Struggling with debt? Ask a debt advisor a question

StepChange_Pavan

stephatj wrote: »

Hi below is a recent SOA, this doesn't include all my expenses only those that need to be paid each month. I was wondering if there was any help I could get in helping to reduce or stabilise my situation again.
I do have a payday loan as well to come out, I have moved it back but will need to pay 84 at the end of Jan then over 500 in Feb, i will be writing to my creditors to inform them of my situation and was advised to make a token payment of a pound, this may help put me back on my feet and manage my money again then i can budget the money that is left over for food etc any advice greatly appreciated, thank you

Hi stephatj and thank you for your post.

It’s important that you include all of your expenditure so that your budget is an accurate reflection of your monthly spending.

I’d recommend that you call our free Helpline so that we can discuss your budget in more detail and then explore all of the options that are available to you.

In the mean time, you can inform your creditors that you are seeking help from us and offer them a token payment to give you some breathing space.

To book an appointment you can call 0800 138 1111 and lines are open Monday to Friday 08:00-20:00.

Alternatively you can use our online advice tool, Debt Remedy which will provide you with tailored advice based on the information that you input.

Kind regards,
Pavan

StepChange_Pavan

lewis.king wrote: »

HI,

8 months ago i got £12000 finance from santander on a car over 5 years, my circumstances have now changed and i can no longer afford the £260 a month. I got a settlement figure of £10,800, the problem is the car is only worth £9000 at best. Is there any way i can soften the blow of such a financial loss over such a short period of time.

My current plan is to hold out a few more months and hope the settlement figure evens out with what the car is worth.

Any advice appreciated, im new to the forum.:(

Hi lewis.king and welcome to the forum!

Unfortunately this is a common problem as cars depreciate very quickly and there will be interest added on to the amount that you borrowed.

It’s difficult to say whether Santander will reduce the settlement figure and if the car value will remain the same. You could try negotiating with them to reduce the settlement further.

Alternatively, you could settle at this amount and then you could pay off the shortfall at a rate that you can afford.

To do this you would need to put together a budget showing your income and expenditure and then offer to pay them whatever you have leftover each month until the debt is repaid.

If you are struggling with other debts and would like us to look at your whole situation we can help you to compile your budget and explore all of the options that might be available to you. The debt may not be secured on the car so we will be able to look at this in more detail with you too.

For us to give you advice you can either use our online advice facility Debt Remedy, or ring our free Helpline to book a telephone appointment with a counsellor.

Debt Remedy will assist you in completing a financial statement which includes information on your household, employment, income, expenditure and debts. All this information is used as a basis to determine the options available to you to deal with your situation.

Once you’ve followed the process through and completed all the required information you will immediately be presented with an advice booklet, which will provide tailored advice for you based on your current circumstances. It will also provide advice on ways you may be able to improve your situation.

Alternatively if you would prefer to talk to a debt counsellor about your situation, you can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. If you do decide to call us, please have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have all of the necessary information ready, it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

Kind regards,
Pavan

StepChange_Pavan

spiralblunder wrote: »

Hello there,

Im wondering if anyone is able to help, my original debt was £15500

I currently have debt totalling £13500. this breaks down as follows:

£3100 credit card

£10400 on overdraft on two bank accounts.

I was managing reasonably well until recently the overtime dried up and im now in a position where my basic wage is not enough to cover all my outgoings. Im sure the overtime issue will pick up again now the christmas period is over. I managed to negotiate 0% intrest with my bank for the overdrafts and this has come to an end. I was paying £160 a month between the 2 overdrafts but now they have raised that amount to £210 split between them both however the intrest is £156 of the £210 payment, which means this year I will pay back over £2200 to the bank but will only have paid £360 off each overdraft. I explained to the bank when we did the breakdown of income and outgoings that I couldnt afford the £210 a month, but they told me they would freeze the use of my bank account so I couldnt use it and pass on my account to another department. with regards to my credit card ive commited the cardinal sin and have not made a payment in 3 months as ive had no funds available. I dont live above my means anymore and havent for some 2 years Im commited to getting this debt issue sorted, but I could sure use some good advice. Im ex forces and have considered contacting one of the forces institutes for help but Im not one to take advantage.

If anyone can help in any way I look forward to hearing from you.

Hi Spiralblunder and thank you for your post.

Firstly, I’d recommend that you open up a basic bank account away from your overdrafts. This is because they can decide to withdraw the facility at any time and could take any income to pay towards the debt at any time without your permission. This could leave you with little or nothing top live off for the remainder of the month so it is a safety precaution. This leaflet about basic bank accounts details the ones that are available.

Secondly, you need to compile a realistic income and expenditure to work out what you can afford to pay towards your debts each month. You can send a copy of this to each of your creditors as proof that you can’t afford the full amounts that they ask for.

If you would like help to do this and would like some more detailed advice on your situation you can either use our online advice facility Debt Remedy, or ring our free Helpline to book a telephone appointment with a counsellor.

Debt Remedy will assist you in completing a financial statement which includes information on your household, employment, income, expenditure and debts. All this information is used as a basis to determine the options available to you to deal with your situation.

Once you’ve followed the process through and completed all the required information you will immediately be presented with an advice booklet, which will provide tailored advice for you based on your current circumstances. It will also provide advice on ways you may be able to improve your situation.

Alternatively if you would prefer to talk to a debt counsellor about your situation, you can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. If you do decide to call us, please have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have all of the necessary information ready, it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

I hope this helps.

Kind regards,
Pavan

Simon_J_3

I currently work in security and work has dried up over the xmas and new year period and i haven't worked since 20th dec. My company says that they can give me some work but i have to ring everyday instead of me having regular weekly work so the work is as and when at the moment. I am actively looking for work at the moment but I have bills to pay in feb and only have a small wage coming in for Jan. I need some advice please. I have asked for a payment holiday on my unsecured loan and they said no, i also have mortgage/bills to pay, credit card, mobile, car payment and a small 0% finance on a sofa. my wife currently doesn't work as we have a 1 year old. How can i get through this without getting into hot water??

StepChange_Pavan

Simon_J wrote: »

I currently work in security and work has dried up over the xmas and new year period and i haven't worked since 20th dec. My company says that they can give me some work but i have to ring everyday instead of me having regular weekly work so the work is as and when at the moment. I am actively looking for work at the moment but I have bills to pay in feb and only have a small wage coming in for Jan. I need some advice please. I have asked for a payment holiday on my unsecured loan and they said no, i also have mortgage/bills to pay, credit card, mobile, car payment and a small 0% finance on a sofa. my wife currently doesn't work as we have a 1 year old. How can i get through this without getting into hot water??

Hello Simon_J and thank you for your post.

I would recommend that you write to each of your creditors, explaining your current situation and offer them a token payment of £1 as a gesture of goodwill.

The most important this is to try and keep up to date with your essentials such as mortgage, council tax and utility bills etc as these are your priority.

If you expect the work to increase, this should hopefully be a temporary issue and you will be able to get back up to date once your income goes back up again. Could your wife look for a part time job to supplement the income for a period of time?

However, if this becomes a more long term situation, you could get some more detailed advice by getting in touch with us.

To do this you can either use our online advice facility Debt Remedy, or ring our free Helpline to book a telephone appointment with a counsellor.

Debt Remedy will assist you in completing a financial statement which includes information on your household, employment, income, expenditure and debts.

Once you’ve followed the process through and completed all the required information you will immediately be presented with an advice booklet, which will provide tailored advice for you based on your current circumstances. It will also provide advice on ways you may be able to improve your situation.

Alternatively if you would prefer to talk to a debt counsellor about your situation, you can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00.

Hope this helps.

Kind regards,
Pavan

blackkbeauty

Your inbox does not allow for private messages . Please advise how to obtain Firm and final pack please

Blackkbeauty

CCCS_Pavan wrote: »

Hi Blackbeauty and thank you for your post.

It sounds likes you’re really taking control of your debts and you’re definitely heading in the right direction.

Unfortunately, it’s difficult to say whether they will start to charge interest again if you were to offer them more, as there are no guarantees. I’d recommend that you put together a budget showing what you can afford and then keep paying what you can.

If you can afford to make a full and final settlement offer, it is worth writing to them. If you send me your email address in a private message I can send you an advice pack which gives you detailed information on how to make settlement offers. Again, there are no guarantees that this will be accepted but it's still worth trying.


Hope this helps.

Kind regards,
Pavan

mrs_skint

Hi, I need help with my SOA which I intend sending off to my creditors at the end of the month. Do I just put my salary and outgoings or do I put my OH's as well? Would rather keep OH out of it but not sure legally what I am supposed to do. Many thanks!

susankmum

HI there, i have had a DMP and now a single parent and not working i cant afford so i am wondering if it is in my interest to go bankrupt. I own my own house, which the mortgage is being paid by benefits and ahve two little children under 5. My other thought was to offer a full and final offer to companies and see what happens. I thought maybe i could pay it over 6 months or so.

I owe all together approx £28, 000. This is mainly the interst that was changed on a professional studies loan that i took out in the 90's.

can anyone help or give me some advice on where to go, Thank you

k_moor25

Hiya I have started to set up with my cccs plan and I recieved my direct debit form and all the other payment details and things I need to know. cccs has asked me if I can send all my creditors bill statments and a pay slip. I have reqested up to date statments to be posted to me and I wont have a pay slip till 25th Jan. I am just wondering if I send the signed agrement and my direct debit form out in the post will my first payment be on 1st feb ? as you wont recieve my pay slip and statments later on this month.


Im just wondering as im on a debt plan with Churchwood and im in the process of canceling it

StepChange_Pavan

blackkbeauty wrote: »

Your inbox does not allow for private messages . Please advise how to obtain Firm and final pack please

Blackkbeauty

Hi there,

You would need to send your email address to CCCS Private Messages.

Alternatively you can email us at [EMAIL="contactus@cccs.co.uk"]contactus@cccs.co.uk[/EMAIL] so we can send you the advice pack.

Kind regards,
Pavan