Ask a CCCS counsellor a question

ISeeRedLetters

Hi, I have 4 credit card debts and 2 loans totalling approx £20,000, I cannot afford even the minimum payments on any of them due to work cut-backs. I have entered the "spiral of debt" big time, and am looking at IVA or bankruptcy(seeking advice via CAB).
I have read on the National Debtline website on how to calculate full and final settlement offers between creditors.
My Questions is:- Is there any way of "guessing" how much they will accept in "full and final settlement"? What kind of percentage of the outstanding balance is a bechmark?
The reason I ask is because a relative has offered to help, and I don't want to be flapping in the wind when they ask how much I need. I would like to say a figure +-10%.
Do the banks and C/C companies have a formulae for write-offs?
Any advice would be greatly appreciated.

CCCS_Sarah

peachykeen wrote: »

Hi,
Hope you can help. Have been running a relatively smooth DMP for over a year but my living arrangements are about to change and my rent is going to increase (as will my utility bills). Are my payments fixed - if my outgoings increase is there anyway my DMP payments can be reviewed to accommodate my increase in rent? I am very worried about this.
Thanks.

Hello,

All you would need to do is contact your dmp provider and have a review. Depending on how much your deposit decreases by, there maybe other options available to you so make sure they explore these.

Hope this helps
Sarah

CCCS_Sarah

candie wrote: »

Hi im considering bankruptcy at the moment and need some help please.
I have a car which is still on finance but under someone elses name but car is registered in my name. if i declare bankrupt what would happen with the car as i never told my iva about this car which i got after entering iva.

Any advice appreciated. Thanks

Hello,

I’m not 100% sure about this to be honest so I would recommend you double check this with the Insolvency Service. The way I see it is, as the car is on HP the car is owned by the finance company until the last payment has been made including the option fee. As the finance is not in your name then it may not be an issue – please do double check this though.

Sarah

CCCS_Sarah

thewad wrote: »

£80,000 ish cc debt.
After everything paid out could afford approx £750 a month.
Have started up my own business and way things are going
however could probably also offer a lump sum as well every
3 months to bump it up to £1,000+ per month.
Obviously I don't know how much I'm going to earn each
month and also need to keep some money to one side for
repairs/replacement equipment so would this way of conducting
a DMP i.e. so much a month then a lump sum every 3/6 months
depending on earnings be acceptable.

Regards
John

Hi John,

You could make overpayments into a DMP, it is better not to over commit yourself and do it that way. The income you would need to look at is your income minus any business cost and minus tax and national insurance.

We do have a specialist Self Employed counselling team that will be able to help you complete a detailed financial statement and look at all your options.

If you would like an appointment please call 0800 138 1111.

Sarah

CCCS_Sarah

rene36 wrote: »

can anyone help me,we are paying a debt recovery company 255 pounds per month they then pay a credit card for us with the interest frozen with a outstanding amount of 2,220 and they pay around 75 pounds per month to them and personal loan of about 4,200 outstanding, paying around 135 per month and then they pocket the rest as their fee. Would we be better off splitting the money direct between them or would the interest go back on then we would get know where?

The money you are paying is better going towards your debts not into another company’s pocket. With regards the interest and charges, the creditors are under no obligation to do this and it could be stopped and started again at any time.

CCCS do offer DMP’s, however we don’t have the facility to be able to simply transfer your Debt Management Plan from your existing provider as you would need to have an appointment with one of our debt counsellors first. If the counsellor is happy to offer a DMP as a result of your appointment, we would then discuss with you how to end the current arrangement you have and setting it up with ourselves. CCCS does not charge for setting up or administering a Debt Management Plan.

If you would like us to take a look at your situation to see what options you have, you would need to book a telephone based appointment with one of our trained debt counsellors by calling our helpline on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.


Alternatively, you can use our online electronic facility called Debt Remedy. Debt Remedy will assist you in completing a financial statement which includes information on your household, employment, income, expenditure and debts. All this information is used as a basis to determine the options available to you to deal with your situation.

Once you’ve followed the process through and completed all the required information you will immediately be presented with an advice booklet, which will provide tailored advice for you based on your current circumstances. It will also provide advice on ways you may be able to improve your situation. If you would like to get immediate advice on your situation this link will take you directly to Debt Remedy www.cccs.co.uk/ref/drmse

CCCS_Sarah

sarah1773 wrote: »

I am just in the process of gathering all my most recent statements together to send off for the DRO application. The trouble is, I am having problems getting up-to-date statements from my creditors - they are not very co-operative. Also, my worry is that they wil continue to add charges even when I have applied for the DRO and then I will be liable to pay the difference. How long approximately does it take from me sending the information off to it being approved/rejected presuming I pay the fee immediately?

Hi Sarah,

Thank you for your message. I am not too sure but I have sent your question to our DRO team and I will get back to you soon.

With regards the statements, they have to provide you with these so keep on at them.

CCCS_Sarah

margo12 wrote: »

I am in the process of setting up a DMP and am just gathering the paperwork and completing the forms to send to creditors, but I have a few questions:-

1. Exactly what letters do I need to send to CCCS from my creditors? I have credit card and bank statements , which is OK, but I don't have statements for the loans. For one of them I can't find any paperwork, but I do have the account number.

2. Proof of income - I have copies of payslips and the only other income is child benefit. Do I need to send proof of this, and what should I send?

3. When should my DMP start? On the form for creditors, there is a box to fill in the month but I am unsure whether to put February or March, as I'm not sure how long it will take to set up.

4. What to do regarding payments in the mean time? Should I send token payments with the CCCS form and then token payments monthly until the DMP starts?

thanks

Hello,

Just answered the questions below for you...

1. Exactly what letters do I need to send to CCCS from my creditors? I have credit card and bank statements , which is OK, but I don't have statements for the loans. For one of them I can't find any paperwork, but I do have the account number. If you give them a call they should be able to send you something out

2. Proof of income - I have copies of payslips and the only other income is child benefit. Do I need to send proof of this, and what should I send? If you don’t have a letter, just circle it going into your account on your bank statement

3. When should my DMP start? On the form for creditors, there is a box to fill in the month but I am unsure whether to put February or March, as I'm not sure how long it will take to set up. Depends when you are sending the paperwork back, if it’s soon then it will most likely be feb

4. What to do regarding payments in the mean time? Should I send token payments with the CCCS form and then token payments monthly until the DMP starts? That would be fantastic, if you send a postal order with the letter titled “notification of debt management plan”

CCCS_Sue

sarah1773 wrote: »

I am just in the process of gathering all my most recent statements together to send off for the DRO application. The trouble is, I am having problems getting up-to-date statements from my creditors - they are not very co-operative. Also, my worry is that they wil continue to add charges even when I have applied for the DRO and then I will be liable to pay the difference. How long approximately does it take from me sending the information off to it being approved/rejected presuming I pay the fee immediately?

Hi sarah1773 and thank you for your email

We are currently inundated with applications and it is taking approx 6-8 weeks to process an application from receipt of the documents to contacting you to complete the application. However we are constantly reviewing our process to reduce the time we need.

With regard to the charges, etc , please keep any statements you receive as we will need you to obtain up to date balances when we prepare the application.

You will then receive a barcode letter as we process your application and it is sent to you to check. If we have your email address on file we can deal with you that way, but you will need to print off the front page of the application as you will need that to pay the fee at the Post Office or Payzone.

Hope this helps.
Regards
CCCS

mitchelltime

Hi,

I'm new on here so apologies if this is the wrong section, I've done a search and can't find it answered previously.

I'm on a mission to improve my credit rating due to starting saving for a house deposit, and will be looking for a mortgage eventually (although it seems a long way off at present).

During my wild younger days I was a bit haphazard in regards to credit, I've just got my Experian and Equifax credit reports and all looks a much healthier state and making good headway in to wiping the remaining debt out and have a clean payment record for nearly 3 years now.

One thing still of concern is an old CCJ from May 2006, whilst it won't be of issue when I actually come to get a mortgage (as I won't have a deposit till after May 2012) it is still not showing as settled. I knew about this before but didn't do anything back then (stupid I know).

My question is I actually paid a DCA in Feb 08 part of the amount in settlement for the debt.

Can I actually get the CCJ marked as settled via providing the court with proof from the DCA (Thames Credit) - I have a letter saying acceptance of paid in full status subject to cleared funds (do I need to get more?) and paying the court fee? Or do I just have to have it sit there as is till 2012?

Thanks in advance for any help that you can give

brunettegirl

I have a charging order on my property that I have not paid since I got it 2007 (I am in the process of changing this) they have sent me a statement of affairs to complete and a statement, (the first contact from them in 3 years) anyway it turns out they are still adding interest to the original debt. My offer to repay won't cover the interest, how do I get them to stop putting interest on?
I have the same problem with my old car company my payments a month don't cover the interest payments, so my debt is still going up.
Can someone please let me know how to stop the interest from being added.

2010 is my year for getting organised!