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CCCS_Sue

huskypup wrote: »

Hello

Some advice please

I owe alot of money and am in the process of sorting out a DMP (not sure if going to sell administer or go through CCCS), we have worked out that if we sorted out the debts in my name we can pay the ones in my husbands name ourselves - because technically at the moment I don't earn enough to cover the minimum payments in my name - we are using HB's money to pay them.

Our mortgage is with the one account with some where along the line is underwritten by RBS, as this is an offset mortgage all our money gets paid into this account and all our direct debits come out of it - it is the only bank account we have....(bear with me please)

The credit cards I am struggling to pay are Tesco, Egg and Barclaycard and I have a Tesco loan, now I have just realised that Tesco are also somewhere along the line underwritten by RBS - where does that leave me with the one account and my mortgage - will they try and take any moneys we have (which we don't technically have because any money that is left at the end of the month is taken off our mortgage).

I have spoken to Barclaycard who have reduced payments for 3 months then I am to contact them to sort out whether I am going to approach them for a DMP or to let them know if I am going with a company to do it for me. Tesco, have advised me to cancel next months DD - so I default them contact them straight away and we can sort out reduced payment for a couple of months until we decide which way we are going - Egg I am waiting a phone call back through reduced payments shouldn't be a problem (according to the lady I spoke to).

So what Im asking is - what do I do about our bank account - as it is our mortgage and my husband is going to continue paying all of his debts.

Help please.

Hi huskypup and thank you for your message.

If you have credit cards,loans or overdrafts at a bank where you hold a current account, then you need to open a basic account elsewhere, where you have no debts. This stops the bank using their 'Right of Offset' which means they can use money in your account to pay off their debts if you are behind on payments.
Not all banks use the 'right of offset' between different subsidaries, so in your case, this may not apply.
However, to be safe, it is always better to open another account just to make sure you are back in charge of your finances and in control.

Regards
Sue

shelovestobuystuff

My business has not been making any money for quite a few months and I have not been making mimimum credit card payments on some cards,in a bit of a mess just now and with overdrafts over their limits at both banks I use I am desperate now.
I kept hoping things would get better,I would suddenly make some sales again and be able to pay but it hasn,t happened.
I found cccs mentioned on this site and contacted them today.I have a phone apointment booked for March,that was the earliest available.
My question is simple.I have a total of £14,000 unsecured debt(lots of it for buying stock for the business which remains unsold) including my overdrafts.I have only £200 a month available to pay the debt with at the moment,thats income I get even with no income from employment so I know I have that no matter what.
Is £200 enough for the amount of debt I have?

huskypup

Thank you Sue for your reply, one further question (sorry)

The one account is underwritten by RBS as are Tesco, do you think they would be able to use that rule to take from one account to Tesco CC - as technically they will be just taking money from themselves to pay themselves.

I have applied for a basic bank account from Lloyds TSB - in my name at present - and will add HB's name if I get accepted (did online at work - shhh).

Now to just make that phone call......

CCCS_Sue

dragonolly2211 wrote: »

Hi

I am 23 years old and in approx £31k of debt. It all started when i was 19 and applied for a credit card with AMEX, i was earning about £13000 per year at the time. I received the card with a limit of £17200!!! Being young and foolish i went on a spending spree for a year and racked up loads of debt, i then got a loan with nationwide to pay this off and then used my credit card more. Now i have 2 kids and a rented house and a job that pays even less. I have no spare cash to pay any debts although i am dealing with debt collection companies and paying them as little as possible.

My questions are as follows.

1) Can I take some sort of legal action against AMEX for giving me such a ridiculous limit in the first place?

2) Is bankruptcy my best option?

3) Any advice on getting my financial life back on track?

Thank you

Hi dragonolly and thank you for your message

If you feel that you are the victim of irresponsible lending, then you can contact the OFT to make a complaint. I have attached a link to the ‘Consumer Direct’ website you may find useful.

http://www.consumerdirect.gov.uk/

I would not be able to say whether bankruptcy would be your best option without knowing your full financial situation.

If you would like to speak to one of our debt counsellors about your situation, you can ring for an appointment 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 visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu

Regards,
Sue

CCCS_Sue

Chrisblue1962 wrote: »

Hi, If I entered into a DMP via CCCS, would I be allowed to make occasional additional payments to reduce overall debt, from occasional overtime for example?

If yes, would they be paid to a creditor that I choose or distributed pro-rata amongst all of them?

Would I be allowed to make additional payments directly to creditors?

The idea of handing complete control over to CCCS doesn't really appeal to me but I would welcome their assistance in formalising a DMP if I set it up with creditors as I've already negotiated with a couple of them.

Thank You

Hi Chrisblue 1962 and thank you for your message

You would be able to make additional payments if you were on a DMP.
This payment would normally be paid on a pro rata basis so each creditor would get a fair share, unless there was a specific reason why you wanted to pay one of your debts off.
Once a DMP is set up,all payments would be through your plan and you would not pay directly to your creditors.

Regards
Sue

CCCS_Sue

arneldlayne wrote: »

Hi, I apologise in advance for the complexity of this message but my situation is a mess and becoming worse daily. I have tried to send this as a PM to the CCCS people but it seems that even technology is against me at the moment. If this is the wrong thread thn I am lso sorry and happy for it to be moved to the right one.

My wife has recently been made redundant and as a result of someone else's actions she has been declared bankrupt back in September 2009. That is a very complex story indeed. However, my issue is that wih the reduced income I am struggling to meet two specific debts with Egg and MBNA. I used a CCCS pro-forma letter to explain the circumstances (including income/outgoings) and offered each of them £50 per month until things improved, also asking for interest charges to be suspended. I have subsequently made every payment on time and sometimes more in the case of MBNA. However, I am now receiving several call a day from 3rd party agencies representing Egg ad MBNA bullying me and harassing me for more. These calls are driving me to a breakdown because they are constant and they refuse to listen. In fact they are pushing me for a CPA arrangement. I owe Egg circa £12k and MBNA £9k. I don't know where to turn next, whether an IVA is right, or a DMP, or even bankruptcy itself. It is really affecting me at work and in my personal life. My mortgage is £1850 per month and we have a leased car for £256 pm as well as the usual utilities and council tax bills. I'm even considering getting rid of all our insurance policies on life, contents and buildings to save some 'operational' cash. At this moment I am feeling very low, and this bullying seems to be getting worse. Would a DMP administered by CCCS stop this, or should I go for the more nuclear IVA. My credit file is already pretty rotten due to my wife's bankruptcy (association I guess) and the arrears on these cards. On top of this my wifes solicitor is chasing me for £10k for representing her during the bankruptcy despite me having never signed any contract or having received or sent any correspondence. I did speak to him and exchange the odd email, but this was done in support of my wife who simply couldn't cope at the time.

Sorry about this tirade, but I feel embarrassed as well and haven't the courage to talk to a counsellor about this.

Kind regards, Arnie

Hi Arnie and thank you for your message

We have received the two messages you sent to our PMs and we have replied to them both.
If you need any further help, let us know!

Regards
Sue

CCCS_Sue

HardWorkingMum wrote: »

Hi, The CCCS have reccommended a DMP as after essentials there is a suplus of £185 to pay about £20k of unsecured debt. I have asked them to send me the welcome pack and am waiting for it to arrive. However, my circumstanced are likely to change in the next 6 months or so.

My fixed rate mortgage is due to end by August so the new payment should be significantly lower. Therefore we should have a more 'disposable' income

Also, I work in sales and things are beginning to pick up so I would expect an increase in income to also come to fruision before the end of the year.

Can I make overpayments or lump-sum payments to CCCS to distribute among my creditors on my behalf or does the fact our circumstances are expected to improve mean that the DMP is no longer the right choice?

At the moment we are just getting deeper and deeper into debt every month and having to borrow from relatives to pay for food shopping / petrol etc

Any advice much appreciated.

Thanks in advance

Hi hardworkingmum and thank you for your message

Your DMP is flexible, so if there are any changes to your circumstances, then you need to ring our client support team to update your budget
Your plan will also be reviewed every year and all options explored again at the review.
You can make overpayments to your plan at any time.

Regards
Sue

emmington_2

Good evening CCCS,

I bought a car a while back and was unfortunate enough to have the car re-posessed due to non payment. The car company sold the car for a fraction of the price and I am left with making up the difference. I spoke with one of your counsellors before whom advised me that this is normal practise.

I came to an arrangement with the car company to pay the difference of £6k arpx at £50PCM as at the time I had several other debtors which were more important. The car company accepted this offer which I have continued to pay monthly ever since.

I am now in a position where I have almost completely paid off all of my other debtors and will only have the car left to pay.

I obviously have 2 options which would be to carry on paying at £50PCM, which wouldn't really make any difference to the wage packet or; snowball the debt which would probably take about 9 months.

Would mortgage companies frown upon this debt? As if this is not the case I could carry on paying the car debt at £50PCM and would be able to save for a mortgage etc. Just looking for your general advice really please on which would be the better option i.e. if it would be held against me with creditors paying it at £50PCM for the forseeable rather than snowballing.

I hope that this makes sense!

Thanks very much for your help,

Emmington

beowulf

Hi,

We need some help with our debts (like so many others). I have used the forms on the CCCS website and it suggested the best course of action would be a DMP, which seems fine.

However, we need to relocate due to a change of job. I spoke to a very helpful, friendly lady at CCCS after completing the forms, who said it would be best to wait until we have moved (which will be in four weeks) to start the ball rolling, otherwise we'd have to change everything anyway.

All ok so far. We can stay with my girlfriend's mum for a while until we find somewhere more permanent.

We own our house and are in negative equity, so selling it is not an option. We are going to rent it out and then find somewhere to rent ourselves.

Having looked at some rental agents I noticed that most will now do a credit check as well as take references. If I start the DMP before renting, is this likely to really affect our chances of being able to rent?

Thanks.

Nixy07

Hi there,

I have been contacted by a debt management company called Baines and Ernst (which i sourced via compare the market) about my debt circumstances. They have recommended an IVA and are in the midst of sending me out all of the paper work (which i have not yet signed). I have since researched IVA's and am a little worried about what i am entering into. I have £16k of debt and the IVA company came up with a 5 yr plan at £232 per month which i can reasonably afford, i am currently paying out £420 plus on debt per month so this is a welcome reduction for me.

On Martin Money Experts IVA guide advice i went to the CCCS website and filled out my details and was given a debt management plan of £417 per month to be paid over £3yrs and 3 months. Obviously i would prefer not to go down the IVA route however the DMP route does not change my immediate repayment circumstances much at all.

Can you advise??

I receive my authorisation forms for my IVA on Friday and a courier for my documents and statements has been arranged for the friday after.

Thanks

Nicky