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  • System
    System Posts: 178,347 Community Admin
    10,000 Posts Photogenic Name Dropper
    jazza6 wrote: »
    I feel quite sick and suicidal to be honest - Haven't told my husband that I'm debt AGAIN to tune of £13k (approx). I lost my job which he obviously knows about. We have our own accounts and then a joint account where we put money in every month to pay for bills. Now I won't be putting money in as I will only have jobseekers allowance and this will have to pay for food. Unfortunately one of my loan's is with the same Bank. Can they take money from our joint account (in both our names) if I can't pay the loan? This is worrying me sick as my husband will be paying in just about all his salary to keep up with the household bills. The mortgage is in his name and I won't be able to pay anything towards my creditors Please help

    Hi Jazza6 and welcome to the forum.

    I'm sure we can help you find some solution to your situation.

    It is possible that your bank could take money from your joint bank account once you fall behind with the loan.

    I’d recommend that you contact us so that we can find the best solution.

    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.

    I hope this helps.

    Kind regards,
    Mat
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • I'm trying to help my wife clear the last of her debts. 1 x 7000 and 1 x loan £7300 both being dealt with by a credit management company. I have £5000 to offer as a final settlement. They have rejected this saying that she can afford to make monthly payments. But she can't, she doesn't work and her only income is child tax credits and family allowance. At the end of the month we have no money left. I'm trying to prove to them that she can not make the payments, all our income goes on house, cars, food children etc.
    They want to treat our income as a couple however all the debts are solely in my wife's name. The house and mortgage are solely in my name. We have in effect separate financial lives. Can I argue that the the debt should be viewed as solely hers and only her income should be taken into account? How can I make them see that accepting the full and final offer is the best way forward for them and her?
    Regards
    Husband of spenderella
  • System
    System Posts: 178,347 Community Admin
    10,000 Posts Photogenic Name Dropper
    I'm trying to help my wife clear the last of her debts. 1 x 7000 and 1 x loan £7300 both being dealt with by a credit management company. I have £5000 to offer as a final settlement. They have rejected this saying that she can afford to make monthly payments. But she can't, she doesn't work and her only income is child tax credits and family allowance. At the end of the month we have no money left. I'm trying to prove to them that she can not make the payments, all our income goes on house, cars, food children etc.
    They want to treat our income as a couple however all the debts are solely in my wife's name. The house and mortgage are solely in my name. We have in effect separate financial lives. Can I argue that the the debt should be viewed as solely hers and only her income should be taken into account? How can I make them see that accepting the full and final offer is the best way forward for them and her?
    Regards
    Husband of spenderella

    Hi Husband of spendrella and welcome to the forum.

    The companies in question are probably looking at the total income in the household. You could provide them with a budget which shows all your income is taken up on other essential costs.

    As the debts are in your wife’s name you don’t need to do this but it might help convince the creditors to accept the offer of full and final settlement. They’d need to see a fair split of the bills across the house as a whole.

    It might be worthwhile offering the lump sum as full and final settlement towards one of the debts to help reduce the overall expenditure and then increase payments towards the second debt to clear it quickly.

    If the creditors do accept a lump sum on one or both of the debts you need to have this confirmed in writing before you pay the money over.

    I hope this helps.

    Kind regards,

    Mat
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Mrs_Brassic
    Mrs_Brassic Posts: 15 Forumite
    Hi
    I was just wondering when setting up a DMP if you are self employed what proof of income would you need to provide other than a Tax Return? or would this suffice?
  • ceecee31
    ceecee31 Posts: 58 Forumite
    Hello,
    I am relatively new to these forums, and would like to know, since I have defaulted on a few of my credit card debts, and have now negotiated with all them to pay back a manageable monthly amount, when does the 6-year drop off time start? Is from the date of the default, or is it after the debt is paid off?

    Thanks for your great advice, as always.
    Always remember, every cloud has a silver lining:rotfl:
  • bexwie
    bexwie Posts: 8 Forumite
    Hi,

    I need advice on my finances if this is possible?

    I have 2 bank accounts one with £1440 overdrawn and the other with £1000 od on it which I use every month. I have a credit card with Vanquis at £2400 and one with Aqua at £1200 I also have a Capital One at £400. I also pay £311 a month for Hire Purchase on my car with 4 years left and I pay £250 a month rent/bills to my family which can not be lowered. I pay £40 a month on my Blackberry which I use for work occasionally and £38 care insurance and it costs me £100 a month fuel as I car share to work. I get paid £1390 from two jobs. I want to get rid of my overdrafts and credit cards desperatly, my HP I am not bothered about at present and wonder what I can do, Its just not viable for me to live off the remainding money from my wages. I want to move out next year to live with my partner and dont want massive debt hanging over me and money left to pay for rent. I also want my credit rating to get better, and worry I wont be able to rent with such debts.

    Can you advise me on a solution?

    Thanks
  • System
    System Posts: 178,347 Community Admin
    10,000 Posts Photogenic Name Dropper
    Hi
    I was just wondering when setting up a DMP if you are self employed what proof of income would you need to provide other than a Tax Return? or would this suffice?

    Hi Mr Brassic and thanks for your post.

    A tax return or last years accounts (if you have them) would be fine.

    We would try and work out an accurate budget for you on a monthly basis so the more information you can provide the easier this would be.

    I hope this helps.

    Kind regards,

    Mat
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,347 Community Admin
    10,000 Posts Photogenic Name Dropper
    ceecee31 wrote: »
    Hello,
    I am relatively new to these forums, and would like to know, since I have defaulted on a few of my credit card debts, and have now negotiated with all them to pay back a manageable monthly amount, when does the 6-year drop off time start? Is from the date of the default, or is it after the debt is paid off?

    Thanks for your great advice, as always.

    Hi ceecee31 and thanks for your post.

    The default will show on your credit file for six years from the day it was registered.

    This link should give you some good advice about Credit ratings and how to improve them.

    I hope this helps.

    Kind regards,

    Mat
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,347 Community Admin
    10,000 Posts Photogenic Name Dropper
    bexwie wrote: »
    Hi,

    I need advice on my finances if this is possible?

    I have 2 bank accounts one with £1440 overdrawn and the other with £1000 od on it which I use every month. I have a credit card with Vanquis at £2400 and one with Aqua at £1200 I also have a Capital One at £400. I also pay £311 a month for Hire Purchase on my car with 4 years left and I pay £250 a month rent/bills to my family which can not be lowered. I pay £40 a month on my Blackberry which I use for work occasionally and £38 care insurance and it costs me £100 a month fuel as I car share to work. I get paid £1390 from two jobs. I want to get rid of my overdrafts and credit cards desperatly, my HP I am not bothered about at present and wonder what I can do, Its just not viable for me to live off the remainding money from my wages. I want to move out next year to live with my partner and dont want massive debt hanging over me and money left to pay for rent. I also want my credit rating to get better, and worry I wont be able to rent with such debts.

    Can you advise me on a solution?

    Thanks

    Hi bexwie and welcome to the forum.

    It sounds like you would benefit from some free and impartial advice.

    If you are managing your commitments at the moment you might to try and maximise your income to help reduce the debt. There are lots of tips on the MSE forum on how to do this. It can include selling unwanted possessions on ebay etc.

    You might also want to see if you can reduce your expenditure in certain areas again to help pay off the debt.

    We wouldn’t normally recommend consolidation loans as these often cause more problems further down the line.

    You might want to consider opening a basic bank account without an overdraft and using this for your daily banking needs while making sure to overpay the 2 other accounts each month and steadily reduce the overdrafts.

    I would also recommend that you stop using the credit cards, possibly cutting them in half and returning them to the issuing company while continuing to repay the amounts owed.

    It might also be worth checking your Hire Purchase contract to see if this can be changed to a cheaper vehicle.

    We can help you put together a budget and you may qualify for one of our debt solutions, but all of these solutions would have a negative impact on your credit rating.

    I hope this helps.

    Kind regards,

    Mat
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Hi CCCS Counsellor I hope you are ok?

    I have been on a DMP with CCCS for around 4-5 months and it was going great and my stress levels dropped and I felt control for the 1st time in ages. I stupidly though one month took a payday loan out with Wonga because i overspent for a few months and im in sales and didn't earn any commission for ages. I really cant afford to pay this payday loan off in full and im worried off getting into a viscous circle and also will CCCS not want to help me any more. Please help it will be most appreciated.

    Thanks
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