Struggling with debt? Ask a debt advisor a question

k_moor25

Hello

Im in the process of setting up a debt managment plan with cccs and you have asked me to post you all my bill statments, Im on a debt managment plan with churchwood which I have now canceled due to the fees and dont recieve the bill statments anymore, I have reqest statments to be sent to me and have recieced most of them but im having probloms getting a statment from Capital one, I had to ring up Capital one again last week because I had not recieved a copy of my statment, and still no sign of one in the post

Please can you advise me what I can do?

kind regards

StepChange_Pavan

Ostrich2011 wrote: »

Hi
I have just signed up to this forum after having spent much of the weekend on this site, reading advice and doing a budget - which didn't totally shock me as I had expected to be over budget!

However working out that it would take me to 21 yrs to pay off my credit cards at my current rate of paying off the minimum was a little soul destroying to say the least! Someone told me I should get some advice from the CCCS or citizens advise buro. I seem to be in financial trouble rather then crisis and have always got by ok, but the debt has been at the £24/£25K mark for the last 5 yrs and there seems to be no headway. I am paying off £514 a month in repayments and all but £100 of that is on interest alone. Two of the biggest cards are with MBNA and they have probably made quite a lot of money out of me. Is there someway I can pay them off and freeze the interest without having a black mark on my credit file? I would love to be in a position to buy a house if I ever get this sorted. I'm starting to feel like my options are running out as I have moved to cheaper accommodation, reduced my car costs and gone through all my utility bills. I recognise I need to work further on my non essential spending, but with the interest the way it is I can't see a way out. I can't get any cards to shuffle onto and I doubt I'd get a lone any cheaper either. I feel like I have run out of options....

Hello Ostrich2011 and thank you for your post.

Unfortunately, your creditors have the right to add charges and interest. All charges that can be added are stated upfront in the terms and conditions of the credit application which you are required to sign to take out credit.

In most cases, there is nothing you can do to stop interest and charges being added. However, if you make reduced payments over a long period of time, usually several months, most creditors will eventually stop charging interest and adding late payment charges.

Having said this, making reduced payments will affect your credit file.

As well as looking at making cutbacks in your budget you could also consider maximising your income so that you can afford to make more than the minimum payments and reduce your debt quicker

If you would like us to look at your situation in more detail 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

foreveradevil wrote: »

Hi,

I have a question regarding my CCCS DMP, i hope you can help me.

I have been on a dmp for over 6 years with my then wife, we are now divorced and i still pay funds in to her account which then go direct to CCCS to pay our creditors. My question is, how can i go about splitting the plan so that i have complete control of the debts in my name and i can then concentrate on paying off my debts rather than continue to pay off debts that are not mine. None of the debts are joint so i assume i have no obligation to her what so ever. I would like to continue paying the amount agreed with my creditors and so would not like this arrangement to be upset, thus effecting my ever improving credit rating. I would however like at some point to pay more off my debts to clear them faster as my circumstances are changing.

I know this sounds complicated but I just want control of my own debts and be free of any ties to my ex wife.

Any help would be gratefully received...

Regards

Hi there and thanks for your post.

It won’t be a problem to split your DMP especially if you don’t have any joint debts.

Just give us a call and we will be able to discuss this with you and update your budget.

Kind regards,
Pavan

StepChange_Pavan

fermi wrote: »

CCCS_Sue?

http://www.bbc.co.uk/news/business-12191832

It certainly is!

StepChange_Pavan

k_moor25 wrote: »

Hello

Im in the process of setting up a debt managment plan with cccs and you have asked me to post you all my bill statments, Im on a debt managment plan with churchwood which I have now canceled due to the fees and dont recieve the bill statments anymore, I have reqest statments to be sent to me and have recieced most of them but im having probloms getting a statment from Capital one, I had to ring up Capital one again last week because I had not recieved a copy of my statment, and still no sign of one in the post

Please can you advise me what I can do?

kind regards

Hi there,

I’d recommend that you persist with Capital One as they have an obligation to send you your statement. Like I’ve mentioned before, we need this information to be able to set up your DMP.

Kind regards,
Pavan

foreveradevil

CCCS_Pavan wrote: »

Hi there and thanks for your post.

It won’t be a problem to split your DMP especially if you don’t have any joint debts.

Just give us a call and we will be able to discuss this with you and update your budget.

Kind regards,
Pavan

I have called and spoken to a representative and they have told me i need to ring and start a new plan in my own name with my own debts, my only concern is how this will effect my creditors and credit rating? I am aware my rating is not excellent but it has been steadily improving over the past 6-7 years and i would hate to think that by starting my own plan they would have to re-negociate with my existing creditors and cause a new default to be put on my account. In fact its the opposite, i am able now to pay more off my debts per month.

I hope that makes sense, i am trying to get to a posistion where i can apply for a mortgage so do not want to effect this.

Thanks again

Queenbelbake

I have been looking around the site for the past few days, looked on national debt helpline, payplan and cccs. I know that as from beginning of Feb I will no longer be able to meet minimum payments on 3 credit cards. I have contacted them with the offer of reduced payments. Still waiting to hear apart from MBNA. My problem is that I would like to go onto a DMP but my husband is unsure and would prefer to negotiate with just the 3 creditors. Is this possible? He thinks that we will have no money left at the end of the month for petrol/diesel to get to work. What do I need to do? Want to get this sorted as I feel ill and worried.

StepChange_Pavan

foreveradevil wrote: »

I have called and spoken to a representative and they have told me i need to ring and start a new plan in my own name with my own debts, my only concern is how this will effect my creditors and credit rating? I am aware my rating is not excellent but it has been steadily improving over the past 6-7 years and i would hate to think that by starting my own plan they would have to re-negociate with my existing creditors and cause a new default to be put on my account. In fact its the opposite, i am able now to pay more off my debts per month.

I hope that makes sense, i am trying to get to a posistion where i can apply for a mortgage so do not want to effect this.

Thanks again

Hi again,

You shouldn’t receive more than one default for the same debt, so if you have already defaulted this shouldn’t affect you.

Also, if you are offering your creditors more money and you can repay your debts quicker; your creditors are more likely to be happy with this.

Hope this helps.

Kind regards
Pavan

StepChange_Pavan

Queenbelbake wrote: »

I have been looking around the site for the past few days, looked on national debt helpline, payplan and cccs. I know that as from beginning of Feb I will no longer be able to meet minimum payments on 3 credit cards. I have contacted them with the offer of reduced payments. Still waiting to hear apart from MBNA. My problem is that I would like to go onto a DMP but my husband is unsure and would prefer to negotiate with just the 3 creditors. Is this possible? He thinks that we will have no money left at the end of the month for petrol/diesel to get to work. What do I need to do? Want to get this sorted as I feel ill and worried.

Hi Queenbelbake and welcome to the forum!

You certainly can do your own DMP. It’s always best to include all of your creditors so that you’re not showing preferential treatment to some over others.

If you’re struggling this month, offer your creditors token payments whilst you get back on track before you start your DMP. It’s important that you have a sustainable budget as your priorities must come first.

If you would like us to look at your budget, or to see if there is any way we can help, please get in touch. There’s no obligation to do a DMP with us and you might benefit from some budgeting and money management advice.

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.

Alternatively you could use our online advice facility Debt Remedy which will help you to compile a budget. Based on your information, it will provide you with a booklet, which will provide tailored advice and ways you may be able to improve your situation.

Hope this helps.

Kind regards,
Pavan

manorpaul

Hi, I have been reading through these excellent and very helpful forums. I am looking at making myself BR very soon and have been 'running away' from my creditors for a year now and have come to the conclusion things aren't just going to go away! I have spoken to a couple of debt help lines who were very helpful. I would just like some final advice from some of you guys.
My question is, what are my options other than BR? I cannot afford to miss a payment/default 'IF' I weren't to go BR which is fairly likely as my income is very erratic (I am a self employed engineer, so if I have work, I have work, if I don't, I don't). So my income goes straight in to paying the rent, bills and the CSA, sometimes I may be short and my partner will help out. So I do not have a mortgage, I rent privately, have a van on HP with about £4k owing, its the only vehicle in the house hold and is a 'tool of my trade' (thats another matter, I know). I owe about £28k in debt (including the van) 2 x loans, 1 x credit card and 1 x over draft. Other than BR can anyone see another option?
Thanks in advance.