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DotNetter

Hi again,

On another note, if the creditor doesn't accept the DMP can they continue to charge the same interest?

My concern is that one of my creditors currently charges about 22% and I've been paying £270 a month as the minimum payment but get charged about £230 interest each month!.

If my DMP offers them less than the interest then surely I won't be paying my debt off...it will be increasing?!!!

Regards,


Wayne

CCCS_Amanda

lmclean100 wrote: »

Hi

I complete the debt remedy and 'signed up' to CCCS last week but I've still not had my welcome pack yet. I was wanting to start my DMP on 1st December.

Any idea when the pack will come?

L

Hi there,

I would give it 5 business days and if you still do not receive it contact the Debt Remedy helpline. You can get the number via the Debt Remedy site.

Regards,
Amanda

TWINKLE

Thanks for your help Amanda, have already opened a new basic bank account and got good news today from my old bank saying that they are freezing bank charges to allow me to pay this overdraft off through time.

sulkisu

I have a question on behalf of my friend. He has started a dmp with CCCS, but apparently has not disclosed all of his accounts. As I understand it, he wanted to keep a credit card even though it has a zero balance. He also has a savings account, which only had a few pounds in when he started the dmp, but recently he was given £3k by his father and has put this in the savings account. His total debt was £22k. I told him that this probably goes against the dmp and he could be risking his agreement with CCCS. My friends' view is that CCCS do not have the ability to check his accounts (I'm not sure if the savings account is listed on his dmp). My questions are can/do CCCS check credit files etc to see if a cleint has other accounts - e.g. credit card and savings account? If he declares the £3k, will he have to use all of it to clear his debts or can he keep some of it for emergencies or for his own use? My worry is that having finally sought help with his debts (he's been on the dmp for 2 years), he risks undoing all of the hard work by being thrown off of the plan.

alixandrea

Hi guys, I don't know if this one got missed at all, but I haven't had a response yet. I would really really appreciate it if you could give me some direction regarding the issue, as I'm very worried that I might end up having to go bankrupt if the debt repayment falls to me.

Many thanks in advance for your advice.

Alixandrea

alixandrea wrote: »

My ex husband and I took out a joint loan to consolidate some debts we'd incurred when buying the houseboat we used to live on together. My ex still lives on the boat now, and has been repaying the loan by himself since I left him. He's recently been made redundant and has entered into an agreement with the bank that he'll repay the loan at a reduced rate for the next six months. However, I'm worried that he'll run out of money before he finds another job, and that the bank will come knocking on my door for the repayments on the loan.

The loan is insured, but because of the situation my ex and I were in at the time we took it out (he'd been unemployed for some time but was about to start a new job), I had to be the primary signatory. Due to this, the insurance only covers me if I lose my job, which is unlikely to happen at the moment (and not something I want to consider).

I am currently lodging in the spare room of a friend's house with my partner who is self employed and earning very little at the moment (things being as they are). I have debts of my own to service and money is very tight for us. As things stand at the moment, I wouldn't be able to afford to repay the joint loan. Neither is the boat currently an asset to sell to raise cash, as my ex has not been looking after it at all and it is in a terribly dilapidated state. (The loan is not secured against the boat by the way, it was an unsecured personal loan).

The divorce has reached the Decree Nisi stage and we are currently waiting for my solicitor to draft the Consent Order. In this, I will be giving full ownership of the boat to my ex (without expecting the return of any of the money I have personally invested into it) in return for him taking over full responsibility for the loan. But I don't know how he's going to get the finance to be able to do this.

We are adding in an indemnity clause which will mean that if I do end up having to repay the loan, my ex will repay me. But this will not help me immediately if he has run out of money (which would be the reason for the bank coming to me for repayment). I would have to enter an IVA in order to bring the repayments down to something affordable, or go bankrupt, which is something I don't really want to have to do.

I had a plan to pay off all my personal debts, then spend another couple of years saving up for a deposit on a boat of my own, buying it with a marine mortgage. But if I have IVAs and bankruptcies on my credit rating, I'm worried that I wouldn't be able to get that finance when the time comes, even if by that time I'd be able to afford the repayments.

Help! What should I do if my ex defaults on the loan? How can I get my name off it while he's unemployed?

Alixandrea

icmdead

Hi folks, my wife received a letter for me while i was at sea. It was a letter from CABOT financial saying i owed some 400 pounds, but not to what or who, she called and was told someone would come to the house to collect. when i spoke to the company call center operator i confirmed my name, postcode and date of birth, he said the date of birth was different and ended the conversation. what does this mean? i'm confused and slightly alarmed that i'm receiving post of this nature considering i have always paid my bills and never missed one that i have and am fully aware of the only loan i have. any help would put me at ease

thankyou

DotNetter

icmdead wrote: »

Hi folks, my wife received a letter for me while i was at sea. It was a letter from CABOT financial saying i owed some 400 pounds, but not to what or who, she called and was told someone would come to the house to collect. when i spoke to the company call center operator i confirmed my name, postcode and date of birth, he said the date of birth was different and ended the conversation. what does this mean? i'm confused and slightly alarmed that i'm receiving post of this nature considering i have always paid my bills and never missed one that i have and am fully aware of the only loan i have. any help would put me at ease

thankyou

Write to them if they won't deal over the phone and WHY would anyone want to come to your house to collect??? sounds very odd to me tbh.

I would write to them and tell them you are unaware of the debt and ask them to provide you with a copy of the credit agreement. If you're really worried you can send them a request under the data protection act I believe a 'SAR'? it costs £10 but then they have to send you anything and everything that keep on you.

hopefully someone from the CCCS will be along shortly to give you some helpful advice

Regards,


Wayne

mikee31

Although I have considered a DMP with CCCS previously and resisted going through with it for some time, it is likely that I will need to take this course of action given my current situation.

Having been in debt for most of my working life, whilst I was working it seemed that I could at least attack the debt with monthly repayments. However, I was recently made redundant and am really struggling to find a new job in my particular profession.

Whilst I was realistic to the possibility that I may not earn the salary that I was previously used to, I did not consider that I would be out of work for this long and the redundancy money is slowly running out. I was hoping to gain new employment quickly, albeit with a lesser income, and then reassess my finances once I knew what salary I would have.

If I am honest, I was not particularly happy in the profession that I was in and would happily change career, although it would be likely that I would have to reduce my salary expectations even further if I was to take this step.

Therefore my question is that if I was to accept a job earning much less than previously, would creditors accept a repayment which was much less than what I was previously paying?

Help from a CCCS counsellor would be much appreciated.

trevorf

Hi my stepson had some debts which were paid up,some in full and some by agreed settlement amounts now he has got letters from a debt collection company saying they have bought his debt with barclaycard and want money from him.Where does he stand in this matter please,any help would be gratefully received.
thanks in advance
Trevor

CCCS_Sue

Tee_Jay wrote: »

Hi there,
I recently received a letter from abbey national saying they've sold my debt on to a third party - capquest debt recovery. This company have now written requesting I contact them to pay a reduced settlement. The thing is I have not heard from Abbey National for almost 10 years and now they say I owe them money.
Can you help? I wouldn't know if I owed them or not as I have not used Abbey National for many years. Can they still chase a debt after no contact for such a long time?
Any help appreciated.
TJ

Hi Tj and thank you for your message

As you have heard nothing from this creditor for 10 years, then the debt could be ‘statute barred’
The limitation period is six years.
Once this period has elapsed the creditor will be out of time or statute barred from suing for the debt if:-
The creditor has not already obtained a county court judgment (CCJ).
You or any one else owing the money (on a debt in joint names) has not made a payment on the debt during the last six years.
You have not written to the creditor admitting you owe the debt during the last six years.
If you think the debt may be statute barred, then if you send me a PM I will let you have a copy of a letter you could send.
Regards
Sue