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  • FIRST POST
    • raphanius
    • By raphanius 16th Jun 17, 3:07 PM
    • 1,263Posts
    • 6,573Thanks
    raphanius
    Back On Track
    • #1
    • 16th Jun 17, 3:07 PM
    Back On Track 16th Jun 17 at 3:07 PM
    Having got so far with a debt repayment plan we had a falling out with Eurodebt Finance / MoneySave and our long standing debts are reverting to us. Just got off the phone with Cabot after they sent me a 50% offer through the post and after umming and ahhing I decided to use what bit of savings we have accrued over the last couple of years. While on the phone I got up the courage to ask if we had any other debts with them and there was one in hubby's name and there was one debt. So I asked if they would take 50% of that one and they said yes! So the bank account a £1000 lighter but boy it feels so good to be in control. None of it would be possible without MSE and the lovely people on here who contribute and help every day.
    Wins: 2008: £606.10 2009: £806.24 2010: £713.47 2011: 328.32

Page 1
    • sourcrates
    • By sourcrates 16th Jun 17, 3:19 PM
    • 11,943 Posts
    • 11,433 Thanks
    sourcrates
    • #2
    • 16th Jun 17, 3:19 PM
    • #2
    • 16th Jun 17, 3:19 PM
    Hi,

    So you no longer use the debt management company, is that correct ?

    Hope you got those settlement deals in writing, including the critical wording that you will not be chased by them or there agents for the remaining balance, otherwise Cabot can sell on the balances, and you can be chased all over again for them.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • raphanius
    • By raphanius 16th Jun 17, 3:43 PM
    • 1,263 Posts
    • 6,573 Thanks
    raphanius
    • #3
    • 16th Jun 17, 3:43 PM
    • #3
    • 16th Jun 17, 3:43 PM
    thats correct I left our debt management company because they didnt believe we were spending more than we were getting in after my hours got cut at work plus they addressed everything to my OH when half of the debts at least were in my name. I asked for the account to be put into both names (as it was years ago with Eurodebt and MoneySave said no...they are the same company) Anywho it says on the letter this offer closes the account.
    Wins: 2008: £606.10 2009: £806.24 2010: £713.47 2011: 328.32

    • sourcrates
    • By sourcrates 16th Jun 17, 3:58 PM
    • 11,943 Posts
    • 11,433 Thanks
    sourcrates
    • #4
    • 16th Jun 17, 3:58 PM
    • #4
    • 16th Jun 17, 3:58 PM
    I feel i must mention that there are free alternatives such as stepchange, should you need help again at any point, i assume you intend to self mange now do you ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • raphanius
    • By raphanius 16th Jun 17, 4:02 PM
    • 1,263 Posts
    • 6,573 Thanks
    raphanius
    • #5
    • 16th Jun 17, 4:02 PM
    • #5
    • 16th Jun 17, 4:02 PM
    ive heard of stepchange but i havent got a statement of affairs ready for them at the moment. its a big job explaining our finances to people that havent got a clue how our lifestyle actually works. My hours vary at work OH cant work because hes disabled but doesnt get any benefits etc.... basically they think i'm lying. we accrue new debt as fast as we clear it and we have no idea who we owe what to since moneysave stopped sending statements.
    Last edited by raphanius; 16-06-2017 at 4:04 PM.
    Wins: 2008: £606.10 2009: £806.24 2010: £713.47 2011: 328.32

    • sourcrates
    • By sourcrates 16th Jun 17, 5:34 PM
    • 11,943 Posts
    • 11,433 Thanks
    sourcrates
    • #6
    • 16th Jun 17, 5:34 PM
    • #6
    • 16th Jun 17, 5:34 PM
    ive heard of stepchange but i havent got a statement of affairs ready for them at the moment. its a big job explaining our finances to people that havent got a clue how our lifestyle actually works. My hours vary at work OH cant work because hes disabled but doesnt get any benefits etc.... basically they think i'm lying. we accrue new debt as fast as we clear it and we have no idea who we owe what to since moneysave stopped sending statements.
    Originally posted by raphanius
    The majority of it will be on your credit files, I suggest you obtain a copy from each of the three credit reference agencies first of all.

    The debt charities really are quite non judgemental about these kind of things, you should never pay anyone for debt advice or a debt management plan.

    They have no reason to dis-believe you, your budget, after all, is your budget.

    Debt management companies view you as a source of income, that is there only interest in you, and that is why they don't work in your best interests.

    It appears to me you need to start over, stop borrowing money, and sort out a workable budget then start a new DMP, if that is appropriate, with SC.
    Last edited by sourcrates; 16-06-2017 at 5:36 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • raphanius
    • By raphanius 16th Jun 17, 6:51 PM
    • 1,263 Posts
    • 6,573 Thanks
    raphanius
    • #7
    • 16th Jun 17, 6:51 PM
    • #7
    • 16th Jun 17, 6:51 PM
    signing up to a credit reference agency is another bill I really don't need. This is how we accrue debt not by frittering on luxeries but by trying to dig our way out of a financial hole. We simply don't have enough coming in to cover our outgoings without occasionally using credit for things like clothes or essential electricals. I owe a lot to the tax office because they didnt send me a gateway identifier when i asked as at the time i did some extra work for myself. I earned £500 extra a year and now owe more than £2000 in tax debt. there simply is no way out for people like me.
    Wins: 2008: £606.10 2009: £806.24 2010: £713.47 2011: 328.32

    • raphanius
    • By raphanius 16th Jun 17, 8:19 PM
    • 1,263 Posts
    • 6,573 Thanks
    raphanius
    • #8
    • 16th Jun 17, 8:19 PM
    • #8
    • 16th Jun 17, 8:19 PM
    i also feel you have misguided me with the credit agencies...i checked on another board and they confirmed what i thought i knew

    Your credit utilisation is high/low
    The average age of your accounts is good/bad
    You are only making minimum payments
    You have had too many credit searches in the last x months
    Etc
    this is why i have had it with advice and what to do things on my own
    Wins: 2008: £606.10 2009: £806.24 2010: £713.47 2011: 328.32

    • sourcrates
    • By sourcrates 16th Jun 17, 9:45 PM
    • 11,943 Posts
    • 11,433 Thanks
    sourcrates
    • #9
    • 16th Jun 17, 9:45 PM
    • #9
    • 16th Jun 17, 9:45 PM
    Use Noddle, it's free for life.

    Sign up to clearscore for free, to view your your equifax report.

    And I believe that Experian is now also free, otherwise order a £2 statutory report.

    Not sure how I've mis-guided you to be honest ?

    If you want to know how much you owe to creditors that's the only place to look.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • zippygeorgeandben
    • By zippygeorgeandben 16th Jun 17, 10:07 PM
    • 661 Posts
    • 756 Thanks
    zippygeorgeandben
    sourcrates is only giving up their time to advise you know..
    End Sep 2016 End August 2017
    £8236.57 £4876.49
    (Tesco 4.8%) £222.61pcm
    £6185.75 £851.34 (Zopa 4.0%) £48.99pcm

    £5344.50
    £2890.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1333.35 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £11499.70 Original DFD May 2019.
    • raphanius
    • By raphanius 16th Jun 17, 10:10 PM
    • 1,263 Posts
    • 6,573 Thanks
    raphanius
    I've joined the mse club and got a report from experion but it only shows two creditors and Eurodebt have been taking money for a lot more....
    Wins: 2008: £606.10 2009: £806.24 2010: £713.47 2011: 328.32

    • sourcrates
    • By sourcrates 16th Jun 17, 10:14 PM
    • 11,943 Posts
    • 11,433 Thanks
    sourcrates
    I've joined the mse club and got a report from experion but it only shows two creditors and Eurodebt have been taking money for a lot more....
    Originally posted by raphanius
    As above, you need to check all three.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Happy Kitties
    • By Happy Kitties 17th Jun 17, 9:37 AM
    • 282 Posts
    • 2,421 Thanks
    Happy Kitties
    Definately need to check all 3, as you need information on ur actual accounts and not all 3 will have
    the same information.For example clearscore is the only one that has information from my closed credit union account and if I hadn't have checked I would have never have known.

    I've just completed my IVA and have been using all 3 to monitor defaults dropping off.
    I paid £2 for a statutory report with experian, that was it, the best money ever spent as it had me connected with someone that I have never known which i then got sorted with experians help.
    l use clearscore and noddle aswell which are free and I regularly check every month
    If you want control, forget all the bumpf about credit utilisation, credit searches etc and get down to the nitty gritty of the accounts.
    The free debt charities won't judge, and will help however complex the matter. There are a number of times when my situation changed thru disability.......they guided and helped.
    2017 birthday savings so far thru shopping frugally = 228.72 284.31 306.81 481.15:money.
    April grocery challenge £171.21/ £200 May GC £248.47/£190 June GC £87.69/ £190
    • EssexHebridean
    • By EssexHebridean 19th Jun 17, 11:57 AM
    • 7,778 Posts
    • 40,264 Thanks
    EssexHebridean
    Definitely agree with what others are saying about people only trying to help - and you owe Sourcrates an apology as there is no misinformation there.

    Your first step needs to be a budget that works - which may mean finding a way of boosting income a bit, or may mean finding ways that outgoings can be cut back even in the short term. Plus finding out the fiull story on what is actually owed. I suspect there are a lot of "people like you" on these boards, and we've probably helped pretty much all of them find a way out of the debt cycle - you do have to be prepared to take advice from people who've seen these situations many, many times before though. Often you find that the folks on here who give up their time to offer support and backup for people is worth far more than that from an organisation you end up paying.

    If you were looking to accept help & advice then I'd suggest you put together an SOA and post it in here, and we can take a look and see if there is anywhere that savings can be made that you might have missed...
    Last edited by EssexHebridean; 19-06-2017 at 12:02 PM.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • EssexHebridean
    • By EssexHebridean 19th Jun 17, 12:06 PM
    • 7,778 Posts
    • 40,264 Thanks
    EssexHebridean
    signing up to a credit reference agency is another bill I really don't need. This is how we accrue debt not by frittering on luxeries but by trying to dig our way out of a financial hole. We simply don't have enough coming in to cover our outgoings without occasionally using credit for things like clothes or essential electricals. I owe a lot to the tax office because they didnt send me a gateway identifier when i asked as at the time i did some extra work for myself. I earned £500 extra a year and now owe more than £2000 in tax debt. there simply is no way out for people like me.
    Originally posted by raphanius
    The bit I've highlighted above underlines why you may actually find taking advise that's offered on here to be of use - you assumed that this was going to cost you money whereas in fact that doesn't need to be the case. THAT may well be a contributing factor to how you accumulate debt, in itself...

    Remember when putting together a budget it is entirely reasonable to allow an amount for clothes and an emergency fund too - thats the "essential electricals" covered right there.

    The likes of Stepchange will go through your budget with you and make sure that you're not cutting things too close to the bone as they understand that this is where people can find it tempting to reach for the credit cards.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
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