Struggling with debt? Ask a debt advisor a question

StepChange_Pavan

tidydan24 wrote: »

Hi
I started a nursing course in october 2007. I receved the standard nhs bursary for doing this course. In jan 08 my wife had our first son and suffered post natal depression. I found it hard to do my uni work, placements, work part time to top up my income and help my struggling wife, something had to give. I spoke to my tutor and said I needed to take some time out. He informed me that I may need to catch up on work or restart the year depending on the time i took out and that was that.
I continued to recieve my bursary of around £800 for about 6 months. I assumed that this was standard practice as I hadnt left the course just taken time out and i had no reason to think otherwise as i had informed the university of my time out.
as i said my bursary stopped and a few months later i decided not to return to uni as too long had passed and my priorities had changed.
I informed my tutor by email.
A few months ago i recieved a letter telling me that i owed about £5000 to nhs bursaries!!!!!
I rang the debt company that had sent the letter and they said they couldnt really help so i rang the bursary people they told me to contact the univeristy to which i did and after many emails and phone calls to various people including the dean I have recieved no feed back.
I am worried this is going to get out of hand and really feel that i was not in the wrong for taking this bursary as i was not told by anyone either by letter from bursary people or the university to do otherwise.
Any advice people, do i have a case not to pay it back or am i screwed.

my wife did not see the doctor for a formal diagnosis dispite me trying to get her to but as i have worked in mental health for 7 years i am 100% positive of her having PND.

Hi tidydan24 and thank you for your post.

I’d recommend that you check the terms and conditions of your bursary as may say that if you don’t complete the course, you are not entitled to the funds.

You mentioned on your previous post that you’re on a DMP with us, so if this is the case I’d recommend that you give us a call. Because of the circumstances, the debt will probably be added on to your list of creditors.

If you dispute the debt you would need to take this up with the university.

Kind regards,
Pavan

Timber_handrails

Kawana Lattice and Screens

This is very useful post
:rotfl:

Nick_Designer

Hi there

I am in need of some urgent advice. Over the past couple of years I have accrued debts of approx 10,000 and have resorted in recent months to payday loans to stay afloat. I am at the stage now where I am worrying on a daily basis and need some really good advice on what to do next as I can't go on with the way things are. I have two children that I have every other weekend so I need to take control of this situation, for their sakes as well as mine.

Here's a breakdown (there are other misc debts which i do not have details of to hand but I can locate all of the paperwork)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 450
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1061


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 50
Other assets............................ 0
Total Assets............................ 50

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Co-Op Loan.....................4800......200.......0
HSBC Loan......................2800......99........0
Capital One....................780.......165.......0
Total unsecured debts..........8380......464.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,061
Available for debt repayments........... 539
Monthly UNsecured debt repayments....... 464
Amount left after debt repayments....... 75

Personal Balance Sheet Summary
Total assets (things you own)........... 50
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,380
Net Assets.............................. -8,330


Basically, I want to start fresh and make positive moves to clear my debts and move on with my life. I need some advice on how best to go about this. I have though about consolidation but maybe that's not best? I am worrying on a daily basis and it's affecting my health, I simply can't go on like this and I am now committed to taking control of my finnances.

Any help appreciated.

Thanks

Nick

mum2one

Nick_Designer wrote: »

Hi there

I am in need of some urgent advice. Over the past couple of years I have accrued debts of approx 10,000 and have resorted in recent months to payday loans to stay afloat. I am at the stage now where I am worrying on a daily basis and need some really good advice on what to do next as I can't go on with the way things are. I have two children that I have every other weekend so I need to take control of this situation, for their sakes as well as mine.

Here's a breakdown (there are other misc debts which i do not have details of to hand but I can locate all of the paperwork)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600 is that just your income?

Monthly Expense Details - are those the expenses that your responsible for
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 - can you downgrade your package and when out of contract try pay and go, or sim only
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 450
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1061

There seems to be a lot of missing figures?
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 50
Other assets............................ 0
Total Assets............................ 50

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Co-Op Loan.....................4800......200.......0
HSBC Loan......................2800......99........0
Capital One....................780.......165.......0
Total unsecured debts..........8380......464.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,061
Available for debt repayments........... 539
Monthly UNsecured debt repayments....... 464
Amount left after debt repayments....... 75

Personal Balance Sheet Summary
Total assets (things you own)........... 50
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,380
Net Assets.............................. -8,330


Basically, I want to start fresh and make positive moves to clear my debts and move on with my life. I need some advice on how best to go about this. I have though about consolidation but maybe that's not best? I am worrying on a daily basis and it's affecting my health, I simply can't go on like this and I am now committed to taking control of my finnances.

Any help appreciated.

Thanks

Nick

The good news is that you have a surplus at the end of the month,and your managing well. How long have you got left on the debt payments, just looking at capital one in 4 months time that be finished and that frees up £165, - you could see about overpaying on your loan, if you can't overpay, put that money into an Isa (if you havent got one) and save it till you can pay the lump sum payment of the loan.

I wouldn't go for consilidation, I did and once paid some of the cards, I ended up reusing them and in a bigger mess than I was before. x

Theboardroom_2

Hi,

Last year I had a business go under and as I was a sole trader I built up a lot of credit with Lloyds Tsb which is as follows:

Credit Card £6600
Loan 1 £7600
Loan 2 £3500
Overdraft £2500 we hit or get near the limit each month

These cost me £660 a month in repayments alone!

My partner works and I now have another small business which i'm trying hard to build up (currently just earning around minimum wage), I have also just started another job which I do a few nights a week. But i've only been just about keeping our heads above water by using our Tax Credits.

Last year we were overpaid, I new we were getting overpaid but buried my head in the sand with the knowledge that if I told them the payments would reduce and we would then be in trouble. My idea was to keep getting the payments then pay it back when the business takes off. But as expected the payments have been reduced by 60% and now were really in trouble.

I have spoken to the bank but there's nothing they want to do to help.

Now I'm thinking that as 80% of my debts are with LLoyds and there gaining interest at an alarming rate that I should move my other direct debits over to another bank and then have our wages paid into that bank, and deal with LLoyds seperatley.

Would the bank stop the interest and just be happy to get a fixed affordable payment from me each month until the debt is paid? An old collegue has done this with numerous credit cards and although he cant get any decent credit for a few years he can now at least have a decent exsistance, in fact a lot have halved his debt on the cards just to get some back.

I need to do something quick before I lose my house, which only has £15k of equity in it.

Thanks you for any help that anyone can give me:o

lend_me_a_tenner_bud

Hi again just to update whats happend since last post.

I sent a letter to Barclays offering a token payment on my loans, had no reply just phone calls from Barclays Collections.

So after your advice I sent it again this time recorded delivery, and asking them not to keep phoning me at all times of the day. And to only make contact in writing only.

Well still no reply from them,just letters saying what I owe them, and further phone calls from Barclays Bl**dy Collections!!. Which I never answer.

Im sending the letters to Barclays Bank Plc, Leicester LE87 2BB.
I have got the right address have I. ?

System

Nick_Designer wrote: »

Hi there

I am in need of some urgent advice. Over the past couple of years I have accrued debts of approx 10,000 and have resorted in recent months to payday loans to stay afloat. I am at the stage now where I am worrying on a daily basis and need some really good advice on what to do next as I can't go on with the way things are. I have two children that I have every other weekend so I need to take control of this situation, for their sakes as well as mine.

Here's a breakdown (there are other misc debts which i do not have details of to hand but I can locate all of the paperwork)

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 26
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 450
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1061


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 50
Other assets............................ 0
Total Assets............................ 50

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Co-Op Loan.....................4800......200.......0
HSBC Loan......................2800......99........0
Capital One....................780.......165.......0
Total unsecured debts..........8380......464.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,061
Available for debt repayments........... 539
Monthly UNsecured debt repayments....... 464
Amount left after debt repayments....... 75

Personal Balance Sheet Summary
Total assets (things you own)........... 50
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,380
Net Assets.............................. -8,330


Basically, I want to start fresh and make positive moves to clear my debts and move on with my life. I need some advice on how best to go about this. I have though about consolidation but maybe that's not best? I am worrying on a daily basis and it's affecting my health, I simply can't go on like this and I am now committed to taking control of my finnances.

Any help appreciated.

Thanks

Nick

Hi Nick and welcome to the forum.

Mum2one is correct when she says that consolidation is often not a good idea in the longer run.

I’d recommend that you contact us for some free and impartial advice.

The first thing to do is visit our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) to help you find a solution to your debt problem quickly.

Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

To help you fill in the form, it’s best to gather together information about:
• Your income
• Your expenditure
• The creditors you owe money to

You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

You’ve taken the first step to sorting out your money worries and we can support you with free and impartial advice along the way.

Kind regards,

Mat

Rob_A_2

Hi first time poster looking for some general advice

I lost c17k on the sale of my house 3 years ago. This debt burden was added to 15k I already had on credit cards leaving me with 32k in total. I have been servicing this debt for 3 years at 1100pm (leaving me 1k a month to live) There is nowhere to go with my budget, it is literally rent/food/fuel. My debt now stands at 32k after paying well over the full debt in minimum payments.

Over this time I have periodically attempted to get balance transfers and loans with no success. Mr credit rating is moderate due to 3 missed payments on a £150 store card at the time of the house sale (admin error and the balance was cleared immediately afterwards) and the fact that I have never been on the electoral register at one address more than 4 years.

The bank I have been with for 20+ years would not give me a loan so am I to resign myself to paying £1100pm for the rest of my life without the debt ever reducing. The CC companies must love me. V depressed.

Scott101080

I'm 3 years into a 4 year agreement with dial a tv.
A year ago I sent the tv in for repair as it kept turning itself on and off. They sent it back saying they could find no fault with it, although it no longer switched itself off.
Recently it started playing up again until it no longer worked at all. I sent it back to dial a tv again, they sent me a loan tv as a replacement until mine was repaired. It was 3 months, and many phone calls and emails later that I finally found out my tv could not be repaired. Dial a tv said my only option was to settle for the loan tv, which is the same size but of much poorer quality. Should I be expected to pay the same amount of money? And also I no longer can afford to pay the monthly amount due to my wife having to give up work to look after our sick daughter, can I cancel the agreement and send the loan tv back? Do I still have to pay even though I can no longer afford it?

mum2one

Rob_A wrote: »

Hi first time poster looking for some general advice

I lost c17k on the sale of my house 3 years ago. This debt burden was added to 15k I already had on credit cards leaving me with 32k in total. I have been servicing this debt for 3 years at 1100pm (leaving me 1k a month to live) There is nowhere to go with my budget, it is literally rent/food/fuel. My debt now stands at 32k after paying well over the full debt in minimum payments.

Over this time I have periodically attempted to get balance transfers and loans with no success. Mr credit rating is moderate due to 3 missed payments on a £150 store card at the time of the house sale (admin error and the balance was cleared immediately afterwards) and the fact that I have never been on the electoral register at one address more than 4 years.

The bank I have been with for 20+ years would not give me a loan so am I to resign myself to paying £1100pm for the rest of my life without the debt ever reducing. The CC companies must love me. V depressed.

Just a thought but have you considered putting up a SOA (statement of affairs), - sticky at the top, the reason suggest that, as the old saying goes 2 pairs of eyes are better than one, and there may be ways of reducing your expenditure without any too painful cuts, whether its £10 or £100 is found, all help x