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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,928Posts
    • 21,520Thanks
    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!!!8217;re a friendly bunch so please don!!!8217;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 !!!8211; 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!!!8217;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 33
  • StepChange_Kirsty
    Hi DellBoy,

    The debts would not be re-entered if theyíve already defaulted and dropped off your credit file. The IVA would show on your credit file for 6 years from the date it was entered.

    Kind regards

    Kirsty

    If I were to apply for a full and final IVA now, would that or my debts re-appear back on my credit report?
    Originally posted by DellBoy
    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.
    • bintie
    • By bintie 16th Feb 18, 11:39 AM
    • 9 Posts
    • 18 Thanks
    bintie
    Hi, I think i've made a boob!

    I've been in a Debt Management Plan for 3 years which is going to plan. However, I received a letter a couple of weeks ago from Restons Solicitors representing Lloyds Bank Credit Card saying I owe about £2000. This is a debt that I genuinely left of my list of debtors when I set up with Stepchange, apparently I was paying it up until about 4 years ago and then somehow it got lost in the mess that was going on at that time.

    They sent me an Admissions Letter for the County Court. On it, I put my income and expenditure (obviously including my DMP repayment) and made them an offer of £10 per month. (I have subsequently found out that I shouldn't have done this as it could be seen as unfair to my other debts).

    Today they've returned it saying that they see I am now married and they want my husbands income details. The debts I accrued are all mine and we have completely separate finances. We contribute half each to the bills/living costs and my surplus money goes on my DMP. Do I need to include his salary? He's not on a big wage but I just feel it's a bit unfair as it has nothing to do with him. They also want proof of my DMP, I'm hoping a print out will suffice?

    Can anyone advise what I should do?

    Thanks

    p.s I'm new to this forum and I think I posted this previously in the wrong place.
    • Jc94
    • By Jc94 16th Feb 18, 1:19 PM
    • 1 Posts
    • 0 Thanks
    Jc94
    Advice needed please!
    Afternoon,

    On my personal debit account I am around £2,400 overdrawn, I opened another debit account with a separate bank which I switched all of my invoice payments into & all bills to come out of(this account always has a positive balance). Therefore my original account is just a sitting duck being charged for being overdrawn, these charges just get added to the overdraft & snowballing making it bigger, regularly putting me over the limit.


    I decided to sort this out & looking on this website the balance transfer credit card looked to be the perfect answer, paying it off month by month instead of just paying charges. I found the ideal option at Lloydís & went into my local branch to set it up. The lady in branch was very helpful but told me as my overdraft is on a debit card the transfer would not work as it would only work as credit. This was definitely a spanner in the works & now the only options I can think of would be a loan or get my second card into a cheaper overdraft in order to pay off the original.

    Any advice would be greatly appreciated!

    Thanks.
  • StepChange_Allen
    Hi, I think i've made a boob!

    I've been in a Debt Management Plan for 3 years which is going to plan. However, I received a letter a couple of weeks ago from Restons Solicitors representing Lloyds Bank Credit Card saying I owe about £2000. This is a debt that I genuinely left of my list of debtors when I set up with Stepchange, apparently I was paying it up until about 4 years ago and then somehow it got lost in the mess that was going on at that time.

    They sent me an Admissions Letter for the County Court. On it, I put my income and expenditure (obviously including my DMP repayment) and made them an offer of £10 per month. (I have subsequently found out that I shouldn't have done this as it could be seen as unfair to my other debts).

    Today they've returned it saying that they see I am now married and they want my husbands income details. The debts I accrued are all mine and we have completely separate finances. We contribute half each to the bills/living costs and my surplus money goes on my DMP. Do I need to include his salary? He's not on a big wage but I just feel it's a bit unfair as it has nothing to do with him. They also want proof of my DMP, I'm hoping a print out will suffice?

    Can anyone advise what I should do?

    Thanks

    p.s I'm new to this forum and I think I posted this previously in the wrong place.
    Originally posted by bintie

    Hi there

    Welcome to the forum and thanks for posting.

    Without seeing the details of your DMP it's difficult to give specific advice, so I'd recommend calling our Client Support team to let them know about the debt. They'll be able to give you advice on what to do with this debt, and also update your records with us to check if anything needs to change with your DMP. The contact details can be found here - it's the third number down: www.stepchange.org/Contactus

    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
    Afternoon,

    On my personal debit account I am around £2,400 overdrawn, I opened another debit account with a separate bank which I switched all of my invoice payments into & all bills to come out of(this account always has a positive balance). Therefore my original account is just a sitting duck being charged for being overdrawn, these charges just get added to the overdraft & snowballing making it bigger, regularly putting me over the limit.


    I decided to sort this out & looking on this website the balance transfer credit card looked to be the perfect answer, paying it off month by month instead of just paying charges. I found the ideal option at Lloydís & went into my local branch to set it up. The lady in branch was very helpful but told me as my overdraft is on a debit card the transfer would not work as it would only work as credit. This was definitely a spanner in the works & now the only options I can think of would be a loan or get my second card into a cheaper overdraft in order to pay off the original.

    Any advice would be greatly appreciated!

    Thanks.
    Originally posted by Jc94

    Hi there

    Welcome to the forum and thanks for posting.

    There are a number of possibilities here, but although I have some knowledge on these, at StepChange our specialism is giving advice on debt solutions where your credit file will be affected.

    However, here's a few thoughts on what you could look at if you can't clear this overdraft because it keeps increasing (I can't recommend these options, but they might work for you):

    - A small, low interest loan, but only if affordable (and I can't guarantee if you'll be accepted). Please don't borrow more than you need. The MSE site has advice on these: www.moneysavingexpert.com/loans/cheap-personal-loans

    - An interest free credit card if you qualify - you could then try and pay your overdraft off with your wages and put your spending for the next 2-3 months on the credit card. Whether this'd work might depend on the credit limit you could get, and you should make sure you can clear the card comfortably within the interest free period. Again the MSE site has information on these: www.moneysavingexpert.com/credit-cards/best-0-credit-cards

    - If neither of these work and you find you're getting nowhere, you might need to do a debt solution. This means putting your debt into some kind of plan to deal with them and would involve one way or another your credit file being affected.

    If you feel you'd like to look at these sort of options, you can visit our website and have a look around. This page lists all debt solutions that different people are suitable for: www.stepchange.org/debt-info/debt-solutions

    Should you wish, you can find our contact details to get started here: www.stepchange.org/Contactus

    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.
    • jimmythedog
    • By jimmythedog 16th Feb 18, 5:13 PM
    • 3 Posts
    • 0 Thanks
    jimmythedog
    Hi there - I've been in a debt management plan with Step Change for nearly 5 years now. My question is within relation to the credit score. It hasn't improved at all in the 5 years I've been with Step Change, despite making monthly payments on time each month. I would've thought making repayments on time may've started to re build my poor credit score but it isn't the case?
    Also, I understand further lending isn't recommended when on a DMP, but as a self employed person, occasionally there are unexpected bills which need to be paid (vehicle repairs for eg) and with the credit rating remaining consistently low, the chance of obtaining any short term or temporary credit is practically non existent. Just as an example, I have a car off the road at the moment that requires a new engine. An expensive job but necessary as this car is used by the business to enable me to earn a living. The cost to replace/repair the engine is around £1k which is money I don't have spare.
    How long is it before I start to see an improvement on my credit score?
    • clairemcasson
    • By clairemcasson 17th Feb 18, 11:51 AM
    • 5 Posts
    • 1 Thanks
    clairemcasson
    Hello!


    I'm completely clueless and could really do with some advice!!

    We are looking to find a better deal on our mortgage and pay off our credit card debt, but (being clueless!) didn't realise that you can't borrow to pay off debt currently held on 0% cards! Without consolidating this debt I'm worried our affordability is way too low to be considered for a mortgage with a new provider as the mortgage in principle was based on debt consolidation. We've already been told by our current provider that we could not take out additional lending as according to their soft check our current mortgage isn't affordable as we've since had 2 children and I've moved from full-time to part time employment!

    A sizeable chunk of the debt reached the end of the 0% interest term in 7 months so may be eligible for repayment by mortgage in a month or so, so I guess we could wait and apply then?

    I just don't know what to do! I hate that we are seemingly paying so much per month on our mortgage than the average when that money could be going towards paying the debt off but it feels like we're stuck between a rock and a hard place! Crucially, I don't want to destroy our credit rating by getting refused a new mortgage (with or without additional lending) when we know that would mean we need to do a credit card shuffle a couple of months later!!

    What would you do?!?! Someone suggested an SOA might prove helpful so I've posted this below...


    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1108.75
    Partners monthly income after tax....... 1623.94
    Benefits................................ 137
    Other income............................ 0
    Total monthly income.................... 2869.69


    Monthly Expense Details

    Mortgage................................ 864
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 117.5
    Electricity............................. 55
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 44.49
    Telephone (land line)................... 0
    Mobile phone............................ 70
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 360
    Clothing................................ 15
    Petrol/diesel........................... 40
    Road tax................................ 11.37
    Car Insurance........................... 34.09
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 35
    Pet insurance/vet bills................. 9.1
    Buildings insurance..................... 12.38
    Contents insurance...................... 0
    Life assurance ......................... 63.42
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 20
    Entertainment........................... 7.99
    Holiday................................. 100
    Emergency fund.......................... 0
    Total monthly expenses.................. 1996.46



    Assets

    Cash.................................... 0
    House value (Gross)..................... 223700
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 224700



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 154856...(864)......4.69
    Total secured & HP debts...... 154856....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    (Unnamed debt).................4269.29...42.7......0
    (Unnamed debt).................4702.44...47.02.....0
    (Unnamed debt).................10861.3...244.4.....0
    Total unsecured debts..........19833.03..334.12....-



    Monthly Budget Summary

    Total monthly income.................... 2,869.69
    Expenses (including HP & secured debts). 1,996.46
    Available for debt repayments........... 873.23
    Monthly UNsecured debt repayments....... 334.12
    Amount left after debt repayments....... 539.11


    Personal Balance Sheet Summary
    Total assets (things you own)........... 224,700
    Total HP & Secured debt................. -154,856
    Total Unsecured debt.................... -19,833.03
    Net Assets.............................. 50,010.97
    Last edited by clairemcasson; 17-02-2018 at 9:44 PM. Reason: Added SOA
    • W2BDebtFree
    • By W2BDebtFree 17th Feb 18, 4:10 PM
    • 1 Posts
    • 0 Thanks
    W2BDebtFree
    Severe gambling debts
    Hi there,

    Ive come to a point this week where quite honestly I have hit rock bottom and could really do with some advise.

    Following a big win over 10 years ago I have been forever chasing my next win. For most of the time I have been in control, where I have been gambling within my means. However due to the nature of my work I can find myself out of work and this at times has led me to turn to gambling - which has at time got me out of a pickle...but this is really not good, I know

    One by one credit cards have been maxed out and then i moved to applying for loans...resulting in me getting loans of £60,000 in the space of 3 months...and of course this was wasted away.

    I now have debts of £110,000 and must stop before i ruin my life and family.

    Yesterday i spoke to a counsellor about my gambling problem and attending a GA meeting and i want to continue addressing this by turning attention to my finances - hence this post.

    With regards to my finances, i have no other savings to use, but have equity in the house which can potentially be used, however if asked to produce statements I am worried my gambling problem will stop me from getting any funds - my thoughts were to apply for this after 3-6 months.

    Alternatively would a debt consolidation work...I do not know if a larger loan can be used to pay off the rest of the debts at a lower interest rate than what i have on the cards and loans (a couple of cards are on 0%).

    My dear wife is not aware of the situation and i fear how she will react, although i do need to tell her. She is fantastic at saving and i would rather her take the reigns on the household expenses so there is no way i can continue to gamble.

    Due to the nature of my job if i have an IVA i fear this will impact me obtaining future work so this is a last resort.

    Even if a chuck can be tackled to make things more manageable that would be great. I think my credit score is much lower now as when i previously tried to look at switching there were very few providers available.

    Thank you.
    W2B.
    Last edited by W2BDebtFree; 17-02-2018 at 4:15 PM. Reason: Error made
    • possle
    • By possle 18th Feb 18, 7:18 PM
    • 1 Posts
    • 0 Thanks
    possle
    Hi
    I currently have around £30k of debt
    Some is on 0% balance transfer cards ( I have 4)
    Then I have two credit cards and a loan I'm paying alot of interest on which although I pay £150 over the minimum, payment it's working at far to many years to pay off.

    I have my credit score from noodle and used that sites eligibility checker to get me the 0% cards which helped at first.

    Now at the minute ny score is fairly low and I can't get any more cards which is because I have so many creditors.

    If possible, what sort of plan should I set to pay them off.
    I'm going with paying the highest interest first but like I said, it will be years.

    Id be happy to remortgage, take some equity, pay everything off but also reduce the term of my mortgage by half the amount of years, still leaving plenty of money free a Month.
    This however this boils down to credit scoring again.

    We never miss Payments, but we just want to be Blessed to free up some cash and have a better disposable income. We know what we've done and have made cuts, but we want to get it done as fast as possible.
    We did look at a consolidation loan but the interest was unbelievable

    Thank you

    Any pointers would help
  • StepChange_Linsi
    Hi

    Thanks for your post and welcome to the forum.

    As youíve been on a plan for five years itís likely you defaulted on your accounts a number of years ago. These defaults are registered on your credit file, impacting your credit score but automatically drop off six years from the date the default was registered.

    Your credit score should start to improve once the defaults have dropped off. You can also find other useful tips about improving your credit score such as registering to vote on the MSE website.

    Part of the conditions of a DMP is that you donít take out additional credit without speaking to us first. I appreciate getting your car back on the road is essential so Iíd recommend you call us as soon as you can so we can find the best way forward.

    You can find the number for the team you need to speak with on our website, if you donít have it to hand.

    I hope this helps.

    Linsi


    Hi there - I've been in a debt management plan with Step Change for nearly 5 years now. My question is within relation to the credit score. It hasn't improved at all in the 5 years I've been with Step Change, despite making monthly payments on time each month. I would've thought making repayments on time may've started to re build my poor credit score but it isn't the case?
    Also, I understand further lending isn't recommended when on a DMP, but as a self employed person, occasionally there are unexpected bills which need to be paid (vehicle repairs for eg) and with the credit rating remaining consistently low, the chance of obtaining any short term or temporary credit is practically non existent. Just as an example, I have a car off the road at the moment that requires a new engine. An expensive job but necessary as this car is used by the business to enable me to earn a living. The cost to replace/repair the engine is around £1k which is money I don't have spare.
    How long is it before I start to see an improvement on my credit score?
    Originally posted by jimmythedog
    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

    Welcome to the forum and thanks for posting.

    I appreciate navigating the world of mortgages and debts can be confusing but weíre here to help.

    Iíd recommend calling StepChange Financial Solutions to see what options are available when it comes to your mortgage and refinancing.

    The advice we provide is free, impartial and tailored to your personal circumstances. The contact number and email address for our Financial Solutions team here on our website.

    All the best,

    Linsi


    Hello!


    I'm completely clueless and could really do with some advice!!

    We are looking to find a better deal on our mortgage and pay off our credit card debt, but (being clueless!) didn't realise that you can't borrow to pay off debt currently held on 0% cards! Without consolidating this debt I'm worried our affordability is way too low to be considered for a mortgage with a new provider as the mortgage in principle was based on debt consolidation. We've already been told by our current provider that we could not take out additional lending as according to their soft check our current mortgage isn't affordable as we've since had 2 children and I've moved from full-time to part time employment!

    A sizeable chunk of the debt reached the end of the 0% interest term in 7 months so may be eligible for repayment by mortgage in a month or so, so I guess we could wait and apply then?

    I just don't know what to do! I hate that we are seemingly paying so much per month on our mortgage than the average when that money could be going towards paying the debt off but it feels like we're stuck between a rock and a hard place! Crucially, I don't want to destroy our credit rating by getting refused a new mortgage (with or without additional lending) when we know that would mean we need to do a credit card shuffle a couple of months later!!

    What would you do?!?! Someone suggested an SOA might prove helpful so I've posted this below...


    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1108.75
    Partners monthly income after tax....... 1623.94
    Benefits................................ 137
    Other income............................ 0
    Total monthly income.................... 2869.69


    Monthly Expense Details

    Mortgage................................ 864
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 117.5
    Electricity............................. 55
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 44.49
    Telephone (land line)................... 0
    Mobile phone............................ 70
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 360
    Clothing................................ 15
    Petrol/diesel........................... 40
    Road tax................................ 11.37
    Car Insurance........................... 34.09
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 35
    Pet insurance/vet bills................. 9.1
    Buildings insurance..................... 12.38
    Contents insurance...................... 0
    Life assurance ......................... 63.42
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 20
    Entertainment........................... 7.99
    Holiday................................. 100
    Emergency fund.......................... 0
    Total monthly expenses.................. 1996.46



    Assets

    Cash.................................... 0
    House value (Gross)..................... 223700
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 224700



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 154856...(864)......4.69
    Total secured & HP debts...... 154856....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    (Unnamed debt).................4269.29...42.7......0
    (Unnamed debt).................4702.44...47.02.....0
    (Unnamed debt).................10861.3...244.4.....0
    Total unsecured debts..........19833.03..334.12....-



    Monthly Budget Summary

    Total monthly income.................... 2,869.69
    Expenses (including HP & secured debts). 1,996.46
    Available for debt repayments........... 873.23
    Monthly UNsecured debt repayments....... 334.12
    Amount left after debt repayments....... 539.11


    Personal Balance Sheet Summary
    Total assets (things you own)........... 224,700
    Total HP & Secured debt................. -154,856
    Total Unsecured debt.................... -19,833.03
    Net Assets.............................. 50,010.97
    Originally posted by clairemcasson
    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

    Thanks for posting and welcome to the forum.

    Itís great to hear youíve spoken to a counsellor and youíll be getting help to deal with your gambling problem.

    Beginning to talk about gambling and debt with a loved one can be scary. Should you need it, you can get more advice from Relate about the different ways you can approach this conversation with your wife.

    To see which solutions are available to help you manage your debts weíll need to know a bit more about your situation and put a budget together.

    You can do this online using our Debt Remedy tool. On the last page youíll be able to download a personal action plan which contains your tailored advice, recommended debt solution and a step by step guide about what to do next.

    Iím not sure from your post what you do for a living but if youíre self-employed youíll need to speak to Business Debtline rather than using our Debt Remedy tool.

    Business Debtline also offer free impartial advice about personal debts. They also have the expertise to explain how a debt solution may impact your business. Hereís the link for Business Debtline and you can also call them on 0800 197 6026.

    I hope this helps,

    Linsi

    Hi there,

    Ive come to a point this week where quite honestly I have hit rock bottom and could really do with some advise.

    Following a big win over 10 years ago I have been forever chasing my next win. For most of the time I have been in control, where I have been gambling within my means. However due to the nature of my work I can find myself out of work and this at times has led me to turn to gambling - which has at time got me out of a pickle...but this is really not good, I know

    One by one credit cards have been maxed out and then i moved to applying for loans...resulting in me getting loans of £60,000 in the space of 3 months...and of course this was wasted away.

    I now have debts of £110,000 and must stop before i ruin my life and family.

    Yesterday i spoke to a counsellor about my gambling problem and attending a GA meeting and i want to continue addressing this by turning attention to my finances - hence this post.

    With regards to my finances, i have no other savings to use, but have equity in the house which can potentially be used, however if asked to produce statements I am worried my gambling problem will stop me from getting any funds - my thoughts were to apply for this after 3-6 months.

    Alternatively would a debt consolidation work...I do not know if a larger loan can be used to pay off the rest of the debts at a lower interest rate than what i have on the cards and loans (a couple of cards are on 0%).

    My dear wife is not aware of the situation and i fear how she will react, although i do need to tell her. She is fantastic at saving and i would rather her take the reigns on the household expenses so there is no way i can continue to gamble.

    Due to the nature of my job if i have an IVA i fear this will impact me obtaining future work so this is a last resort.

    Even if a chuck can be tackled to make things more manageable that would be great. I think my credit score is much lower now as when i previously tried to look at switching there were very few providers available.

    Thank you.
    W2B.
    Originally posted by W2BDebtFree
    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.
    • jimmythedog
    • By jimmythedog 19th Feb 18, 2:29 PM
    • 3 Posts
    • 0 Thanks
    jimmythedog
    Thanks for your response Linsi. I checked the credit report through the MSE club (experian) and the only visible defaults on there are for an unsecured loan. It says up to 6 months defaults and it looks as though we have defaulted every month, even though this unsecured loan is part of the step change DMP. As far as I know, stepchange have distributed my monthly payment amongst my creditors, so if payments are made on time to the unsecured loan, I shouldn't have any defaults ?
  • StepChange_Linsi
    Hello

    Welcome to the forum and thank you for posting.

    Itís great to hear youíre up-to-date with your payments and paying more than the minimum amount. This will definitely help to reduce your debts sooner but I appreciate it can still be a long time when taking interest into account.

    Iíd recommend calling StepChange Financial Solutions to see what options are available when it comes to remortgaging and refinancing. You can find more information including the contact details for StepChange Financial Solutions on our website. Hereís the link.

    I hope this helps,

    Linsi

    Hi
    I currently have around £30k of debt
    Some is on 0% balance transfer cards ( I have 4)
    Then I have two credit cards and a loan I'm paying alot of interest on which although I pay £150 over the minimum, payment it's working at far to many years to pay off.

    I have my credit score from noodle and used that sites eligibility checker to get me the 0% cards which helped at first.

    Now at the minute ny score is fairly low and I can't get any more cards which is because I have so many creditors.

    If possible, what sort of plan should I set to pay them off.
    I'm going with paying the highest interest first but like I said, it will be years.

    Id be happy to remortgage, take some equity, pay everything off but also reduce the term of my mortgage by half the amount of years, still leaving plenty of money free a Month.
    This however this boils down to credit scoring again.

    We never miss Payments, but we just want to be Blessed to free up some cash and have a better disposable income. We know what we've done and have made cuts, but we want to get it done as fast as possible.
    We did look at a consolidation loan but the interest was unbelievable

    Thank you

    Any pointers would help
    Originally posted by possle
    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.
    • Pudding123
    • By Pudding123 19th Feb 18, 6:13 PM
    • 4 Posts
    • 0 Thanks
    Pudding123
    Hello there,

    I was wondering if anyone could help.
    Over 5 years ago I left my job working in Dumfries and Galloway council. They wrote to me saying I owed them money from my wages. No explanation why but I paid it and finished paying last year. I have since moved to England and have received a final demand from Stirling Park for the same amount again. I'm not sure if it's a mistake or if I do actually owe more, and if I do would they be able to supply me with proof that there was an overpayment.

    Any replies greatly appreciated
    • Bagi
    • By Bagi 19th Feb 18, 9:25 PM
    • 1 Posts
    • 0 Thanks
    Bagi
    I have a interest only mortgage. There is a shortfall of about £8500. My intention was to pay it off out of my pension. But to withdraw the amount i need, it means me having to pay around £4000 in tax, which i find ridiculous. Does anyone know a better solution please. I am 65 and find myself having to continue working at present .i earn £200 a week, and pay tax. I thought possibility a loan.but this means then i need to keep working, not ideal. My mortgage is due to be paid end of February. !!!128553;
  • StepChange_Rachael
    Hi

    Thanks for your reply.

    A debt should only be defaulted once but all debts where there are missed or reduced payments made will show as a defaulted debt. This is usually near the beginning of missed payments or the start of a debt management plan.

    This initial default will drop off automatically after 6 years and stop impacting your credit file. It may show on your credit file that youíve been making reduced payments in a plan but no initial defaults should be added. However, the file may show that a particular debt is still in default.

    Iíd suggest contacting Experian to enquire in more detail about notes on your credit file. There are three credit reference agencies in the UK and they are each different.

    As Linsi mentioned itíd be worth checking the MSE page on improving your credit file because there are other ways to improve it even while a default is showing.

    Thanks
    Rachael




    Thanks for your response Linsi. I checked the credit report through the MSE club (experian) and the only visible defaults on there are for an unsecured loan. It says up to 6 months defaults and it looks as though we have defaulted every month, even though this unsecured loan is part of the step change DMP. As far as I know, stepchange have distributed my monthly payment amongst my creditors, so if payments are made on time to the unsecured loan, I shouldn't have any defaults ?
    Originally posted by jimmythedog
    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 posting.

    I think itís really important that you do get a break down of why and if you owe the money. It sounds a bit suspicious that itís the same amount as the one you've paid back and itís possible that it's a mistake.

    You're entitled to any information held on you, so they should provide you with a breakdown of how much and why you've been over paid.

    Iíd suggest contacting your previous employer as soon as possible for this information and explaining youíre now being chased by a collections agency for the same amount.

    Iíd then contact Stirling Park and explain that you feel you might have already paid this back and are checking this through your previous employer and ask them for a hold on the account. Follow the link for more information about asking for breathing space from creditors and collections agencies.

    Take care
    Rachael


    Hello there,

    I was wondering if anyone could help.
    Over 5 years ago I left my job working in Dumfries and Galloway council. They wrote to me saying I owed them money from my wages. No explanation why but I paid it and finished paying last year. I have since moved to England and have received a final demand from Stirling Park for the same amount again. I'm not sure if it's a mistake or if I do actually owe more, and if I do would they be able to supply me with proof that there was an overpayment.

    Any replies greatly appreciated
    Originally posted by Pudding123
    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

    Welcome to the forum.

    I think itíd be worth looking at your options with an advisor. There are likely to be different routes you can take rather than further borrowing but youíd need specialist advice.

    Iíd suggest speaking with a mortgage advisor as soon as possible to look into your viable options.

    You can find the details for StepChanges financial solutions team to explore these options by following this link.

    Thanks
    Rachael



    I have a interest only mortgage. There is a shortfall of about £8500. My intention was to pay it off out of my pension. But to withdraw the amount i need, it means me having to pay around £4000 in tax, which i find ridiculous. Does anyone know a better solution please. I am 65 and find myself having to continue working at present .i earn £200 a week, and pay tax. I thought possibility a loan.but this means then i need to keep working, not ideal. My mortgage is due to be paid end of February. !!!128553;
    Originally posted by Bagi
    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.
    • jimmythedog
    • By jimmythedog 20th Feb 18, 4:00 PM
    • 3 Posts
    • 0 Thanks
    jimmythedog
    Thanks Rachael.

    I Contacted Experian a couple of days ago to query the defaults as it shows the unsecured loan as defaulting every month (all other creditors on the DMP are not showing as defaulted). They take up to 28 days to get back to me apparently so I will wait and see what the outcome is.

    Thanks you.
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