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CCCS_Matthew

grazyme wrote: »

Thanyou I rec'd another letter from capital one today giving me 14days to send proof income and bank statements in order to set up a plan(which i already had under previous fee paying dmp) any suggestions as to how to reply or proceed .Was thinking maybe just send proof if income and not bank statements but not sure if i should or not.

If you are doing your own DMP then your under no obligation to send them anything. However, if you are comfortable in sending them proof of income then it may help your chances of them accepting your proposal.

Matthew.

CCCS_Matthew

Rivapepsi wrote: »

Hi there

My partner and I currently have debts between us of about £75,000 including £6500 arrears on our mortgage. Most of our creditors are being paid off between £1 and £4 per month and 2 have a charge on the land. We have negative equity on our house because of this. We are both self employed and we have 3 young children. Most of the creditors are now hassling for increased payments and we cannot see a light at the end of the tunnel so my question is can we set up an IVA if we are self-employed?

Thanks in advance.

Hi there.

An IVA can be done if your self employed, but based on what you've said so far it's unlikely to be an option for you. On an IVA you need to be in the position to pay back at the very least 25% of what you owe over a 5 year period. If you can only pay £1-£4 each month then this is not going ot be an option.

The more pressing issue is the mortgage arrears. Have the threatened with repossession at all, or have you come to some sort of arrangement to clear what is owed?

I would say you would probably benefit from contacting us directly to book an appointment with a counsellor to discuss things. You can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. If you do decide to call us, please have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have all of the necessary information ready, it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

Regards,
Matthew.

CCCS_Matthew

Enigma007 wrote: »

Hello,

My father will be 65 in March and has recently told us about his severe debt. I was surprised as I was unaware he had any loans/credit cards. Anyway, he has been in touch with CCS and been advised to write to his creditors and offer a token payment of £1 which I will be doing for him - however he has just found out that he has been paying PPI on his Capital One credit card since 2001. Capital One have sent him a copy of the application form which shows that he ticked the PPI cover box (although the tick looks suspiciously different to my father's handwriting) nonetheless a) he was unaware that he had PPI, b) he suffered from a stroke in 2003 and stopped working but was unaware he even had this insurance that would possibly pay his debt, c) the FSA only started governing Capital One in 2005 - 4 years after my father took out the agreement. My question is therefore, what can he do? In one month the PPI cover will end (as he will turn 65) but as his stroke was in 2003 - would the PPI still cover him? Or should he pursue misselling - even though it was back in 2001?

Hi there.

If you think there is a strong possibility of mis-selling he's got nothing to lose if he wants to look at trying to claim it back. There is a really good guide to this written by Martin himself which should help.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps,
Matthew.

CCCS_Matthew

kaths101 wrote: »

Hi, I have had a letter and forms from CCCS to start my DMP, On one of the forms it says the DMP will start from 'Month' Will my DMP start February or March? I cant see they will have everything through by the 1st of Feb?? but that is what I put on the form for the creditors?

Hi there.

If you have yet to send your information back to us then it's likely to be a March start date by now. I shouldn't worry if you've put a February start date on your letter to your creditors, you won't be the first person to do this and certainly not the last!

The best thing to do is make some sort of payment directly yourself for February and if your creditors question to why it's not come via the DMP then you can just say it's been delayed by a month. As soon as you send your information back to us we can start to contact them anyway.

Good luck with the plan,
Matthew.

CCCS_Matthew

efcuk1 wrote: »

My Salary is £1480 per month. My monthly outgoings are:

£320 - Loan
£200 - Mastercard
£200 - Visa Card
£400 - Rent
£80 - Petrol
£150 - Car Finance
£40 - Car Insurance
£40 - Mobile Phone
£10 - Catalogue

Iam basically left with £40 per month to spend on myself.

Would i qualify for a Debt Management plan? What exactly is this? I only got the finance on my car 2 months ago, and could really do without that being repossesed. How long have i had to have the debt for before it can be included? I really need the car for work. Would the debt management plan consolidate my credit cards and loans? If my car would be repossesed, is there a chance i could not mention this to the debt plan? Do you know any companies i could ask about? Thanks very much for any help anyone can give. Mark.

Hi Mark,

If you would like to know a bit more about a DMP, there is a brief explanation on our site here:
https://www.cccs.co.uk/InfoCentre/EnglandandWales/Debtsolutions/Debtmanagementplan.aspx

To see whether a DMP is right for you we would need to help you complete a budget to illustrate your overall situation. There are a lot of costs you've not considered within the figures you've provided such as food, clothing, car tax, etc.

If the car is on HP and a DMP was offered, you wouldn't be able to include the car finance as a debt, the payment would be included within your priority living costs so you keep up to date with payments to save it being repossessed.

If the finance is a car loan then it would have to be included within the DMP, as there is no risk of repossession.

At this stage, it's better not for me to go into a lot of detail about how things work as you need to see whether a DMP is a good option for you. To assess your situation you can either use our online advice tool Debt Remedy. http://www.cccs.co.uk/ref/drcu. Or you can call for an appointment on 0800 138 1111. All advice is completely free and confidential.

Regards,
Matthew.

kaths101

Thank you -A few more questions
- is it better to wait with the letters and send a token payment with each of them for February as and when they are due.
-How do I send a token to my 2 loan companies? Just send them a cheque and cancel the direct debits?
-Also I have opened a new account with HSBC - Im hoping they are not linked to any of my creditors - do you know of anyone they could be linked with? Also I think they may have given me a overdraft which obviously I cant use with a DMP, shall I tell them I dont want it or is it ok to have it and just not use it?
- Last thing - Im still using my nationwide overdraft to live on until the end of the month before i switch earnings to my hsbc so my balance will be more than I said to CCCS when I sent off the info, does this matter?

Thanks for your help

CCCS_Matthew wrote: »

Hi there.

If you have yet to send your information back to us then it's likely to be a March start date by now. I shouldn't worry if you've put a February start date on your letter to your creditors, you won't be the first person to do this and certainly not the last!

The best thing to do is make some sort of payment directly yourself for February and if your creditors question to why it's not come via the DMP then you can just say it's been delayed by a month. As soon as you send your information back to us we can start to contact them anyway.

Good luck with the plan,
Matthew.

grazyme

Thankyou matthew,I've decided to send letter first asking why they want them and explained that t date none of our other creditors have requested such documents .If they write back insisting i might send my proof of income but not bank statements,the cc is in my name so i won't send husbands proof in just mine,and hpefully they might accept then,abit worried though what they might do if i don't comply as i've heard cap one are quite difficult to deal with.Not bothered if they sell it on but don't really want a ccj.

VicB

Hi,

I have now sent all my DMP details back to CCCS and letters to my creditors explaining that I am entering a DMP. I just have a few questions -

- I get paid the 15th of every month, so I am assuming my first payment to CCCS will be 1st March, which will cover the March bills? Should I send my creditors a token payment to cover February? I have as much as I can afford for January.

- I have applied for a NatWest bank account as my current b/a is with HSBC (who is one of my creditors). NatWest will supply a debit card - is this ok?

- Towards the end of this year I will need to leave my parents home and rent a property (thankfully my rent costs should not increase by much) will my DMP effect me renting a property? I can put my parents down as guarantors.

Thanks in advance for your help, any advice is much appreciated.

glanur666

I have just started a DMP with CCCS with my girl, but my total debt personally to me are £7K so would this be the best option for me, as I only earn about £100 a month self employed. The car is in girls name so I dont own the car and have no assets such as a house, savings etc..

Will this effect my business even though i have no money in it, will it effect my current bank account as non of my debts are with my bank and i have had good standing with them.

VicB

Sorry, one more question -

I contacted Capital One back in late December as I think they may have mis-sold me PPI when I took out the credit card over 5 years ago. They are one of the creditors listed on my DMP - will this effect me pursing them for unsold PPI?

I did receive a letter from them saying that had to look into my query (which may take 4 weeks) and come back to me, which should now be in the next week or so. I'm not sure how this will effect DMP?

Thank You

VicB wrote: »

Hi,

I have now sent all my DMP details back to CCCS and letters to my creditors explaining that I am entering a DMP. I just have a few questions -

- I get paid the 15th of every month, so I am assuming my first payment to CCCS will be 1st March, which will cover the March bills? Should I send my creditors a token payment to cover February? I have as much as I can afford for January.

- I have applied for a NatWest bank account as my current b/a is with HSBC (who is one of my creditors). NatWest will supply a debit card - is this ok?

- Towards the end of this year I will need to leave my parents home and rent a property (thankfully my rent costs should not increase by much) will my DMP effect me renting a property? I can put my parents down as guarantors.

Thanks in advance for your help, any advice is much appreciated.