Ask a CCCS counsellor a question

jodie04

Hi,
I`m starting on the dmp road, but have my own business which pays for a car on finance.
I need this car for the business.
can i exclude this from the dmp as it comes from the business, or do i have to risk losing car????

Nightroamer_uk

Hi there,

i have recieved advice from CCCS throught the Debt Remedy and a DRO was recomended.

Unfortunatly i have a pension and also a fluctuating income so can never guarantee i will have less than 50£ disposable income.

my debts are at 12500 and my current approx disposable income is 50£

what other options do i have?

CCCS_Sarah

lola1969 wrote: »

Hi, i have a joint loan with my partner from citifinancial. A colleague of mine advised that she had a loan with them when they were previously known as the associates. She wanted a settlement figure and was given one with all future interest added. when challenged they reduced the figure, she paid and then still received a cheque back after they advised that she was entitled to a refund?!Today i have requested a settlement figure and the same has happened to me, they have quoted me with future interest, even though i specifically asked for a figure as if i was paying off in full today. How can i find out what i truly owe and get rid of this extortionate debt that causes me so much bother?
Many thanks

Hi Lola,

If you request an early settlement figure you should be provided with one, it does sound like they have sent you the balance on your account.

If your loan was taken out before May 2005 then it should be worked out using a formula called the rule of 78. This basically means the interest is front loaded so you will pay less capital to start.

I would advise you to put your request in writing and see what they come back with.

samsinfield

Hi, please can someone give me some advice

About 5 years ago i lost my job, then found out i was pregnant and couldn't afford to keep up my credit card minimum payments. I went to the CAB and they negotiated with the credit company, Cahoot, of my behalf. They froze the charges and interest and I made repayments of £1 monthly. At that time, they told me they would register a default, but didn't.
Since then, my situation has improved and I've increased my repayments to match my circumstances but it still isn't paid off. I've never missed or been late on any of the agreed payments in the last 5 years
Last year,Cahoot sold my debt to Robinson Way, who decided to register the default. I've checked my credit records and on one, Cahoot have registered the default in June last year, and with the other, Robinson Way have registered it in July last year.
If it had been registered when the original default happened, it would be off my credit record in January but now, its going to be another 5 years, and to anyone checking both credit agencies, it looks like i've got 2 defaults.
Is this allowed and is there anything I can do about it. It doesn't seem fair that they;ve left it so long to register the default after I've kept up to date with all the repayments since :-(

scruffypet

i have been dealing withmy creditors myself by followng the info fromthe nationalebt helplne but i have a couple of creditors that just wont accept my offers and i dont know what to do next

Tom_L

Dear Counsellor,

I have a very typical debt worry. I lived in accommodation last year with 3 people. It was a shared house of one full time student, two part time students (one being myself) and one unemployed guy. In terms of Council Tax, the full time stu was exempt. The other part timer was unemployed the whole year along with the other unemployed fella. Now I am having arrears notices (though I've paid £400 which is more than my share), as the unemployed guy and other part time student have not paid anything. These two are also living in the house with new people. C/T still send me letters as I am on their correspondance address.

This is all third party dispute stuff I am told, but is there anything I can do? Moreover, the two unemployed guys are citing unemployment to try and get the final amount for 2007-2008 reduced. I am not sure if they were claiming c/t benefit during when I lived with them. My questions are: 1. In a third party case like this, what is likely to happen to me in terms of creditors etc.? 2. Also, how likely are they to be able to reduce the amount paid and get the bill re-evaluated? Any help much appreciated as it's doing my nut somewhat,

Thanks very much,

Tom L

sue1958booth

hi i was previously in a lot of debt and over the past 3 years have paid off most of it, my credit score with experian is 900 which is described as good, and my credit score with equifax is 247 described as very poor, which explains why i havent been able to get a credit card. i dont understand the huge difference in scores, can any one advise or help please?

CCCS_Amanda

carli wrote: »

My debts have become uncontrollable, I have 1 loan with Barclays for 3,500 a loan with welcome home finance where the balance is 5500, equidebt 1313 and harvey & thompson 681 and 2 pay day loans which total 2000, the pay day loans are the reason I have lost the ability to control them. I have spoken with Pay Plan who are happy to help, they have said I can pay them 265 per month, I was previously paying 243 just to welcome finance per month, which gibes me reason to believe there is light at the end of the tunnel. I have spoken with my account manager at w/finance today who advised I should not go with pay plan as they wont stop the interest with there loan so will be paying for the next 20 yrs.. they have said they can lower my mothly payments over a longer period, but the pay day loans are about 250 a month interest I really dont know what to do for the best

Hi Carli,

There is no way to ensure that all of your creditors are going to be happy with what you decide to do. Don’t let any one creditor put you off though.

The main thing is that the payments that you make to your debts are manageable for you. Pay plan should have advised you on the consequences of reduced payments, if your creditors do not accept the offer that you make then they will start the collections process. That is their choice; all you can do is the best you can with the money that you have available.

If you want a second opinion then you are more than welcome to have an appointment with one of our debt counsellors, but in fairness the advice should be similar. To book an appointment you would need to contact our helpline free on 0800 138 1111.

Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. Click here to go directly to Debt Remedy.

Regards,
Amanda

Living_in_hope_4

Hi there everyone,

I am brand new to the site and dont really know what I am doing but I have a big problem.

Basically I recently entered into a debt management plan after very careful consideration. Previous to entering the DMP I had never missed any payments, which led me to paying my debts and increasing them along the way.

All of the debts were in the form of loans and credit cards. All of my creditors have agreed to freeze interest charges and have been superb in the way they have dealt with me. All of these except for the HSBC.

I have banked with the HSBC for over 20 years and I have a loan and a credit card with them. Prior to entering the DMP I had never missed payments and had kept my accounts in working order, I had only 2 years left to go on my loan and was paying off the capital. They have been sent a DMP financial statement however they are refusing to accept it and have said that I must take out a management loan instead over a 7 year period. I have refused so far to do this however they are hounding me on the telephone, and today have called me on my work phone even though I spoke to them yesterday for over 30 mins!

The lady today said that they will continue to call me everyday unless I agree to this managment loan, failing which they will issue a final demand and issue baliffs to recover the money, and that they will take me for all legal costs associated with this.

I am so terribly upset about the whole thing and I really do not know what to do. Should I take the management loan (even though I will be tied into more credit and more interest)? They say that they will continue to charge me so the debt rises by the day. I just think that they are being really harsh and I dont know what to do..

Can anyone out there advise me?

Thanks,

L I Hope

CCCS_Sarah

jodie04 wrote: »

Hi,
I`m starting on the dmp road, but have my own business which pays for a car on finance.
I need this car for the business.
can i exclude this from the dmp as it comes from the business, or do i have to risk losing car????

Hello,

If the car is on HP then this would always be treated as a priority in your budget, as if you didn’t keep up the repayments this could lead to the car been repossessed.

If you would like an appointment to see if a DMP is an option for you, please call our helpline on 0800 138 1111, we have a specialised self employed team who will be able to help you put together a budget.

Sarah