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StepChange_Pavan

phoenix5 wrote: »

Hi, I have been looking into a dmp to ease my situation - in short this is the breakdown after having worked out my income and outgoing:
£184 approx left which i can put toward debts of just under 20k.
I have a mortgage and around 100k equity on the property. Live with my husband and 3 kids.
2 credit cards and 2 loans. For the loans, I arranged to lower the payment temporarily just before xmas but am accruing arrears as they won't freeze the interest.

If anyone has any advice on the best way forward out of this I would be really grateful - am not sure if a dmp is the right solution.

Many thanks in advance x

Hi Phoenix5 and thanks for your post.

We would need a lot more information from you to determine whether a DMP is your best option or whether there are other debt solutions available to you.

To get 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.

Kind regards,
Pavan

StepChange_Pavan

clareb2010 wrote: »

LLoyds have transferred one of our debts to wescot, i have written to them to advise we are with you and updated the details online is that akk i need to do?

Hi clareb and thank you for your post.

Yes, you’ve done everything that you can. If there are any problems, just get in touch.


Kind regards,
Pavan

StepChange_Pavan

Dorsetdave wrote: »

Hi I've got the CCCS DMP pack and I'm getting all the proof together. Still waiting for current statements from creditors. I've included the Overdrafts for 2 bank accounts.
My question is: The 2 accounts are joint accounts, does this mean I've got to set up a joint DMP? My wife's got a separate account, admittedly with the the same bank (LloydsTSB) but I don't want her getting "tangled" up with my DMP, she knows all about it, but doesn't have any debts in her name.
Also what is meant by "sign and date the back of the agreement"? Do they mean the 2nd page?
Thanks in advance.

Hi Dorsetdave,

You don’t have to do a joint DMP, although if you are making reduced payments to these accounts, she will be chased for the full amount too. This could result in these debts affecting her as well.

With regards to the agreement, there should be a space for your signature at the end.

If you need any more advice, please give us a call.

Kind regards,
Pavan

StepChange_Pavan

Curious123 wrote: »

Hello

Sorry to bother you but am hoping you can give me some advice. Husband announced to me in June 2008 that he was 000s in debt (£60k+) while I was on maternity leave. He then entered a Debt Management Plan with Money Worries. We've been paying into this plan for 30 months now at £405 a month (more than £12k paid).

He says the plan is 'open-ended' and will 'finish when the debts are paid' but at this rate that'll be years and years and I'm not comfortbale with continuing to pay when realistically we could have paid off some of the smaller debts by now.

Perhaps an IVA would be a better ideal although the high fees put us off - would a dmp with CCCS be a better idea (and perhaps more reputable?)

Thanks for any advice you can give.

Hi Curious123 and thank you for your post.

You are right that not knowing when the DMP will end is concerning.

There may be other options available to your husband, such as an IVA but we would need to know more about his situation before we can give any detailed advice. More importantly, if a DMP is his best option, we won’t charge for administering it.

If he would like advice on his circumstances he 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.

Kind regards,
Pavan

katiehiggins

hi im 23 years old and since leaving university i have been really struggling to pay off my debts. when i started at university i opened up 2 student accounts one which is now in constant use (HSBC) and the other i dont use (HALIFAX). due to no income as a student i also got 4 credit cards which are all maxed out. now ive got a job but have also moved into a house with my partner and have a morgage and bills to pay and im struggling with all repayments. my biggest worry is the halifax account. as it is not my main account i dont pay anything into it and due to going over my overdraft limit a few months ago ive incured charges on top of charges and now owe then £200. i want to just close the account but there is the outstanding overdraft as well and they are now charging me £5 a day for every day im into my overdraft and i just dont see anyway of paying it off? i was thinking of taking out a post graduate loan but i dont no if it will make things better or worse?
any advice will be greatful x

terriblemess

Hi

Im attempting to tackle all my debts and i have noticed on my credit file that i have a ccj back in 2008 for £350.00 at the northampton court. I intend to pay this but how do i go about getting all the information relating to it? Is it as straight forward as just writing to the court requesting information?

many thanks for your help

phoenix5

CCCS_Pavan wrote: »

Hi Phoenix5 and thanks for your post.

We would need a lot more information from you to determine whether a DMP is your best option or whether there are other debt solutions available to you.

To get 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.

Kind regards,
Pavan

Thank u very much pavan and will give this a try

SIRENS

Hi
My husband was made redundant just over a year ago and is still looking for work. We received his advice pack form CCCS advising him to write to his creditors offering a token payment (2 credit cards and 2 catalogues)

We have a joint current account and mortgage (neither of which is in arrears) I am working so he is in receipt of no benefit payment.

I can continue (just) to make mortgage payments, will any of this effect my accounts or credit file?

Thanks

CCCS_Sue

SIRENS wrote: »

Hi
My husband was made redundant just over a year ago and is still looking for work. We received his advice pack form CCCS advising him to write to his creditors offering a token payment (2 credit cards and 2 catalogues)

We have a joint current account and mortgage (neither of which is in arrears) I am working so he is in receipt of no benefit payment.

I can continue (just) to make mortgage payments, will any of this effect my accounts or credit file?

Thanks

Hi Sirens and thank you for your message

If you have a joint account or have made a joint application
for credit, the name of the other person will show on
your credit file as a financial association.
I have attached a link to a booklet called ‘Credit Explained’ which explains this in more detail.

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

The main priority is to make sure you can manage to maintain your mortgage payments.

If there is no money left after paying all your priorities, then you would need to continue offering token payments until your circumstances change.
Once your husband manages to secure a new job, you will then be able to make a better offer to your creditors.


Regards
Sue

CCCS_Sue

katiehiggins wrote: »

hi im 23 years old and since leaving university i have been really struggling to pay off my debts. when i started at university i opened up 2 student accounts one which is now in constant use (HSBC) and the other i dont use (HALIFAX). due to no income as a student i also got 4 credit cards which are all maxed out. now ive got a job but have also moved into a house with my partner and have a morgage and bills to pay and im struggling with all repayments. my biggest worry is the halifax account. as it is not my main account i dont pay anything into it and due to going over my overdraft limit a few months ago ive incured charges on top of charges and now owe then £200. i want to just close the account but there is the outstanding overdraft as well and they are now charging me £5 a day for every day im into my overdraft and i just dont see anyway of paying it off? i was thinking of taking out a post graduate loan but i dont no if it will make things better or worse?
any advice will be greatful x

Hi katiehiggins and thank you for your message

First of all, it’s good that you are no longer using that bank account.
If you were paying money into the account, they would be able to take money without your permission to pay off their overdraft. This is known as the bank’s right of offset

You do need, however, to come to an arrangement to pay something back each month to clear the outstanding overdraft with them.
Taking out extra credit to pay off existing debt is not always the best solution. You could end up in a much worse situation.

Your main priorities are the mortgage, council tax and other utility bills you contribute to.
Make sure that you have paid these first

Put together a budget showing all your income and expenditure
Whatever is left after paying bills is the amount you can offer.
If there is no surplus left, then offer a token payment as goodwill gesture. This is not a long term solution, but may help until your circumstances change.
If you do get any spare money, try to get the overdraft below the limit as you will be incurring extra charges for being over.


Send your offer and a copy of your budget with a letter asking the creditors to consider stopping interest and charges. They do not have to agree to this.
It is entirely at their discretion but it is worth a try!

If you would like further help with this, then you can 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.

Alternatively, to speak to a counsellor, the free helpline number is 0800 138 1111.

Kind regards
Sue