Ask a CCCS counsellor a question

GhostHunter_3

Hi

Can somebody please tell me if my husband and I HAVE to make a JOINT application?

He is self employed (with little income) and I am on Incapacity Benefits and receive his Working Tax Credits to put towards the housekeeping. Therefore as I pay all the bills to keep the roof above our heads and he pays all the overheads of his small business and we both have separate debts can we undergo councelling individually? I know he will have to go via a Self Employed advisor and I through CCCS ordinary councellor.

Hope this makes sense?


Thanks

CCCS_Matthew

grrbtn wrote: »

Could you please clarify something for me ? Is it true that a company can not a pursue a debt that is over 6 years old and if so does this include HP loans and student loans?

A debt can become Statute Barred if no payment has been made within a 6 year period, and no attempt from the creditor has been made to make contact. The timescale can become 12 years for a shortfall on a repossessed property.

It would apply to a shortfall on an HP agreement, but if you still have the HP item then I would expect them to repossess it well within the 6 year period. Statute Barred does not apply to student loans, as they are not regulated by the Consumer Credit Act.

Hope this help,
Matthew.

ecg202

Hi, hope someone can help.

I want to enter a DMP but on speaking to Payplan I was told that I couldn't as I have a debt that I don't want to include on the plan.

I work for a bank and if I include the debt which is held with the bank, then my job could be under threat. I would also have to tell my line manager (not known for her discretion) and the HR department. At a time when redundancies are looming, I would not want this on my file.

I made a large overpayment on this loan early last year which means that I will not need to make a payment to it for the term of the DMP.

What is my best way forward as I thought that I had this all sorted but now I am back at start with mounting debts (interest and charges) that I cannot afford to pay.

debtmuncher

question!

how does calculating everything via the calendar way help us out since income that we dont actually get till ten months time is being used now. i cant get my head round it so would appreciate info on how its all worked out!

thanks in advance!

debtmuncher

ecg202 wrote: »

Hi, hope someone can help.

I want to enter a DMP but on speaking to Payplan I was told that I couldn't as I have a debt that I don't want to include on the plan.

I work for a bank and if I include the debt which is held with the bank, then my job could be under threat. I would also have to tell my line manager (not known for her discretion) and the HR department. At a time when redundancies are looming, I would not want this on my file.

I made a large overpayment on this loan early last year which means that I will not need to make a payment to it for the term of the DMP.

What is my best way forward as I thought that I had this all sorted but now I am back at start with mounting debts (interest and charges) that I cannot afford to pay.

just a thought but would you not be able to put it under a family members name? and that way the bank wouldnt know the background to your predicament.

hopeful1983happy

Hi

I am looking to do a DMP - I have approx £34k of debts. I have a few questions

a) I am a trainee accountant with the ACCA - does this affect my eligabilty to be an accountant do you know?- I have been on their website but no info about DMPs, just bankruptcy

b) do DMP affect your ability to get a mortgage in the future (we have one but we arent in arrears with it) as when the housing slump picks up again we are hoping to move nearer my parents.

c) does a DMP mean you cant get a credit crd in the future?

I think this is an excellent service - thank you to CCCS and MSE - i was beginning to get desperate but think this may be a way out :-)

Thank you x

hopeful1983happy

Sorry it is me again... I have just been reading some posts above.

When doing a DMP we dont want to include our mortgage, council tax, etc it is just our personal loans and creditcards. It seems that some people have had their mortgage included in their DMPs - do you have to include it?

At the moment we are not in arrears on anything but we will start going into them this month (only on credit cards).

Hope that all makes sense

MeeBroke

My wife and I have good jobs. This was not always the case but has been for about 8 years. We are mortgage holders and have been for 8 years. We have a collective income of about £60,000 pa.

We have two personal loans totaling £20,000.

We have three credit cards totaling £30,000.

We have never defaulted on a payment for anything-ever. No CCJs. A perfect credit score.

In the last couple months however, we are finding it a real struggle to manage our debtload, largely due to the high interest on the CCs (which we don't use anymore).

I have just started a new, stable career and my already good salary has increased and should probably double in the next 3 years or so.

Are we really looking at a DPM now? As I said, we've never missed a payment on anything, bills, cards, car finance, mortgage-nothing.

We were just about to sort it all out by rolling the debt into out mortgage and cutting up the cards forever when our Mortgage lender told us the book price of our (Oxfordshire village) home has gone down 33% so that our equity has disappeared.

I'm feeling incredibly depressed as we've never had to consider anything like this before.

charliemouse

I am in the process of dealing with my debts. Currently i have £16000 on credit cards which i can no longer pay the minimum payments on as we currently have only one income due to unemployment in the house hold.

Can you advise on what figures would be suggested for settlement fees on this sort of figure. (£9000 virgin, £7000 MBNA). I may be able to borrow some money from a relative depending on how much would be needed.

I had read on someone elses post that they were going to be paying 25% of the balance as a settlement fee. IS this a standard rate & do finance companies normally accept these offers.

What happens if these offers are not accepted - can they take my house away from me..or take equity from it?????

Please help this whole situation is so scary :-(

caramia1812

charliemouse wrote: »

I am in the process of dealing with my debts. Currently i have £16000 on credit cards which i can no longer pay the minimum payments on as we currently have only one income due to unemployment in the house hold.

Can you advise on what figures would be suggested for settlement fees on this sort of figure. (£9000 virgin, £7000 MBNA). I may be able to borrow some money from a relative depending on how much would be needed.

I had read on someone elses post that they were going to be paying 25% of the balance as a settlement fee. IS this a standard rate & do finance companies normally accept these offers.

What happens if these offers are not accepted - can they take my house away from me..or take equity from it?????

Please help this whole situation is so scary :-(

Hey Charlie, I asked a similar question in another part of the website but replies wre varied. I am sending an offer of 38% to my two CCs on Monday i.e. debts of £7.4k and £5.4k on two HBOS CCs.