this mean that I will need the former partner to consent in order to do this? I am also a full-time student at uni, so will the lender consider me viable?
    The alternative is that I await the repossession, already knowing that I anticipate a considerable debt and the liklihood that the provider will look at me as the soft target as I have a child to consider and cannot disappear!

    Would value your advice.

    Alison
    Originally posted by alison08jb
    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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