Struggling with debt? Ask a debt advisor a question

fermi

emmabean9 wrote: »

Hi

I've not posted before on a forum so apologies if I get this wrong or if I've posted in the wrong place.

Hi. And welcome.

It would probably also be a good idea to post that in a new thread on the main DFW board.

Just click the button. Shout if you need a hand.

doombrain

Good morning, we have managed to pay approx £26,000 off a £57,000 debt over the last 3 and a half years, but the balance owed to some of our creditors is around the same as when we started paying and one instance, actually higher. Can anybody tell us what would happen if we committed the lump sum we currently pay elsewhere, e.g. into a pension scheme, for a redundancy and sickness policy or a life insurance policy etc. So in effect not be left with anything spare at the end of each month. The reason for this question is that even though we have taken the commitment to pay off our debts seriously, it appears that if these companies decide to they can keep you paying for years without actually getting anywhere. Thanks four your attention.

emmabean9

Hi Fermi

I've done that Thanks, not sure I'm in the right place though????

shopnomore

Dear CCCS advice-givers,

I (we-husband and self) have made a royal mess of our finances - about £60k across loans, credit cards and overdrafts. This has been building up over the last 9 years and we kept taking a new loan to pay off previous loans and credit cards and then spending on the CC's again. Stupid. I know. I really do not know how we have done it but we have and we have now reached the point of no return.
We were managing to meet the minimum repayments each month on everything which was not ideal as it would tkae us forever and athen some to pay it all off but at least we were on top of it all. Then my husband was made redundant from his job at Christmas and our combined income of £50k a year dropped to £25k a year and we are now in arrears and panicking.
We have no savings, we have no-where to turn. We have no-one but ourselves to blame. We are committed to paying these debts back but not sure how. My husband has applied for just about everyjob under the sun and has gotten nowhere fast. We foolishly believed he would just get another job easily.
Anyway, we sat down and listed everything.
And think, in our opinion anyway, that a DMP is probably our best option. Or flee the country.
So we have completed the debt remedy tool online at your website last weeked and got our ref number but I just wondered what the next step is now?
Is there anything else we need to do? Our bank have put our account n hold for 14 days whilst we contacted you and advised us to find alternative banking facilities so I am just going to find a new bank now if anyone will have us!! Eeeek.
Thanks
shopnomore

48k

I am currently on a DMP with CCCS, there is a chance of a bonus structure being put in place in work, this would mean i would have small lump sums available from time to time, if it happens would i be able to use them to pay off in full some smaller debts on the dmp, i know its preferential treatment but at the same time, this would mean the monthly amount to the other creditors could increase so they would get paid back quicker too?

Any thoughts would be much appreciated.

Thanks

CCCS_Sarah

brum33 wrote: »

I need some advice not to sure what to do. I move into my house in October 1993, I was able to do this as part of the home buy scheme through a housing association. I got a mortgage for £76,500. The housing association paid a deposit of £19,000 and I got a mortgage for £57,500. How it works is that I have to pay the housing association 25% of whatever I sell my house for. My mortgate is now down to just over £50,000 and I pay £279.00 per month. My house is now valued at £95,000. On top of this I have a loan which has an outstanding balance of £15738 pounds which I pay £359 per month and still have 5 and a half years left to pay this. I am in a good paid job my salary is £34002 per year and get £2046 per month. What I need some advice about is I am now ready to move up the property ladder and don't know what way to go. Do you suggest that I wait and pay off my debt? or do I get a new loan and pay more over a shorter period? or do I move and pay a higher mortgage and my current debt off together? I would be grateful for any advice.

Thanks

Hi Jaime,

Thank you for your email.

I think it would be better if you had a telephone appointment so that we could have a look at your budget in detail and them make suggestions. If you would like an appointment please call 0800 138 1111.

Sarah

CCCS_Sarah

spoll wrote: »

It's unlikely that my parents will be able to attend the hearing; my Dad has taken quite a lot of time off to take my Mum to hospital appointments in regards to her stroke and he cannot afford to take a day of unpaid leave.

Would it be possible for me to attend in their absence? Can I just turn up or will I need to contact the court before to confirm this?

Thanks

I would recommend that you contact the court and see what they say. Obviously the court will have to adhere to the Data Protect Act so it maybe possible if you had a letter of authority from your parents, but you would need to double check this.

CCCS_Sarah

deepintrouble wrote: »

Hi, I'm after a bit of advice, I'm currently in a CCCS DMP and have been making payments for about a year. As of Friday I've been notified I'm being made redundant. I've only been in my job for two years, so won't get much of a payment. I'm intending to write to all my creditors to inform them of this and ask them to accept £1 token payments for the next few months. Would these payments be better paid by me direct, or through CCCS as part of my current DMP?

Thanks

Hello,

You would need to give our client support department a call so that then can look at your account. Do you have any idea if you are getting any redundancy money? If you are, you could possibly look at using this for full and final settlements to clear some of the debt.

Sarah

CCCS_Sarah

mtd-142128 wrote: »

Hi
I am in a dmp with cccs, but I have an ongoing problem with Lloyds TSB credit card.
Since I transferred over to cccs from a fee charging company they have been charging me interest & also late payment charges too. I have phoned them numerous times and also written but had no reply to the letter.
The problem is that cccs have the payment to them at higher than the contractual payment stated, therefore the interest is charged, Spoke to someone at cccs but payments can't be lowered. Also I think Lloyds request payment every 4 weeks so my payment is reaching them too late therefore they are charging the late payment fee.
Is there Anything I can do as I'm very stressed with the situation
Thanks T

If the payments are higher than the contractual payments then sometimes the creditors may start the interest and charges again. The payments would not be able to be lowered as they are worked out on a pro rata basis – this means its fair to all the creditors.

CCCS_Sarah

rockyxs wrote: »

Hi, I have contacted ccc s twice as i was recomended by a friend. Unfortunatley, they told me i had to wait till i had reduced my un-secured debts to free up some income. at present i have more going out than coming in. not sure what to do next. i thought ccc s were able to help in this situation.

I can’t go into specifics as I don’t have access to your account. Your budget would need to balance before you can look at long term solutions, because you need to be able to support your day to day living costs.

If you have been recommended to make token payments, I would say do this an look into ways of maximising your income i.e. part time job, overtime, benefits, reducing costs within your budget.

If there are any changes that need to be made within your budget, you are more than welcome to have another appointment and then we can see if there are any other solutions available to you.

Sarah