Ask a CCCS counsellor a question

cleomolly

in addition -

Joint account Natwest

I have a Natwest loan and credit card, so have opend a HSBC account to have my wages paid into and to pay the DMP from.

So could i keep the Natwest account joint and leave all the DD's coming out of there, in my name and in partners name, then transfer my wages to cover those bills. or would this mean that creditors eg Natwest could look at this joint account, see that there is money in there, which would be my partners wages, and take that to cover my debts with them?

Huuummm confused!

patrico

Hi all ,
we have recently had to succumb to going with the advice of the cccs to get out of debt , can our bank which is the same bank that our sons bank with touch their accounts to pay our debt.
we are very worried because they have the same address as us .
can anybody help please :eek:

talisker78

Really stupid question here - sorry!

I'm creeping ever closer to getting a DMP, depending on a possible promotion in the next month or so.

I currently have a mortgage with HSBC which is on a fixed rate until Jan10. If I get a DMP, I know that wrecks your credit rating, do i just revert to their standard base rate after the fixed rate ends or do I HAVE to get a re-mortgage with them? And, given that i may be on a DMP would they be able to withdraw my mortgage?

Sorry, i'm a recent first time buyer and I still get a bit confused with the whole mortgage thing - and I guess a bit panicked as well!

thanks

303

How often do CCCS counsellors respond to questions here? I posted a question yesterday morning, was hoping for a response by now

tsugi

303 wrote: »

How often do CCCS counsellors respond to questions here? I posted a question yesterday morning, was hoping for a response by now

I'm not sure, but I posted a query on the 16th. I imagine they're fairly busy with folk who have cases with them directly. I'm sure they'll be here soon - they seem to have replied to most folk in time.

t

Scarlett

My creditors don't respond to my letters outlining a payment plan based on a certain amount a month. Is it advisable to just send yet another letter offering the same amount, but this time with a cheque for that amount attached - if they cash the cheque, it's pretty much accepting my offer then no?

CCCS_Matthew

tsugi wrote: »

Hi,

I am loving the situation: MPs are raking it in, the government is bailing out the banks and what is the result?

Here we go:

I am self-employed. I have a reasonably large royalty payment due in, but can't really say when, other than no later than September. It will comfortably cover things from now till then and after. Other clients are late in their payments, and a couple have gone bust.

My bank (Clydesdale) continues to slap on £35 per bounce, so that anything I do deposit is worth less (last weekend I had about £300 in charges, so the £400 I put in was a fat lot of use). Credit card companies who a few years ago used to send letters, but be agreeable to a "I'll have the money in full in two months, here's a little bit in the interim" are now saying "pay this amount by next week or we'll go to court for the entire amount on your card". She even prefaced the threat by saying: "You haven't missed any payments, you're normally up to date"!

My question - I don't want to go into a settlement plan, as this is a cashflow problem. My finances are shabby at present anyway as I had two companies go bust on me seven years ago and have been struggling to catch up ever since (they had insisted on a facilities upgrade of £45K to get the jobs. I did the upgrade - company directors ran away!), However, there is cash coming in, and I am also concerned if I go into a settlement scheme then when lump sums arrive they will be swallowed up, thus removing cashflow I need to keep working.

Is there some kind of preferential rate, credit crunch cashflow loan available from banks?

I'm currently waiting to hear from Clydesdale about the £6000 in charges they've taken as I'm in hardship. (so there is a positive to this situation), but while I'm waiting for things to happen (by which I mean payments etc - I'm not just sitting on my bahookie), I'm being hit with late charges, bank charges and god knows what else.

Thoughts? Comments?

Ta much,

Hi Tsugi,

We can't really help advise on whether there is a loan with a preferrential rate out there for you, it's not something we tend to advise on. You may get a better response from the Loans board if that's specifically what you after?

To prevent the ongoing issue with charges, I would be more inclined to consider cancelling the DD's to stop the payments from bouncing, and adminstering a good will gesture payment based on what you can afford in the mean time. At least by doing so it will mean full value of what money you do get paid into the account. Of course the creditors won't necessarily be too happy with this, but if you have no real way of keeping them up to date until your royalty payments comes in then there isn't much more you can do. The other issue with this is that it may have a negative impact on your credit file, I'm not sure how important this is for the line of work you do.

Matthew.

CCCS_Matthew

dariop wrote: »

Hi

I have a credit card debt with Amex that is handled for them by a firm of lawyers. The debt is about 6 years old, I set up my own DMP, offered repayment and agreed that they would suspend interest, I have been making regular repayments for some time and the debt is now under £4,000.

Today I received a letter from this firm of lawyers demanding an increase in the level of repayments and saying their client (Amex) "require a charge on my property as security". Obviously my first response is not printable!

I have no intention of giving them a charge, but my question is can a credit card company apply to a court for a charge in a case like this, and if so what is the likely outcome?

Will a court really issue a charge against a property for a credit card debt?

Hi there, thanks for getting in touch.

Often creditors/collection agencies approach people with such a request in order to give them a little more security that if they can get the client to agree to a voluntary charge on their property they know they will get their money back in due course when the property is sold. We would never normally suggest taking them up on the offer, as effectively it's turning an unsecured debt into a secured debt so you were right to reject.

If they wanted to try and get a charging order without you agreeing to it, they must obtain a CCJ first of all, and then apply through the court for an interim charging order. You would be then invited to a court hearing and would have the opportunity to defend the charge. A good argument to defend the charge is that if you can show your doing everything possible to clear the debt by making regular payments. In your case, to show you've made payments regularly yourself for 6 years I think it's extremely unlikley that the court would allow this to go through, but it is of course down to the judge.

I think it very unlikely that they will even go down this route, to me, it looks as though perhaps they are "trying it on" a bit with you. Stick to your guns and keep making your payments as you have done, and if anything devlops further and you need advice you know where to find us.

Hope this helps,
Matthew.

CCCS_Matthew

ally1d wrote: »

hi all, if anyone can give me some advice, this is probably an easy question for you all!
during my more stupid days i did the obvious and got into debt, credit cards and loans etc, to solve that problem i used Apex debt management ( i know, i know, but only now!!) after ending my contract with them, i have now settled all my accounts , but my experian credit report is still showing some to be 8 payments late but account satisfied, do i need to simply write to experian and ask to change it? and also should i write to all the creditors to close those accounts down, would this then remove them from my credit report?? if all this makes sense and you can advise it would be fantastic, cheers!!

Hi Ally.

You've already had the correct advice, but just to confirm the defaults on your credit file should drop off completely from your file 6 years after the original date of default. If any of the accounts are not showing as satisfied you would need to inform the creditor to update the credit reference agencies.

Hope this helps,
Matthew.

debbie43_2

Hi, does being on a DMP stop companies for applying for a statutory demand??? I did go through a budget plan with CCCs on the phone and then chickened out, i am currently paying all debtors (all credit card debts) token payments of £2.50 per month and have been doing for 7 years since becoming disabled and losing my job. However one company is trying to get us to sign a charging order against our property or they are gonna issue a stat demand, or unless we can come up with £50 per month payments, it would be a struggle so have offered 20 quid and am waiting for them to get back to me, but if being on a DMP would stop this then i would deffo sign up, please advise me asap, many thanks, Debbie