Ask a CCCS counsellor a question

CCCS_Matthew

purple-pear wrote: »

Hi please can u advise what happens whn u have completed an IVA what happens after 6 years is your credit file clean? I am hoping to enter into one but dont want to be stuck with the same mortgage comapany forever would I be in a position to apply to other lenders. Is there any trace of iva on the file i.e does it leave a footprint or is this just a myth?

I noticed someone on here saying thy had completed and had just got a visa card to start building rating again but one of these rip off rate ones. Would this matter if u already had a mortgagae payment and other things on direct debt throughout the iva as u would have showed u r making regular paymenets on these. Does this help?

Thankyou.

Hi there.

An IVA will stay on your credit file for 6 years from the start of the arrangement. Once you've completed the IVA you are best to send proof to the credit reference agency that your IVA has finished to ensure your creditors are marked as satisfied. You should then find that your credit rating should improve.

I'm not too sure how the fact that you have still paid towards a mortgage and other direct debits for things such as mobile phones, internet etc would have an impact on your credit, you may want to check with one of the credit reference agencies about this.

Regards,
Matthew.

Ricky38_2

Hi Alan.

Thanks for the information I had a feeling that it lasted approx
5 years, I was told just this week that once the inhibition had
run its term the pursuer had to re-apply to the issuing court to have the inhibition renewed, at their expense.
I would therefore have to be served another inhibition order by sheriff
officers which I haven't had.
The original inhibition is now nearly 7 years old and I have never heard
anything in this time since the original inhibition order was served.
How would I be able to check if this inhibition is still in force or if it has
expired and hasn't been renewed.

Ricky.

CCCS_Matthew

purple-pear wrote: »

Hi sorry I also have another question at one point will a creditor issue a default notice or can they do this at anytime? If I make token payment for two months and then thy get passed to debt collection agency and I make an arrangement with them can thy then isue default?

Also can debt collection agency continue to add interest to the amount or is this not allowed?

A creditor will generally start to issue a default notice once you've fallen behind to the equivalent of 3 months payments. The creditor may choose to pass the debt to their internal debt collection agency before hand, but they must issue a default before selling it on to an external collection agency.

Any reduced payment arrangements you've made with the creditor will count towards missed payments, as theoretically you've broken the orginial contract with creditor to pay so much back per month.

Hope this helps,
Matthew.

CCCS_Matthew

slf1970 wrote: »

I am a joint 1/4 shareholder in a small enginnering company.

I have personal debts off approximately £33500

This debt was more than manageable when things where good, however as everyone knows things aint so good anymore.

My Income has dropped from between £2500 - £3000 per month to, if I'm lucky £750 - £900 in november. Thats a pretty big drop I think you can see. My problem is my outgoings each month are approximately £1100, (and thats been trimmed down from £1400) so I have a bit of a shortfall. I took the advice of the CAB a couple of months ago and moved my mortgage direct debit payment to another bank account I have, away from my main account. 95% of my debt is with my main bank Nat West. We have been scraping by for 3 months now but things are about to get a bit difficult. We have no savings, and no other forms of income. My young child only started full time school last September so my wife has been avidly looking for work ever since with no luck.

I have managed to pay my mortgage every month first and foremost, and then I pay the rest of my outgoings in order of priority, (ie council tax and utility bills)

I haven't just sat back and hoped for the best, but things don't seem to be getting better in the engineering business. so I think it's time to take some professional advice.

My main question is, would it be difficult to get my creditors to agree to a payment plan because I'm self employed.

My second question is, as most of my debt is with one bank, (£22000 loan, £6500 o/d and £3500 credit card), would they be less likely to accept any form of agreement.

Thanks in advance

S

Hi there,

When you say that your outgoings are approx £1100, is that including payments towards creditors or is that just for your household priorities?

The fact that you are S/E should not have a negative impact on whether your creditors would accept a plan if that was a solution for you. I think you might benefit from having an appointment with one of our self employed debt counsellors (by that I mean they are specially trained to help the self employed, not self employed their selves!).

If you would like to speak to one, you would just need to ring our helpline on 0800 138 1111 (lines are open Mon-Fri from 08:00-20:00). We are really busy at the moment, so if you can’t get through first time, keep trying and we’ll be able to book you in appointment so we can take a look at things for you.

Regards,
Matthew.

CCCS_Matthew

michellew wrote: »

Hi
General query please - how long after submitting my debt remedy online should I hear something and would it be by email or post or phone?
Thanks

Hi Michelle,

Your advice booklet will be available to view on screen or to print off as soon as you've finished the process. If you've been offered a DMP you will be encouraged to send the information outlined in the pack back to us and then your welcome pack will sent out to you once everything is set up.

Hope this helps,
Matthew.

CCCS_Matthew

bunnygreen wrote: »

Hi,

Just wondering what sort of change we should notify CCCS of.

I.e our mortgage rate has dropped by about £100 as it's variable so I assume that is significant to inform them of, but say it was by £20-£30 would we need to do the same and would it then be distributed to our creditors?

Also - I am applying for a temporary secondment job, which will mean an increase in salary for about 10 months. Would I then have an increase in payments to creditors for those 10 months, then drop back down after? I would be worried about having to reduce payments again.

I guess my questions are - what counts as a significant change that I'd need to inform CCCS and if the change is temporary should we increase payments on a temp basis?

Thanks

Hi there,

If your mortgage has reduced down by £100, I would certainly suggest coming for a review in order for us to alter the budget accordinly. Any temporary changes won't really need to be discussed unless perhaps you're much better off more than a couple of months. Any slight changes don't necessarily need to be discussed straight away, as these can be discussed on your annual review.

Regards,
Matthew.

jujuxander

Hi
My husband was made redundant from his job (£37K) last March. I am unable to work as we have a disabled daughter. After struggling for months trying to get a job we decided (with private family funding) to set up a Ltd company selling childrens goods, our shop opened in November 08. Well the business is struggling but it is early days. We are only able to pay him a minimum wage (£10K).
Having lived off credit cards for months now they are almost maxed out. I approached our mortgage company (which is a one account (RBS) mortgage current account) following the announcement by Gordon Brown that they are offering people struggling in situations like ours a mortgage freeze. They have basically come back though saying no they are not offering anything like this and that and that as this type of account has a facility rather than a fixed mortgage amount then we are OK as long as we don't exceed our facility (we are about £7K under facility which is £125,000). But the interest a month alone almost equals my husbands salary and so this is just going to make us spiral further and further in dept.

Do you have any advice or details about this scheme annouced by Gordon Brown?

CCCS_Matthew

kimmi_b wrote: »

Hi

I have been on a DMP since last October and in December of last year I made my 3rd payment to one of my creditors, whom I have 3 outstanding debts with - overdraft, credit card and loan. The first 2 payments have been accepted with no problems but the third in December for the credit card was refused.

The company who are dealing with my debt management plan have asked for an explanation from my creditor but as yet we haven't had a response. I am due to make my next payment in a weeks time.

Do you have any idea why this payment would have been refused after they previously agreed to my reduced payment plan?

Hi kimmi,

It's difficult to know why your payments have been rejected without being able to see your budget. Does the DMP company charge you for the DMP, so often creditors see this as money they are losing out on as it's going to the DMP company rather than if you were to do it yourself or with a fee free company where all the funds are paid towards your debts.

Matthew.

CCCS_Matthew

depressed_but_determined wrote: »

Hi, I am awaitig my pack from CCCS before starting on my DMP and I have a quick question. One of my creditors is Egg who I have a personal loan for £6100 for, it was 11,500 when I took the loan out and was due to finich 11/2011

I have realised that I had payment protection insurance added to the policy, I was wondering if I could ask them to reimburse this onto the amount of the loan to bring the debt down if I was entitled to a refund? I am covered for accident, sickness, unemployment and death.

Any help will be gratefully recieved.

Hi there.

Absolutely. It's definitely worth asking them to cancel the policy which will may reduce the balance of the overall debt. It's worth noting that now you are on a DMP and breaking the original terms of the agreement you had with them, that you are probably not covered to claim on the PPI should you need to anyway, so it's certainly worth getting rid of it.

Regards,
Matthew.

crystalclearok

how much time has to pass before you dont have to pay old debts