Struggling with debt? Ask a debt advisor a question

StepChange_Pavan

needstochange wrote: »

Hello,
My husband has got unmanageable debts of £7500 on credit cards and a £2000 loan, along with £4000 still to pay on car finance. he has spoken to 'think money' and they have recommended a debt consolidation loan of £280 a month for 5 years. they are charged a 15% fee which is included in the monthly amount. do you think that this is the right thing to do? we are both really confused about all this
Thanks

Hi needstochange and thanks for your post.

Raksha has already kindly given you some great advice.

If you’d like us to look at 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 and once you’ve followed the process through and completed all the required information you will immediately be presented with an advice booklet.

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

mpc3

Hi,
I have a bank loan with HSBC that has another 8 monthly payments on it - £1850 and then I'm free!
I have poor credit rating so took a Vanquis card a while back, now though the interest on that is so high I'm slipping back into debt problems. The bank wont give me a credit card to do a balance transfer nor will they increase my loan. HELP!:(

JT87

Hi,

I sent off my DMP pack last Monday, and was just wondering when I would hear from CCCS, or what the next step is etc? As I have creditors chasing me and wanting written confirmation from CCCS to get the charges stopped.

Cheers

RAHRAH700

I currently have a CCCS debt management plan in place with £23000 of debt on (debt was run up when my husband lost his eye and spent 6 months in hospital so we lived on credit cards throughout that time) that we have been plodding along and paying for the last couple of years, however over the weekend we had 2 bits of bad news one of which being that my husbands ex girlfriend has somehow managed to acquire a credit card in my husbands name and run up £4k of debt on it which can now be classed as fraud against us as we declared all our debts when we took out the debt management plan which has upset me slightly as now he ex has dissappeared (conveniently) also i was made redundant on Friday and there is no way we could continue with the plan, i know that we can reduce our payment and make a gratituary payment each month but that isnt really going to help reduce our debts.
I am considering bankrupcy at the moment as it seems like the only way out as we cannot survive on just my husbands wages alone. Is there any way we can declare ourselves bankrupt withot losing our house? Its all we have to show at the moment for our hard work and it would be heartbreaking to lose it!

StepChange_Pavan

B17c wrote: »

Hi Sue and Pavan, thank you for replying to my posts so far!
I have had letters from 3 of my creditors accepting the offer of reduced payments, however the 3rd creditor, which was my bank, have also said they plan to amalgamate my balances (o/d and loan i assume)and that they will send me a Consumer Credit Act Agreement form that i have to sign and return within 7 days or the agreement will be invalid and they'll take further action.
Is this letter safe to sign or am i going to be tricked into signing for something they can then use my signature for etc?!
Thanks!

Hi there, and thanks for your post.

As you’re on a DMP with us, it is best not to sign anything at this stage - they could be asking you to agree to new terms and conditions. If you’re unable to meet these, they can take further action anyway.

I’d recommend that you call our support team so that you can talk through the letter and we can advise you fully. They will have access to your details and will be able to update your information if necessary.

Hope this helps.

Kind regards
Pavan

StepChange_Pavan

scottish_stresshead wrote: »

HI

I really hope someone can help me..im at my wits end...can't sleep some nights for worry about how im going to get out of this mess..well its not really a mess compared to somepeople ...but i rung up a £1000 overdraft with halifax bank of scotland and also got a £100 with them...they increased the overdraft slightly so i would still be within a "arranged" overdraft and only have to pay the arranged fees per month which is £1 A DAY....so only £30/£31 a month...

tonight i checked my online accounts..first time in ages and so glad i did...ive found out im being charaged both the ARRANGED fee AND the UNARRANGED fee so sometimes a lot of charges for BOTH my accounts which like i said are both in arranged overdrafts

what do i do??? i feel im goin round in vicious circles!!!

Hello Scottish_stresshead and thank you for your post.

I’d recommend that you check the terms and conditions of your bank account to see if they are allowed to do this. If you think that it isn’t in the terms, you should contact your bank and question it.

If you’re struggling with the fees, you could move to a basic account with a bank that you don’t owe any money to. This way you can repay the overdraft at a rate that you can afford and there isn’t any risk of them swallowing your income to pay towards the debt.

I hope this answers your question.

Kind regards,
Pavan

StepChange_Pavan

Jacey53 wrote: »

I have 5 creditors and have been on a DMP with CCCS for 10 months.
At the rate the DMP allocates, one of my debts will be paid in about 4 months - the others have some time to go.
When this one debt is cleared, will CCCS reallocate the amount I pay in without reference to me, or do i need to do anything?

Also this debt is a loan, for which i get a receive only an annual statement - what happens if it is overpaid with a monthly allocation of funds? or should i be contacting teh bank now for a monthly update?

Any advice appreciated.

Hi Jacey53 and thanks for your post.

The balances we have on our system are based on the figures that you give us, so if the balance is showing at £0 we will automatically redistribute your surplus between the remaining creditors.

I’d recommend that you contact your loan company around the time that you expect the repayments to finish to confirm that it has been, or is due to be repaid.

You could also ask for this in writing as proof that you have cleared the debt. If you overpay the debt, they should issue you with a refund.

If you need any clarification, you can always give our support team a call.

Kind regards,
Pavan

StepChange_Pavan

dandan2121 wrote: »

is there a minimum ammount of debt that you can have to go into a dmp with the cccs????

Thanks x x

Hi dandan2121. Thanks for your post and welcome to the forum

There’s no minimum debt for a DMP but we will look at your situation as a whole to determine the best solution for you.

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

stretched wrote: »

I've been on a dmp with cccs for3 years now, at each of my last 2 reviews my payments have increased, but the last one my payments have had to be dropped. I was told by the advisor that if I couldn't increase my payments by next review they would have to let me go. What do I do then? I'm getting really worried about what will happen.

Hi there and thanks for your post.

When it is time for your next review, we will assess your situation again to determine whether or not a DMP is still your best option.

It’s difficult for me to say as I don’t have access to your information, but it could be that a DMP is no longer a realistic solution for you to become debt free – for example it could take you an unreasonable amount of time at the rate you are paying.

If this is the case, we will fully explore all of the alternative solutions that are available to you. Even if you are unable to maintain a DMP we will still be here to support and advise you through your situation.

I hope this helps to put your mind at ease but please give us a call if you’d like some reassurance and to talk through your options

Kind regards,
Pavan

StepChange_Pavan

abi1811 wrote: »

Hi,
I don't know if anyone can help me. I recieved CCJ papers from Northampton County Court on friday regarding a debt with Nationwide which is being dealt with by Bryan Carter solicitors. I had a phone call from BC on Thursday informing me that these were on there way, before this they had not contacted me for nearly a year. They have said Nationwide would be willing to accept £300 to clear the debt (the debt stands at £455 including court fees). I can only raise £200, what do you think my chances are of them accepting this?

The alternative is to dispute part of the claim as it resulted from £18.67 of unpaid S/O which I didn't notice (i stopped using the account the month the charges were first applied) for 6 months, but when I checked my statements and realised (the debt was now £144) I contacted Nationwide and offered to pay £5 as it was all I could afford at the time as I am also paying a DMP. Nationwide refused my offer and said they would continue to add charges until the account was no longer overdrawn, which they did until the debt was passed to frederickson International.

I don't know if any of this makes sense but would be grateful for any advice on how to deal with it. Thank you.

Hi abi1811 and thanks for your post.

You could try disputing the interest on the debt but I couldn’t guarantee whether or not this will be upheld.

With regards to the settlement figure, I’d recommend that you try offering the £200 but it is at their discretion, and I couldn’t say whether they are likely to accept it or not.

Hope this helps.

Kind regards,
Pavan