Ask a CCCS counsellor a question

CCCS_Sarah

pink_poodle_queen wrote: »

Thanks Sarah for getting back to me so quickly, your free advice is most appreciated.

One other thing, would I be best to change bank accounts as i also have my current account (and savings account - which is empty!) with A&L as well as having the loan with them?

Best,
pink_poodle_queen

No problems

You would need to change bank accounts as soon as possible; I have attached a link below that will take you to a booklet that lists basic bank accounts.

http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

Sarah

pink_poodle_queen

Hi Sarah,

You suggested that I change bank accounts as soon as possible so that my account wasn't with A&L who i have the loan with and who are accepting lower monthly repayments from me as from end of October.

Basically, the Co-op didn't accept my application, but second time lucky HSBC just did (I banked with them for about 30 years up until 3 years ago so that may have helped!).

Did you suggest I change bank accounts asap merely so that A&L cannot see my financial dealings or was it for any other reason, am curious as to why?

Many thanks,
pink_poodle_queen

StepChange_Private_Messages

pink_poodle_queen wrote: »

Hi Sarah,

You suggested that I change bank accounts as soon as possible so that my account wasn't with A&L who i have the loan with and who are accepting lower monthly repayments from me as from end of October.

Basically, the Co-op didn't accept my application, but second time lucky HSBC just did (I banked with them for about 30 years up until 3 years ago so that may have helped!).

Did you suggest I change bank accounts asap merely so that A&L cannot see my financial dealings or was it for any other reason, am curious as to why?

Many thanks,
pink_poodle_queen

The banks have the right to offset, so basically if your are offering lower payments on a loan for example and you have money in your account they can use this money to bring your account up to date.

pink_poodle_queen

OK, thanks, that's what I wondered.

So any savings I may accumulate each month, no matter how small, I should hide away in a Safe and not in any bank account, or at least not in any bank account under my name?

Cheers,
pink_poodle_queen

CCCS_Sarah

pink_poodle_queen wrote: »

OK, thanks, that's what I wondered.

So any savings I may accumulate each month, no matter how small, I should hide away in a Safe and not in any bank account, or at least not in any bank account under my name?

Cheers,
pink_poodle_queen

Any extra money should go towards your debts :rolleyes:

But failing that, just not with the bank where you have debts

pink_poodle_queen

Thanks for clarifying, Sarah.

Very doubtful I will accumulate any savings, but just wondered in case a few quid comes my way one month, like birthday money or Christmas money, or a £10 win on the lottery! All very unlikely though!

Best,
pink_poodle_queen

WhoKnows_2

Is there any chance of being able to secure a new mortgage with a normal bank while on a Debt Management Plan?

I know there are certain companies around that offer these services, does anyone have any experience on this?

snookered_2

I expect to be getting my DMP from CCCS shortly, but before I start on all the paperwork I have a few of questions.
Firstly the DMP will be in my name only not my wifes, as all of the debts are mine, however our mortgage though paid monthly by her is in both our names and next year we are due to come to the end of our 5 year fixed rate. Our mortgage is with Northern Rock , so does the fact that I will be on a DMP for three years, and it effects my credit rating for six years bode badly for either keeping the rate fixed at its current rate or when looking for a better deal?
Secondly, one of the debts is for the remainder of a loan with my bank, but it was taken out in both our names, but my wife does not contribute to the repayments, will this cause difficulties and will they chase her for repayments, due to personal circumstances there is absolutely no way I can ask my wife to pay towards what is my loan.
Lastly, in 2012 we are due to have our original 25 year endowment mortgage policy pay out, after we re-mortgaged 4 years ago we continued to pay the monthly policy on it, in order to get a lump sum, this is probably going to be in the region of £25K-£35K (if only we had it now), can this effect the DMP in any way?
Many thanks for considering my questions.

doombrain

We have been on a DMP for three years now, but lately our creditors have begun to add late payment charges and interest to our debts including one which has been passed over to a third party and the amount owed is now more than when we started paying it. Is there anything we can do about this or do we just have to accept that some of these debts will be with us for the rest of our lives.
Thanks for your attention

recoveringshopper

Hi there
First time poster so please be gentle!
Have just had an appointment with a CCCS debt counsellor and for the first time in years am feeling like there is light at the end of the tunnel. Although it'll take time, am feeling like clearing debt is achievable with the Debt Management Plan they are suggesting.

The only question I have is for those who have experienced the first part of this process - the counsellor led me to believe that companies can still chase for paymetns etc and you are, obviously, defaulting etc to start with and some companies don't like this. My question is, how scary is that?
I ask as someone who grew up with a Dad who struck fear into my heart about debts etc, so even though I know this is the only way out of it, am wanting to know how bad the first few months will be as companies start to contact me and hassle me for money...? or will most of them just stop after a while as they know they're at least getting some money each month?>

I'd appreciate any help people can give, especially those who've been through it!

Thanks in advance