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CCCS_Sue

digitdemon wrote: »

Hi,

I have about 5 different credit cards and was looking to get a consolidation loan to pay them all off (12,000) over 60 months and as a result end up with a lower monthly payment to start to clear my debt.

As part of the process I want a company that will pay my card issuers directly and in the process close all the cards accounts, therefore closing the credit allowances that the cards gives me. Effectively then as this would be part of the initial agreement when taking out the loan, my credit wouldn't increase, but would simply shift from 5 lenders to 1.

I have tried to apply for a loan from RBS (who I have my current account with), and I'm being told that it's been denied on the grounds of affordability, most likely because in their eyes they're giving me another £12,000 worth of credit.

Does a process/company exist that would allow me to do what I'm after, i.e. just shift the debt to a single loan and close the cards in the process without applying for higher credit?

Hope that makes sense and thanks for any help.

Hi digitdemon and thank you for your message.
It is not always a good idea to take out extra debt to pay off existing debt as it could put you in a worse position.
The only way I can think of is to try for a balance transfer onto a 0% interest credit card. There are some good deals around at the moment but you have to take into account that there is an initial setting up fee, usually around 2 to 3% and you also have to consider what to do when the deal ends.
I have attached a link this site which gives the best deals at the moment
http://www.moneysavingexpert.com/cards/
There may be something on here you could try.

If you are struggling with making the minimum payments, and would like some advice, then you could call for an appointment to speak to one of our debt counsellors on 0800 138 1111.

Regards
Sue

CCCS_Sue

spacetraveller wrote: »

Hello,

First question, I am due to start my DMP on 1st April. However, i get paid on the 15th of the month and unable to make the monthly payment on this date - will i be able to delay the start of my DMP until 1st May?

Secondly, stupidly i took out payday loans, which are now inlcuded in my DMP, but i came home last night to an answerphone message from CASHGENIE.COM on my home phone telling me that they were going to start court proceedings in the morning - this was at 7.20pm! Totally unacceptable that they would leave that kind of message on an answerphone, surely? I sent them an e-mail explaining that they would have received a letter from me about my DMP, but reiterated it for them in an e-mail last night. I have had this reponse...

"I have received your email this morning and I am sorry that you have had to seek financial advice. However in our terms and conditions which you signed only 4 weeks ago it states:
·You can’t enter a DMP until 3 contractual payments are made on your account (your DMP should’ve advised her of this)
·You signed a consumer credit agreement agreeing because the term of this loan is for a maximum of 31 days, should you enter into a DMP, any repayment will fall outside of that plan.
·As you have never made a payment, we may look at your account as a fraudulent application as you have not provided us with an accurate representation of your financial situation at the time of application. And this is illegal.
I will gladly come to some arrangement with you to clear said arrears outside of your debit management plan, for repayments of £20 a month until the balance is clear. Please contact myself on 0800 046 8121 at your soonest convenience.
Kindest Regards
Accounts Manager
Jack Rutherford
Cash Genie U.K Ltd"
Not exactly 'kindest' regards!!! Advice on what to do would be really appreciated .
Thanks.

Hi spacetraveller and thank you for your message

As you are in the process of setting up your debt management plan, our client support team will need to know about this.
You need to ring them as soon as possible and explain the situation.
They will advise you on what to do next.

Regards
Sue

digitdemon

CCCS_Sue wrote: »

Hi digitdemon and thank you for your message.
It is not always a good idea to take out extra debt to pay off existing debt as it could put you in a worse position.
The only way I can think of is to try for a balance transfer onto a 0% interest credit card. There are some good deals around at the moment but you have to take into account that there is an initial setting up fee, usually around 2 to 3% and you also have to consider what to do when the deal ends.
I have attached a link this site which gives the best deals at the moment
http://www.moneysavingexpert.com/cards/
There may be something on here you could try.

If you are struggling with making the minimum payments, and would like some advice, then you could call for an appointment to speak to one of our debt counsellors on 0800 138 1111.

Regards
Sue

Hi Sue,

Thanks for the reply.

I don't think I explained myself correctly.

By me applying for a card transfer or consolidation loan, and as I understand it, the automated systems these lenders use think I'm trying to get more credit when processing my application.

I've been told this is why I was turned down.

What I'm after is a process/lender that will do a card transfer or a consolidation loan and as part of the deal they close my existing cards. Therefore in an underwriters eyes I'm not getting any more credit, but simply moving it.

Hope that makes sense?!!

Thanks again,
Kenny.

sarahb7538

Hello

I am currently in a DMP with the CCCS, i have two 'smaller' debts of £550 and £590 with the Halifax and Vanquish respectively.
Vanquish have accepted my DMP reduced offer and frozen interest until September 2010 and Halifax are a nightmare they wont freeze interest, hassel me all the time and wont sell on the debt either.

I am due to get my deposit back from the property I live in at the moment and I am also going to be doing some overtime at work next month which will give me about £1000 possibly a little more to throw at my DMP. Ideally I would like to just clear these two debts one to get Halifax off my case and because i have a feeling that Vanquish will be awful to deal with at the end of my 12 month period of grace.....

I was thinking of offering these two creditors full and finals that way it will give me more money to throw at my other creditors who are much much bigger than these two. Do you think the CCCS will allow this or will it jepordise my DMP or will the other other creditors even know?

Edit: Also another reason for me wanting to get these two cleared is that when i move ( into shared accommodation) it will free up a big chunk of money each month which will take these two monthly CCCS payments over what the actual min monthly payments were. Meaning that they will both probably start charging full interest again.

Thanks

CCCS_Sue

sarahb7538 wrote: »

Hello

I am currently in a DMP with the CCCS, i have two 'smaller' debts of £550 and £590 with the Halifax and Vanquish respectively.
Vanquish have accepted my DMP reduced offer and frozen interest until September 2010 and Halifax are a nightmare they wont freeze interest, hassel me all the time and wont sell on the debt either.

I am due to get my deposit back from the property I live in at the moment and I am also going to be doing some overtime at work next month which will give me about £1000 possibly a little more to throw at my DMP. Ideally I would like to just clear these two debts one to get Halifax off my case and because i have a feeling that Vanquish will be awful to deal with at the end of my 12 month period of grace.....

I was thinking of offering these two creditors full and finals that way it will give me more money to throw at my other creditors who are much much bigger than these two. Do you think the CCCS will allow this or will it jepordise my DMP or will the other other creditors even know?

Edit: Also another reason for me wanting to get these two cleared is that when i move ( into shared accommodation) it will free up a big chunk of money each month which will take these two monthly CCCS payments over what the actual min monthly payments were. Meaning that they will both probably start charging full interest again.

Thanks

Hi sarahb7538 and thank you for your message

Normally, any extra money you can pay into your plan is shared between your creditors so they all get a fair share.

You really need to contact our client support team for advice on this as they have all the details of your creditors and would be able to discuss the best way to do this.

Regards
Sue

tara1082

Hi there i could really do with some advice,i have 3 accounts with littlewoods group one with very,and one with additions direct,and one with great universal the great universal account was one i used for friends ect to order from which has a balance of around £5500 i have been with this company for around 4 and half years i have never missed a payment until now as i always get the money in from friends to pay for the goods they ordered.This is now not the case and people have stopped paying me so i have missed a few payments and gone into arrears of around £600,i also have £5000 owed on additions direct and have had this account for 5 years and again never missed a payment until now, and about £800 on very which i have had around 1 year and am falling behind with payments on all my accounts,i am really in a pickle and if i keep paying what i am paying to them i will have nothing left to live,i only work part time and earn around £91 per week and altogether with all the accounts i have with littlewoods group i would be paying all that to them leaving me with nothing for food and basic living expenses. I was thinking of going on a DMP with CCCS but am worried as i own my own home and was thinking they could take my home from me,is this the case or am i worrying for nothing? Can they force me to sell my house to pay the debt? I own my home and only owe 20k on it where do i stand as i am worried sick about all of this as i have worked all my life to leave my kids something when i die i dont want that taking away form me now. I am 56 years old and just getting over breast cancer so cant really do anymore hours at work to pay these debts as i am really ill sometimes. Please help if you can with any information as i feel lost at the moment. Kind regards Tara.

mrs_curious

I have contacted an advise company regarding my unsecured debts. Up to now no payments on anything have been missed. All these are debts in my name, although i'm married. I went through the income/ expenditure part with them as a joint income.
This is where it gets complicated. I want to pay off MY own debts without involving my husband.
The house is in joint names and obviously we have been living on a joint income. But have come to the point now where, my hours have been reduced and other things have brought me to the point where I know I am heading for a crisis.
The house we live in is on an interest only mortgage.
We rent out our previous house and this is also on an interest only mortgage. So The plan is to pay off one with the sale of the other in ten years time.
I have seriously considred selling one and paying off the debts but then in ten years time will have no way of paying off the other and will lose it.
I want to know if I can do a plan for myself and get rid of my own debts with out involving my husband.
any advise will be great as I am at my wits end with worry.
Thanks

Helly24

mrs_curious wrote: »

I have contacted an advise company regarding my unsecured debts. Up to now no payments on anything have been missed. All these are debts in my name, although i'm married. I went through the income/ expenditure part with them as a joint income.
This is where it gets complicated. I want to pay off MY own debts without involving my husband.
The house is in joint names and obviously we have been living on a joint income. But have come to the point now where, my hours have been reduced and other things have brought me to the point where I know I am heading for a crisis.
The house we live in is on an interest only mortgage.
We rent out our previous house and this is also on an interest only mortgage. So The plan is to pay off one with the sale of the other in ten years time.
I have seriously considred selling one and paying off the debts but then in ten years time will have no way of paying off the other and will lose it.
I want to know if I can do a plan for myself and get rid of my own debts with out involving my husband.
any advise will be great as I am at my wits end with worry.
Thanks

Hi. I am married and I set up a DMP with the CCCS a year ago in soley my name without any problem - as my Husband has always been good with money and managed to stay debt free!! All they do is go on your personal income.
Good luck!

CCCS_Sarah

tara1082 wrote: »

Hi there i could really do with some advice,i have 3 accounts with littlewoods group one with very,and one with additions direct,and one with great universal the great universal account was one i used for friends ect to order from which has a balance of around £5500 i have been with this company for around 4 and half years i have never missed a payment until now as i always get the money in from friends to pay for the goods they ordered.This is now not the case and people have stopped paying me so i have missed a few payments and gone into arrears of around £600,i also have £5000 owed on additions direct and have had this account for 5 years and again never missed a payment until now, and about £800 on very which i have had around 1 year and am falling behind with payments on all my accounts,i am really in a pickle and if i keep paying what i am paying to them i will have nothing left to live,i only work part time and earn around £91 per week and altogether with all the accounts i have with littlewoods group i would be paying all that to them leaving me with nothing for food and basic living expenses. I was thinking of going on a DMP with CCCS but am worried as i own my own home and was thinking they could take my home from me,is this the case or am i worrying for nothing? Can they force me to sell my house to pay the debt? I own my home and only owe 20k on it where do i stand as i am worried sick about all of this as i have worked all my life to leave my kids something when i die i dont want that taking away form me now. I am 56 years old and just getting over breast cancer so cant really do anymore hours at work to pay these debts as i am really ill sometimes. Please help if you can with any information as i feel lost at the moment. Kind regards Tara.

Hi Tara,

Thank you for your message.

I would recommend that you have an appointment with the CCCS so a counsellor can look at your options. Your counsellor will also go into detail about what the creditors can and can’t do. The initial appointment is just for advice so you will know where you stand.

I have attached a link to the CCCS website for you to have a read through a section called the Collection Process as this may answer some of your questions you have https://www.cccs.co.uk/InfoCentre/EnglandandWales/Creditoraction/Debtcollectionprocess.aspx

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

Sarah

CCCS_Sarah

mrs_curious wrote: »

I have contacted an advise company regarding my unsecured debts. Up to now no payments on anything have been missed. All these are debts in my name, although i'm married. I went through the income/ expenditure part with them as a joint income.
This is where it gets complicated. I want to pay off MY own debts without involving my husband.
The house is in joint names and obviously we have been living on a joint income. But have come to the point now where, my hours have been reduced and other things have brought me to the point where I know I am heading for a crisis.
The house we live in is on an interest only mortgage.
We rent out our previous house and this is also on an interest only mortgage. So The plan is to pay off one with the sale of the other in ten years time.
I have seriously considred selling one and paying off the debts but then in ten years time will have no way of paying off the other and will lose it.
I want to know if I can do a plan for myself and get rid of my own debts with out involving my husband.
any advise will be great as I am at my wits end with worry.
Thanks

Hello,

I have just answered this one in the private messages for you, if you have any further problems give me a shout.

Sarah