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StepChange_Pavan

Lou.T wrote: »

Hi I need some clarification please...

I have just under £33K of unsecured debts ( CC's & Loan) and I am looking at setting up a DMP, I am unclear how my husbands income and debts relate to mine if at all. The house and mortgage is in his name, and also the car so does this mean that they are not taken into consideration when looking at assets available (they wouldnt add to much anyway - finance on car more than worth and equity is about 3k on house)

and when listing the items on the financial statement I have put down that the rent we pay (we rented out our own property to move closer to work/family for financial reasons) I pay the full amount basically my question is do i split the household bills 50/50 for my personal expenditure sheet or do i put the full amount of all that are in my name and leave out those in my husbands name? I really am unclear in this....

Thanks for your patience..

Hi Lou.T and thanks for your post.

This really depends on whether you want to look at a joint situation and include your husband’s debts too, or you’d prefer to keep it separate and look at your individual circumstances.

If you would like to look at the situation as a whole, it’s best that you look at the household and include absolutely everything.

Alternatively, just include your income and everything that you pay. Just put a zero next to anything that your husband pays in full.

Although the house isn’t in your name, you will have some interest in it. However, this would only be a problem if you were looking at bankruptcy as a solution.

Once you’ve decided which way you’d prefer to approach it just give us a call and we can discuss your situation in more detail.

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan

rubyjam wrote: »

I have some questions if that is ok?

My first DMP payment to CCCS is due on 1st August. This month, I sent all my CC's and bank (overdraft) a token payment of £5 with a letter explaining that CCCS would be taking over and asking if they would consider stopping interest and reducing payments.

I've just had a credit card statement from Halifax. The £5 postal order I sent hasn't been credited to my account (sent recorded signed for well before the due date). I know the address is ok as another £5 I sent to the same bank/address to pay my overdraft has been credited, they have also added a late payment fee, defaulted the account and raised my interest from 4.94% to 23.53% :eek:

Re: the non appearance of my £5 payment - should I write to them and follow this up?

Re: late payment fee - do you think this because they haven't received my £5 or is it because I haven't paid the minimum?

Re: interest hike - should I write to them and ask them if they will lower it? Or should I just leave it to CCCS to negotiate interest rates?

I really would prefer to not ring them but I will if you think it would help. I was paying low interest rates on most of my cards, it was the miminum payments I was struggling with so now I'm really worried that the others will follow suit and put their rates up too.

Sorry to ask so many questions.

Hi rubyjam and thanks for your post – don’t worry about asking questions; that’s what we’re here for!


I’m not sure whether the late payment fee is because they claim they haven’t received it or if it’s because it’s below the minimum. Either way, I would write to them and query this. Attach a copy of your previous letter and explain that you sent it to the correct address along with the overdraft payment.

You can also ask for their consideration in lowering or freezing any further interest or charges again. There’s no guarantee that they will do this but at least you’re showing that you’re doing as much as you can to repay the debt.

It’s sometimes better to write rather than stressing yourself out over a phone call. Just keep a copy and send it recorded delivery if you can.

Hope this helps,
Pavan

StepChange_Pavan

rubyjam wrote: »

Sorry another question

My halifax credit card statement says that they can take money from other accounts I hold with them to pay off my debts. I opened a save4it childrens account for my daughter when she was born and she has been putting grandparents birthday/christmas money in it. She has about £700 in it. Can they take money from this?

Just editing to say ... no need to answer this now. I've just got back from the bank - I was able to withdraw it all in cash and have now closed the account.

Thanks for the update!

Pavan

rubyjam

CCCS_Pavan wrote: »

Hi rubyjam and thanks for your post – don’t worry about asking questions; that’s what we’re here for!


I’m not sure whether the late payment fee is because they claim they haven’t received it or if it’s because it’s below the minimum. Either way, I would write to them and query this. Attach a copy of your previous letter and explain that you sent it to the correct address along with the overdraft payment.

You can also ask for their consideration in lowering or freezing any further interest or charges again. There’s no guarantee that they will do this but at least you’re showing that you’re doing as much as you can to repay the debt.

It’s sometimes better to write rather than stressing yourself out over a phone call. Just keep a copy and send it recorded delivery if you can.

Hope this helps,
Pavan

Thanks Pavan I will do this. And I just wanted to take this opportunity to say a huge thankyou to CCCS, Virgin have written to me accepted my DMP and have dropped all interest and charges

freedomfromdebt_2

Hi,
Would really appreciate some advice. I have already contacted Payplan about this and they say they can't give me any advice!!!
I am currently almost 2 years into DMP with Payplan. Largest creditor is Halifax -originally owed over £15k and currently Halifax have balance as £13400 (payplan estimate balance as £9861). They are only creditor not to freeze interest but did reduce. Our payment to them each month is £275 and approx £136 of that goes in interest charges
This month statement showed interest charged was £250 and so only £25 came off outstanding balance.
I rang Halifax and they advised me that because I am now paying more than monthly minimum payment which they calculate to be £255 I no longer qualify for any reduction in interest and so full interest will now be charged each month @ 23.9%. They were adamant nothing they could do and advised I contact Payplan and if I am struggling with payments then if payment to them is reduced below £255 they can consider reducing interest. At this rate got no chance of ever getting out of debt. Payplan have estimated DFD as June 2014!!!
Can you advice me on the best course of action to try and get them to reduce interest or preferably freeze!! Also are Halifax allowed to charge full interest as in doing so they will make it impossible for us to repay debt.!
I just need to know where I stand and really don't know where else to turn.
Many thanks. MJ

Lou.T_2

CCCS_Pavan wrote: »

Hi Lou.T and thanks for your post.

This really depends on whether you want to look at a joint situation and include your husband’s debts too, or you’d prefer to keep it separate and look at your individual circumstances.

If you would like to look at the situation as a whole, it’s best that you look at the household and include absolutely everything.

Alternatively, just include your income and everything that you pay. Just put a zero next to anything that your husband pays in full.

Although the house isn’t in your name, you will have some interest in it. However, this would only be a problem if you were looking at bankruptcy as a solution.

Once you’ve decided which way you’d prefer to approach it just give us a call and we can discuss your situation in more detail.

I hope this helps.

Kind regards,
Pavan

Thank you Pavan, i think i will redo my debt remedy with just my details and then get this started. Will a DMP have a consequences on my husbands credit profile if it is only for me, we do share a joint bank account..
many thanks

truckerdom

Hi, I have a lot of debt, especially for someone of my age, approx 15k on a loan, 6.5k between 2 credit cards, an outstanding OU course (collectors are looking for me for that one) money to family, friends and an ex girlfriend. None of this includes the mortgage (107k) for the flat I used to live in with my now ex girlfriend. I do not pay the mortgage but I am still on the paperwork. Or the 40-50k of negative equity on said flat! I have been unable to pay basically any of my creditors for about 6 months now since losing my second job and overtime being reduced at my day job. I need to know what I can do as I cannot afford the payments, I've looked into IVAs before and had a company make a very good effort at a pitch but as an experienced salesman I was dubious and googled and didn't really like the sound of it, Martin Lewis has today advised me very strongly to steer clear confirming my suspicions. Bankruptcy although often viewed as "the easy way out" seems to be the best option but I don't want my ex to be forced out of the flat or to lose her car (we're both on that agreement too). I've spoken with an advisor before quite a while ago when I was in a slightly better situation and we concluded I could just afford minimum payments so I should just make minimum payments, even though this will mean the interest kills me for the next 10 years.... What can you advise, I work hard every day and struggle to pay for things such as car insurance and fuel, money is the one thing in life that gets me down but it's starting to get me down quite a lot. What options do I have? I tried the euro millions but it got me nowhere. Thank you for taking the time to read this and for being there to help. I look forward to your suggestions. Regards, Dom

rogersonjeff

hi there need some help
i currently have mortgage arrears of £385 monthly payment of £428
ge money want me to go into a DPM with payplan so i have enough free to clear the arrears
what annoys me is that i have £2888 worth of arrears charges applied to my account (over three years one time i was £2000 in arrears due to wifes illness)
my arrears statement shows i have paid £788 towards these charges this would more than clear my arrears
what should i do DPM or pursue for charges
the dpm would give me good breathing space but i would rather try and catch up my self

rogersonjeff

any help please

penelious

Hi

I am really struggling in deciding whether an IVA would be suitable for me or not.

I have been paying into a DMP with Payplan for a year now at £320 per month. I have debts of £30k. All creditors seem happy so far, I am not being chased and all but one card have frozen interest and charges. Payplan estimate pay off to be 8 to 10 years, depending on interest and charges.

At my annual review, they have now decided I qualify for an IVA.
I have a mortgage of £53k, house value £90k, my dad is 50/50 joint mortgage holder. I own a car using approx 130miles/week.
I understand that on the 4th year, the creditors will want any equity in the house. I have a big problem with this - If I remortgage, I end up in more debt over a longer period for the sake of paying off creditors quickly. Payplan say it may be unlikely that any company will give me a remortgage considering my ultra bad credit rating - BUT can the creditors still stake a claim on the equity somehow? Can they force me to remortgage if a company does accept me?

I thought credit cards were unsecured - yet through an IVA they can still get money from my house!

Not to mention the thousands Payplan will charge to do an IVA.

I am wondering if I should just stay with the debt repayment plan - how likely are creditors to kick up a fuss half way through and start bankruptsy procedings? All of them seem happy and have frozen interest anyway (though some statements still moan I haven't paid the minimum - dont know if thats just default).

Any help much appreciated. :T

ps. I wish payplan wouldn't use Zoopla to value houses - Zoopla say my house is worth £90k but a recent estate agent valuation says realistically £70k. Big difference.