Struggling with debt? Ask a debt advisor a question

FormandFunction

Hi there,

Just a quick question...I'm looking to enter an IVA following that suggestion from the CCCS debt tool. I owe HSBC from a loan where they have repeatedly increased the monthly payment beyond what I can afford given recent life changes.

Now I have a first direct bank account and know they are part of hSBC. Can HSBC take money from my account (£0 in at present as I don't use it and no credit facility after I requested it was removed) once I've entered an IVA? I understand they could now if there was anything in it but what about after an iVA is agreed. Just I will need an account if the IVA is set up and so could use first direct rather than trying to get a new account with debit card etc

Thank you for your help.
FandF

CCCS_Sue

lassindebt wrote: »

Hi,can you reclaim crdit card charges if the card got in debt and was them sold on to a DCA then to another DCA. (SainsburyCr Card)Also this agency keeps trying to put up my payments ,then offer to settle my in exces of £8000. debt for £2500. How can they afford to loose so much money ,do I really owe them 8K ?I have asked for a copy of my original agreement , not yet reeceived,I am confused about how I takle this company(RobinsonWay) advice will be appreciated.

Hi lassindebt and thank you for your message


It's no wonder you are feeling confused with so much going on at the moment!

First of all, if the debt is currently in dispute and you have asked for a CCA request, then they shouldn’t pursue the debt until they have provided the information you have requested. If they can prove you owe the debt then you need to look at ways to repay them. You could then also look at trying to claim back any bank charges you feel are unfair.

The settlement figure they have offered seems a really good deal.
If you are able to raise this money, before you hand it over, make sure they put it in writing that the debt is fully satisfied and that they mark your file accordingly. If you need further help with full and final settlements, you can contact us for further advice.
If you are not able to raise this money to settle it, then don’t be pressured into paying amounts to them you are not able to realistically afford. Send them a copy of your income and expenditure to back up your offer and keep sending it even if they refuse. You can’t pay them money you don’t have.

And finally, if you are looking to reclaim charges, then there is some really good information on this site. I have attached a link for you.

http://www.moneysavingexpert.com/reclaim/bank-charges

If you need any further help and advice regarding putting together a budget and looking at all your options, 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.

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
Sue

tenpence_shy

CCCS_Sue wrote: »

<<snip>>

An IVA does remain on your file six years from the date the IVA begins even if the arrangement is completed (unless the IVA lasts longer than this)

<<snip>>

hi

a few questions based on what you said

how long does a dmp stay on file if an iva stays 6 years?
is it even registered with equifax et al as its an informal arrangement?
also what happens if cccs were to close (god forbid), would the dmp pass to us to manage?

cheers

tenpence shy

CCCS_Sue

mummy2b2011 wrote: »

Hi there

I filled in the form online and it reccommened a dro (dept relief order) to me
Im currently on income support, with 1 child.. This was based on this info
But in june i will have a baby so then il get an extra £200 child tax and £60 child benifit, would this then make my dro invalid, would i then need to arrange to pay my bills with the extra money im getting for baby?

Also im currently seeing a guy who i can see a future with, does this mean he cant move in with me untill the dro is over? What happened if say he moved in in september (hes working) Would it affect my dro? esp as my new baby is his?

Look forward to your reply

Hi mummytobe2011 and thank you for your message

If during the moratorium period, your income was to increase, and this took the surplus in your budget over the £50 month limit, then your DRO would be revoked and you would lose your £90 fee.
Also if your new partner was to move in, then his share of the household bills may also mean that your surplus would increase even further.
But you also need to take into consideration all the extra expenditure that having a baby entails. You would need to do a complete review of your budget at this time.

It sounds like your circumstances may be changing for the better and there may be other options you could consider once your new baby arrives and your partner moves in.

I would recommend that you call to discuss this will one of our Debt Remedy support team.

They will be able to look at all your financial details and advice you further

Kind regards
Sue

CCCS_Sue

sammymo wrote: »

Older and wiser now and slowly working to clear all cards and loans was going well untill shoosmiths threatened and then quickly took court action resulting in a ccj for an unsecured loan taken out years ago, I have settled with 2 other loan companies for a percentage of the balance and got interest frozen on card accounts while paying off but shoosmiths are intent on getting the whole ammount. Have sent off a n245 form to request time to pay etc but not sure want happens next and with my current mortgage deal due up in July this year not sure how this will affect the chances or interest rate at that point. Has anyone managed to work with shoosmiths to fix things, I'm sure they didn't pay the 20k outstanding to take over the debt but need advice on how to fight them or to get a fair deal to clear account not that I have any savings to pay them with. All help appreciated!

Hi sammymo and thank you for your message

If you would like to call us for an appointment to speak to one of our debt counsellors, they will be able to look at your full details and recommend the best option for your situation.
They will put together a budget showing your income and expenditure and then work out a realistic offer with you.
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
Sue

CCCS_Sue

FormandFunction wrote: »

Hi there,

Just a quick question...I'm looking to enter an IVA following that suggestion from the CCCS debt tool. I owe HSBC from a loan where they have repeatedly increased the monthly payment beyond what I can afford given recent life changes.

Now I have a first direct bank account and know they are part of hSBC. Can HSBC take money from my account (£0 in at present as I don't use it and no credit facility after I requested it was removed) once I've entered an IVA? I understand they could now if there was anything in it but what about after an iVA is agreed. Just I will need an account if the IVA is set up and so could use first direct rather than trying to get a new account with debit card etc

Thank you for your help.
FandF

Hi F and F and thank you for your message

You do need to change to a basic account elsewhere as there is a risk the bank could still do a right of offset.

Kind Regards
Sue

Koicarp

Our DMP was started about 7 years ago, we had built up nearly £70k of debt in credit cards and loans. By this coming autumn we will have paid it all off.
In the period between contacting our creditors to inform them of our difficulties and the start of the DMP all creditors added huge amounts of charges which increased our debt to almost £80k. At the time CCCS told us that this was because creditors would not be charging interest.
As time has gone on, some creditors have gone out of business and others have merged. One debt has changed hands twice and is now in the hands of Barclaycard (one of the few organisations I never borrowed money from!). Since taking over the debt approx 2 years ago Barclaycard have applied interest at 12.9% which has meant that the debt has not reduced in line with others all of whom don't charge interest.
I can't accept that it is fair for a creditor who has effectively bought my debt, to charge me further interest after the original owner of the debt has already charged me up front (at inception of the DMP). Barclaycard are not interested in discussing it and CCCS just tell me there is nothing I can do- Is this really true?

OBD2010

Hi CCCS

I have had a DMP for several years when i was single and renting.

I am now married and my husband owns the house but i am renting from him as not on mortage.

I just wanted to check whether he could be affected by my debt? and whether my marital status affects my DMP? Apart from shared bills etc? We deal with our money separately.

A lot of the reason my debt became uncontrollable was due to overdue fees. i know sometimes these can be claimed back, is it worth trying to get these fees knocked off my debt or is it not worth rocking the boat?

Thanks for your advice.

CCCS_Sue

Koicarp wrote: »

Our DMP was started about 7 years ago, we had built up nearly £70k of debt in credit cards and loans. By this coming autumn we will have paid it all off.
In the period between contacting our creditors to inform them of our difficulties and the start of the DMP all creditors added huge amounts of charges which increased our debt to almost £80k. At the time CCCS told us that this was because creditors would not be charging interest.
As time has gone on, some creditors have gone out of business and others have merged. One debt has changed hands twice and is now in the hands of Barclaycard (one of the few organisations I never borrowed money from!). Since taking over the debt approx 2 years ago Barclaycard have applied interest at 12.9% which has meant that the debt has not reduced in line with others all of whom don't charge interest.
I can't accept that it is fair for a creditor who has effectively bought my debt, to charge me further interest after the original owner of the debt has already charged me up front (at inception of the DMP). Barclaycard are not interested in discussing it and CCCS just tell me there is nothing I can do- Is this really true?

Hi koicarp and thank you for your message

First of all, it’s great to hear you have almost cleared your debts and you will soon be debt free.

I can understand your frustration regarding the charges but a creditor has 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. If you believe a creditor has added the charges unfairly, you may be able to claim these back.
In most cases, there is nothing you can do to stop interest and charges being added.
I have attached a link to this site which gives you some useful information on trying to claim charges back.

You could try, but there are no guarantees.

http://www.moneysavingexpert.com/reclaim/credit-card-charges

http://www.moneysavingexpert.com/reclaim/bank-charges

Kind Regards
Sue

CCCS_Sue

OBD2010 wrote: »

Hi CCCS

I have had a DMP for several years when i was single and renting.

I am now married and my husband owns the house but i am renting from him as not on mortage.

I just wanted to check whether he could be affected by my debt? and whether my marital status affects my DMP? Apart from shared bills etc? We deal with our money separately.

A lot of the reason my debt became uncontrollable was due to overdue fees. i know sometimes these can be claimed back, is it worth trying to get these fees knocked off my debt or is it not worth rocking the boat?

Thanks for your advice.

Hi OBD2010 and thank you for your message

Your husband should not be affected by your debt unless you have any joint debts.
You don’t say who your plan is with, but you may need a review as your circumstances have changed. You also need to let them know your new married name.

You could try to reclaim your charges. There are no guarantees that your claims will be successful but you could try.
I have added the links from this site for you to look at which explain how to claim.

http://www.moneysavingexpert.com/rec...t-card-charges

http://www.moneysavingexpert.com/reclaim/bank-charges

Kind regards
Sue