I was young & stupid & now am struggling!

hippo01

Hi,

Over the past 6 years i've got myself in so much debt. I've got payday loans, a loan, credit card etc etc. I lost my job & ignored my debts. I've managed my money so badly that now my credit rating is in a shambles. I am struggling even to get a bank account & have just ignored my debts.

I've now got another good job & want to get myself sorted but don't know where to start. I'm worried that because i've ignored my debts for so long that the companies will want the total amount in one payment. I'm also seeking a 2nd job to help pay them off faster. I really can't get any sort of credit, I have numerous CCJ's & defaults. I'm not a homeowner either.

I want to be able to get a mortgage in the coming years. I'm thinking of going to a debt management company but don't know how much money they will take out of what I can afford to pay each month.

Can anyone help with any of the above especially with where to get a bank account? I need an account that I can get a sole/maestro card with preferably so I can use to pay bills etc online.

Thanks.

Deep_In_Debt

Hi

Re bank account - Natwest does a Step account which is a basic account, no overdraft and comes with a Solo card and you can open it and manage it on line. Also, Barclays do a basic account with a Visa debit card and no over draft. You can manage it on line but will need to go into a branch and open it. Be sure to say that you want a basic account though and not a full account otherwise you will be rejected.

In terms of a dmp, contact CCCS, Payplan or CAB. They will work out a budget for you and whatever surplus you have after your essentials, will then be distributed to your creditors.

Good luck.

Bethankim

Hiya and welcome,

first off well done for wanting to tackle things, you need to get some professional advice, either CCCS, national debt line or your local CAB (citizens advice bureau)
the regulars on here are a whizz at helping.

as for a bank account i have a coop cash minder account, its a basic one - you can do online baking, pay DD's etc - no overdraft and you do need to keep a careful check on it as there is sometimes a couple of days time drag on your balance. they operate a 3 strikes and your closed rule. but ive had mine for 5 months and it suits me fine. They are one of the only banks that are bankrupt friendly, so should be fine with a poor creit rating.

hippo01

Hi, thanks for the advise.

I tried the coop but they refused me??? I'm not bankrupt though, just really neglected my debts.

I had a bank with the Natwest & 'looked after it' so to speak. I got upgraded, got an overdraft then I lost my job & things went pear shaped from there!

Frozenace

Might be worth while going through and calculating how much debt you have and who you owe.

Realistically, you'll have to take things one step at a time and maybe get some councelling. You should realise that it pays to take responsibility and it'll pay off in your job and other areas of life.

Deep_In_Debt

Ok, in that case Natwest might not be an option. Barclays are BR friendly - my ex oh went BR owing Barclays a fair bit and they still opened a basic account for him so I'd give them a try.

Are you on the Electoral roll? If not, Co-op may have rejected you for that reason and most banks may if you are not. For basic accounts, they don't tend to credit check, but I believe they may check electoral roll etc.

Have you checked your credit file? I know it may be scary but apart from the debts there may be other things on there that could be hindering you.

In the meantime, I'd give Barclays a whirl and see what happens.

hippo01

I used to check my crediy file regularly but since I dont have an account I can't pay to see it!!!

Catch 22.

Thanks for the advice.

never-in-doubt

hippo01 wrote: »

I used to check my crediy file regularly but since I dont have an account I can't pay to see it!!!

Catch 22.

Thanks for the advice.

When did you last actually pay the debts? If its been a few years then you'd be better to leave them cos they become Statute barred after 6yrs of non payment/acknowledgement...... thus admitting liability now may not be the best way forward.....

So long as no fraud markers Bank of Scotland/Halifax EasyCash will give you an account with Electron card...

hippo01

Statue barred????

It's not been 6 years, non payment ranging from 6 to 12 months. Maybe a little longer.

DarkConvict

hippo01 wrote: »

Statue barred????

It's not been 6 years, non payment ranging from 6 to 12 months. Maybe a little longer.

If you do not pay money towards a debt for 6 years (5 in scotland) the debt is marked as statue barred and can no longer be sought after by the creditor (i.e. a bank cannot presue you for a loan you took out)

Although debt collectors try and chase old debts, they shouldn't and they can't take anything. But that would be something for the future. But as you are only a year away from payments i do not think it would help.

Professional Debt Help

Try ringing
CCCS - http://www.cccs.co.uk/contact/contact.aspx
National Debt Line - http://www.nationaldebtline.co.uk/

After an hour or two on the phone they will have gone through with you your finical details and recommend the best course of action. Whilst holding a record on you they can assit you through it.

I advise against companies that try and take control, and 'consolidate' all your credit. You heard about them on the T.V. From what I have read they are not worth it. Best to sort it out yourself.

Credit report

If you have not done this before you can get a free trial of a credit report here, or just order a single report.
30 day trial - http://www.experian.co.uk/
One off report £2 - http://www.wiseconsumer.uk.experian.com/

Once signed up. Read it and save it as a PDF document to your PC. Then ring up and cancel so you are not charged. Or just order a one off credit report. You will need a debit/credit card to sign up.

Bank Account

Whilst you are not bankrupt, Co-Op and Barclays do offer basic accounts available to undischarged bankrupts. Co-Op can take a while but experience with a friend has shown Barclays get there basic card card account up and running the same day. However as your not bankrupt many banks do offer basic accounts that have no credit facilities.

Deep_In_Debt

Do you have someone that could do it for you? i.e. ask them to use their card details?

Basic accounts don't tend to go through credit checks, usually in-house checks and fraud checks etc. I wouldn't recommed Natwest if you already have debts with them or RBS who Natwest are part of.

check out

www.moneymadeclear.fsa.gov.uk

There is a list of basic accounts there and other useful advice