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Bunnyinthelights

Good morning!
I am in a position where I am able to possibly do a F&F IVA. My debts are around £40k and I have around £15k possibly (all very up in the air!)

My question is, how long does a F&F IVA take to finalise and what are the likely hoods of it being accepted?

If you need any more info I will be around today.

Thanks for your help!

bigyin1760

Hi there can somebody give me some advice , i am in scotland and i had a flat rented out away back in 1999that i sold on years ago. But now i have been hit with a council tax bill from 1999 for the year this flat was rented out to a guy. They said they cant trace him and as i was the owner of the flat then i have to pay over £900. This was in his lease that he was responsible for the council tax.But ive never heard anything from the council until past few weeks now they have put this to a sherriff officer with some sort of they are telling me that they are filing for my seqestrian in about 14 days.Am not sure what to do and am i held responsible for this tax. Hope someone can help or advsise me thanks.:mad: .Can somebody offer me advice please.

jacquie3167

Hi,
I have a debt with Capital One (Credit Card). I have not used the card in years and had an arrangement with them to pay a certain amount on 11th of every month (since Oct 2008).
Today I received a letter from a Debt Recovery Company saying that my debt has been sold to them. They say it was sold to them because I defaulted on my payment arrangement (Lie). They also say the figure is £628.40 (Lie). The actual amount owed is £589.52 The Debt Recovery Company are not willing to accept the payment arrangement which was made with Capital One and being a single mother of three on Income Support I cannot pay the amount they're asking for.
Capital One are refusing to discuss the matter with me and just keep quoting " I am sorry I am unable to discuss this matter as the debt has now been passed on". They did, however confirm that the last payment they received was on 11/01/09 (meaning I have NOT defaulted).
Can someone please advise me of what I can do. The Debt Company are threatening to increase the debt by adding charges (even if I continue to make the payments with Capital One arranged every month).

Andrew_G_3

Hi There,
I was made redundant in November of 08, I have four main credit (2egg, one Virgin, one Barclaycard)cards with a total debt of £25,000, they are all protected for unemployment, however I am going to go Self employed and I can not afford the minimum repayments at the moment as I now have zero income, I will have some start up costs, which will take up all of my savings (an Isa at £3600)

Advice/guidance greatly appreciated.

Andrew.

CCCS_Matthew

smileymiles wrote: »

Hi

My bank has cancelled my overdraft and all my direct debits because my salary was a week late (not my fault error at payment office).
As my salary was late I was over my overdraft limit. The bank called me to ask when my salary was going into my account and at that point I did not know it was going to be late, so I said within 2 days, he said that direct debits would be coming out but if my money was going in in 2 days that was ok.
But just to be on the safe side I looked at my account online the next day to find the bank had refused 3 direct debits. I then rang my office and was told of the error in processing salaries, so I asked my wife to pay cash into my account (from savings) to cover the amount over the overdraft limit and cover anything else. I was £600 under my overdraft limit when the cash was paid in.

I then rang the bank and told them I was paying the money in, I was told the cash must be in by 3.30pm that day and that I should ring once the money was in and the bank honour any direct debits and pay the ones which had been refused.

I checked the next day and the bank paid the direct debits with a bank payment quoting the references, but they cancelled all the direct debits that I have going out of my account.

The bank then proceeded to downsize my account cancel my debit card and when my salary went in take £200 out and put it in a savings account.

To say the least I am upset and have not eaten all week I have been with this bank 26 years and in all that time my salary has nver not gone into my account. I have an appointment with my local bank today and I hope I can sort it.

Can the bank treat me like this? with no notice no letter, not informing, prior to this. They have just renewed my overdraft facility 2 months ago.

I am so worried

Please help
Shaun

Hi Shaun,

This isn't really something we would deal with so it's difficult to give you the right advice. Have you managed to have an appointment with the bank? It seems a little strange that they would do such a thing if your salary only got paid in a couple of days late.

Matthew.

CCCS_Matthew

craig1194 wrote: »

Hi,ive recently been thinking about a remortage to a lower rate to free up some money to pay off my credit card,i would have to pay 5k early exit fee and this would take my mortage to 108k,my rate is 5.79% and my bank have offered 3.79% fixed for two years interest only,i have

1. credit card outstanding £5869
2. loan £8495 with default

I am finding it hard at the minute to pay any extra on the card to reduce the amount as im just paying the minumum amount mostly just interest.

The default on the loan is classed as a late payment,which the company have admitted it wasnt my fault,i was waiting for a direct debit mandate in the post to change the bank account the loan came from but the computer system they use did not realise this!! as such i now have a default on my credit file,as a result of this i cant change my card to 0% balance transfer and i dont want my credit file affected anymore by contacting my creditors and paying a reduced payment.

I have considered the following to free up some money and would appreciate any help with this as the stress this is causing.

1. Taking out any loan i can get to pay the loan and the card and have one payment to make each month
2. Increase the mortage and pay the debt off with that
3.Bite the bullet and try to pay as much of the card off as i can easch month


I have wrote to the loan company three times to try and get this default off my credit file but have had no help,as they say even though it was a computer error i still have a month that the loan wasn't paid,total injustice considering when i rang to pay over the phone while i was waiting for the mandate they refused to take a payment off me.I thank you in advance for any help with this matter.

Hi Craig,

I would be particularly wary of borrowing any more on your mortgage. If you get into financial difficulty later on down the line you might put yourself in a position where you cannot afford to pay your mortgage, you may be putting the house at risk.

I would also be wary of consolidating your debts, as you might find you're actually paying a lot more back to your creditors over a longer period of time with all the added interest you will pay.

It might be worth starting a thread illustrating your income and expenditure to see if there is anyway you can improve things in order to start paying more back than the minimum on your debts. It's also worth looking at the Snowball Calculator which helps advise you on how to pay back your debts in the most cost efficient way.

Hope this helps for now,
CCCS

CCCS_Matthew

Bella85 wrote: »

hi im new to this site so hopefully this goes right!
Well i feel like im sinking in debt i have so much debt i dont know what to pay off or attempt to pay first. the minimum payments are killing me and i have hardly any money to live on. i have a debt collector after me already and fear it wont be long before many more follow. I have approximatly £5,000 of debt and the charges are getting out of control. Please anyone with any advice please help i am going through citizens advice but i need help soon.
Thankyou x

Hi Bella.

I think if you're really struggling with your creditors, and in a position where you can't afford to make your minimum payments, then the first step is to draw up a budget to see what you can comfortably afford to offer to the creditors. If you would like to book an appointment with once of our debt counsellors, they can help you do this and then provide you with the options you have in relation to the debts you have.

In order to book an appointment, you can call our helpline on 0800 138 1111, or alternatively, you could try Debt Remedy by clicking here.

Hope this helps,
Matthew.

CCCS_Matthew

bikechic wrote: »

Hi, i've got some details on the link below.

http://forums.moneysavingexpert.com/showthread.html?t=1420509

I have taken quite some advice over the last 3 weeks, going from pursuing BR and now looking at undertaking informal arrangements.

Can you assist me with some questions I have?

1. Do I write to the initial debtor, or to the solicitor/debt collector chasing the debt on their behalf?

2. Do I write with the minimum payment letter first, or write asking to see if they will write off the debt (hoping)

3. Can you give me some advice as to what should be done first, i.e. a step by step 'idiot's guide'???

many thanks

Hi there,

1) If you are making informal offers of repayment, then you need to contact the debt collection agency working on behalf of the creditor to make the arrangement.

2) Apart from client's who are terminally ill, I've not come across a situation where a creditor simply writes a debt off if you can't pay - unfortunately it just doesn't happen. So you really need to just offer what you can afford in writing.

3) If you haven't already done so, I think you should book in an appointment to speak to a debt counsellor. That way they can provide you paperwork to approach your creditors, as well as explain the process and answer any questions you've got. To book an appointment, our helpline can be contacted on 0800 138 1111.

Hope this helps for now,
Matthew.

CCCS_Sarah

scholars13 wrote: »

Hi I wondered if anyone could help me with this(my) scenario.

I have unsecured debts about 50k and until recently lived at home with my parents. After coming clean about my troubles they are helping me sort them out. Their financial advisor has arranged reduced payments with my creditors and I have been paying at these reduced rates for 6 months now. The plan is to pay at these rates until a time they come back to us or we approach them for a settlement figure that my parents are going to pay off. However im now living with my fiancee and we plan to marry next June. If I am still paying them off at this time how will it affect my fiancee getting credit now and in the future. Would the address be the a bad credit risk or just me still? If we retain seperate bank accounts and dont open a joint account will this get around this problem or as soon as we marry will my living at this address make us financially linked??? What would be the best course of action for us??? All comments welcome.

Hello,

Your partner’s credit file will not be affected unless you have any joint accounts as credit files are based on the individual not the address.

I would recommend that you keep all your finances separate until your situation improves and then take another look at things.

I have attached a link to a booklet that explains about credit file in more detail for you

http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

Hope this helps, give me a shout if you have any other questions.

Sarah

CCCS_Sarah

sallyx wrote: »

Hi
I have been on a DMP for 18 months Approx and HSBC overdraft being one of my creditors. They are still charging interest on this account and balance is obviously going up. I have come into a bit of money and wanted to know will they accept a F&F on an overdraft and if so what % should I go for

Thanks

Who is you dmp with? If it’s the CCCS, we would be able to send you out sample letters to use to send to the creditors.

When offering a reduced amount to clear the balance it better to start as low as possible. There is no set amount to offer, if they say no just add another couple of percent onto the offer.