Struggling with debt? Ask a debt advisor a question

CCCS_Sarah

canonalberic wrote: »

Hello there.

This is my situation: my wife, bless her, has run up considerable credit card debts, not entirely without my knowledge, but assuring me that everything was under control. Now we're in a mess and have to do something to get out of it. We owe around 40 00 and are paying out about 1175 on non-priority debts (the cards) each month.

I've been through the CCCS online debt remedy programme, and it seems to show that we don't have enough income to meet regular outgoings, let alone pay creditors, so we're going to have to write to them asking if they'll hold off with a token payment while we get sorted.

Now then, there are factors to consider here:

1) we're unusual in that in our monthly expenses we pay £750 a month for school fees (yeah, I know) for our two kids, and I've got to say that that's the one thing I won't compromise on. I'd rather lose the house than see them lose the future that I've worked for them to have. Does this affect things? We'd cut everything else to the bone to keep that on.

2) A hopeful thing: my mrs is making up for her misdeeds by training to be a maths teacher (irony), and if all goes well she should start earning in sept 2011, which will be a real boost to our finances. Will creditors be more likely to give us space if they are told that we'll have more money in a bit?

3) should it be her who writes the letters to the creditors if it's her name on the credit card (even if it's my name on the CCCS budgeting docs?

I'd be really, really grateful for advice.

Hello,

Thank you for your message.

With regards the education fees, it’s very unlikely that the creditors would accept a budget with £750 in it going towards them. Are you eligible for any grants to cover this, or can you speak to the school and see if they can help? If any of the creditors were to pursue you via the court I don’t think they would accept it either.

You need to look at your budget and initially try and balance it so that you don’t get yourself further into debt.

If your budget is in a deficit and all you can afford is £1, you need to stick to this until there has been a change to your situation.

If your wife also has debts that she also wants to include, then it should have both your names on the budget and paperwork. If you need her name added, you would need to give CCCS a call and we can change this for you.

Sarah

CCCS_Sarah

david.l wrote: »

hi i had a phone oppiontment this morning run through my debts and the cccs are sending my income a expenditure forms to send to my creaditors to ask them to lower the payments does this mean a dont fit the criteria for a dmp as i thought it was the cccs that would do this? thanks.

Hi David,

It’s hard to say without seeing your budget; if you were eligible for a DMP then this would have been discussed during your appointment.

When you get your pack there will be a support counsellor’s number in there, you could call them and they can discuss this with you.

Sarah

CCCS_Sarah

Phil-1956 wrote: »

Thanks ever so much.

Their hasn't actually been a charging order or interim charging order. It's just that Nat West's solicitor said that they wan't one & the judge said he would consider this at the (adjourned) redetermination. (He stated he could do this as I was in default of the orginal judgement).
I take it I just alter the above to fit the circumstances. If I can can I ask a couple more questions?
Should I send this to the court before the hearing or take it on the day ?
The judge wanted an updated income & expenditure (it has obviously changed as a result of my wifes death) should i send that to the court before hand or take it on the day.
My budget with CCCS indicated that I can only offer £1 as a token payment arrangement. My original offer was the amount I was paying on the DMP I was on (£46 per month no payments missed). What should I now offer ?
I have in the mean time made an offer of Full & Final settlement of approx 38p in the £ (after my appointment with CCCS) to the solicitors headed "without prejudice". - They have not replied for two weeks now. Should I supply the judge with this information. (I will receive some life assurance & will be looking at an Lump Sum IVA with a similar amount to the other creditors)
Is it also relevant that their is no equity in the house & that Nat west chose to offer an unsecured loan rather than secured when the loan was made.

Finally the amount of the total judgement is for £29,000 approx which includes interest that was front loaded. The original loan of £25,000 was taken out two years ago over 7 years. According to a default notice recieved from Nat West on 08/06/2009 the net amount owed was £24,372 which included a rebate of £4,776.04. Is their any mileage in pointing this out ?



Your help is appreciated

Hello,

Thanks for the reply.

I think it would be better if you called our support counsellors and had a chat with them. Their number will be in your pack.

Sarah

Supratad

CCCS_Sarah wrote: »

Hello,

Thank you for your post and welcome to the boards.

This is something that is out of your control, I would recommend that we call our client support department as soon as possible so that they can update your budget and discuss your different options.

It’s not very common for a creditor to make a client bankrupt, so I would not worry too much about this. If you ever received something called a statutory demand then you would need to seek advice.

How much do you have left to pay? Selling or downsizing the car is an option. If you had a lump sum to pay off the debts then you could look at making full and final settlements, this is a way of offering your creditors a reduced amount to clear the debts.

Sarah

Thanks for answering.

We still have about £79K to pay, although we believe the DMP total figures are incorrect and it may be closer to £90K. I am collating all our varioous letters to submit a corrected set of figures.

tracy24582_2

i have just over £7k worth of credit card debts spread out over 6 different cards and the interest is crippling me,i just want these cards out of my life and was wondering what the best option to take would be, what do DMP involve and how do they affect your credit rating, i ideally would like a complete consolodation loan and then cancel every card but i think i have too many credit accounts to get a loan?? any thoughts

taded

Hi I just need some good advice I went on a dmp in december last year I pay £350.00 a month and I seem to just get by every month, I have had the interest frozen on my cards and my loan for now. The problem is that me and my partner had a joint account with natwest and single accounts, I was the one in the debt not my partner as I had a loan with natwest that I couldnt afford to repay hence going on the plan. I knew that I would have a bad mark put on my credit file but now my partner has a bad mark and can't even get a proper bank account, why is this?? My partner had nothing to do with my debt at all we always had enough money in the joint account that account wasnt a problem it was my single account that was the issue. Whats happened now is my partner now has a bad mark on their credit file surely there is a way to get this removed as its nothing to do with them at all. Please could someone help with this issue as this doesnt seem fair at all.

Thanks

Mercyknight_2

I have now sent all the DMP Notifications to my creditors. I'm assuming that I've done this correctly, however I have sent 3 to Lloyds TSB (One to customers services for my bank account, one to the loan department, and one to the credit card department) I'm hoping this is correct.

I have also filled in the DMP form and returned it to CCCS.

How long will I now have to wait for things to be resolved or notification of what the next steps are going to be?

Louball_2

I need some advice in relation to my current situation.

I managed to get myself into debt through my ex marriage. My partner at the time couldn't get credit but I could. I took out agreements with 3 credit cards at £1800 a piece & one loan of £13k, to which I was well beyond on my means in paying back. Subsequently we broke up and I was left with debt as it was in my sole name.

I needed help and went with Eurodebt for 2 years and after not being impressed with them and seeing them on Watchdog many moons ago I left them and went to CCCS.

Things were going very well and was very pleased to see my debt being reduced. I was putting my all into clearing it. Then about 1 year ago I was unable to pay my CCCS (I believe this happened twice previously but had always made efforts to keep CCCS well informed) and because I hadn't arranged money to go into my account on time CCCS sacked me,. They refused to help and said that they could no longer help me.

So for the last year I haven't known what to do and therefore have left it. I felt totally abandoned by CCCS

I am now 7 months pregnant and will be leaving work in approximately 8-10 weeks to go on 6 month maternity leave. Statutory Maternity Pay only pays at £125 per week which is nothing in comparison to my monthly pay. I need help and want to get this all sorted. I really don't want to be going into motherhood in the red, which is what I'm heading for.

I was 20 years old when I got this mess and now I'm 27. Please can someone advise me?

MsLocks

Hi
I have had a DMP for 3 years now and is working rather well and the CCCS have been excellent in their advice. Although the CCCS say I could be debt free by 2014 I can never see this happening. I have 5 debts. 2 personal loans and 3 credit cards.
One of the credit card companies are causing me nothing but stress. The statements I receive from them include the amount of arrears, added interest at 16.9%, and late fees of £12 per month even though they know that the CCCS pays them on the same date each month.
I owe the same amount of money now as I did a year ago because of their constant charges. How am I ever going to be debt free at this rate?
Also, I have 3 years to go before I retire, what will happen then? My pension will just about keep me afloat nevermind the debts. What would be my legal position then?
Any advice would be welcomed.
PS: On a brighter note I have repaid over £20,000 of my debts but still have £30,000 outstanding!

canonalberic

I'm in the initial stages of sorting out debt, sending out letters to creditors and bank requesting 28 days to get myself sorted whilst i seek advice. however, there are direct debits due to go out of the bank account (which is over max overdraft). Do I cancel these to non-priority creditors like credit cards? Or do I leave them on? Thanks for any advice.