Struggling with debt? Ask a debt advisor a question

binksieboy_2

Hi there,

Over the past year I have been struggling to make ends meet due to my partner losing his job. Eventually I resorted to using Capital Finance One for a payday loan. (£500)

Unfortunately at the time this was due I was admitted to hospital for emergency surgery which resulted in me being off sick for 6 weeks recovering. During that time my employer put me on half salary meaning I couldn't pay anything to CFO.

I've been in contact several times and asked them to freeze any interest/charges whilst I got sorted out, which was firmly declined.

This morning I received an email from CFO's DCA (daniels Silverman) stating that if I did not make full payment of £1300 within 7 days I would be made bankrupt!!!!!

Working out the charges it appears I've been charged £25 per day as I've not been able to pay.

Had they not charged me the extortionate "fines" (their word not mine) I would not have crossed the threshold for bankruptcy.

Any advice as to how to deal with these people would be greatly appreciated.

Many thanks

seastar_2

CCCS_Mat wrote: »

Hi Seastar and welcome to the forum.

We don’t usually recommend taking out further lending and we can’t comment on or recommend particular lenders.

As you’ve already done Debt Remedy I suggest you give us a call (the number is in your booklet). There could be a number of possible options open to you which we can explain in detail.

In regards cashing in the endowment you might also want to seek independent financial advice regards this.

I hope this helps.

Kind regards,

Mat

Thanks Mat - still some work to do then! I will be in touch with CCCS - have now printed the plan so want to digest it. I will also hunt down some financial advice...

Thanks for the quiick response.
Best wishes
Seastar

LucretiaUK

Hi all,
I've been on this forum before enquiring about loans and was totally unable to get a decent loan from my bank, building soc or even the sharks, due to a poor credit rating, caused by the ex defaulting on a joint loan just after I left him. Credit Expert has dissociated him from me but it seems I need to go through all those hoops again with every credit rating company!? I've been harangued by loan companies, PPI reclaim companies and consolidation companies ever since I made enquiries back in January.
I had a long chat with one called Knightsbridge Financial, based in Manchester. They offered to reduce my credit card payments from £230 a month to £150, taking £35 for themselves and freezing the interest. I have read a few scattered reviews, none of them good, about this company. At the rate they suggest, I should be able to pay my card off in 5 years, that's IF the interest is frozen, which isn't guaranteed.
I looked at the CCCS Debt wizard thing which seemed to think I have more money than I do, even when I told it all my current and annual expenses. All of the items on the checklist are in place or have been tried and failed (changed fuel company a few times, each time the bills got bigger despite promises to reduce them), apart from moving house (no credit means no mortgage) and changing bank (very loathe to do this, first direct have been very good to me). It suggested I just pay more to the credit card whereas there are options (it seems) to pay less by some agreement with the credit card company. Can I arrange this myself? Do I need a lawyer (more expense)? Why are there testimonials from people using CCCS to pay off their debts when I can't get this?
Basically, how can I reduce my credit card payments and freeze the interest? And if I can't, would using Knightsbride be a fair option? :mad:

P.S. Please read the whole thing here before responding; I know what these forums can be like, often just cherry-picking the thing that can be answered with stock information. Thanks.

Dawn1970_2

Hi,

I'm new here and as you can tell by the time of this post, the situation I'm in is giving me sleepless nights...

In 1994/1995 me and my ex partner took out at the time what I thought was a joint loan, but now after speaking to a DCA, it could be that I was a Guarantor only.

Anyway in 1999, we split up and he left me with the £1700 balance, to which I paid off all but £500 of it as I felt that he should pay his share. The original DCA then sold the debt to another DCA without any knowledge of mine and they in turn have sold it to yet another DCA. I called them a couple of days ago and have managed to get them to suspend the account for 28 days whilst I send of for copies of the original CCA to decide whether I'm a Guarantor or named jointly.

I phoned my ex today and he has said basically that it's tough luck and he's not paying anything towards it now. He said that he is on a low income, yet I do not work and have just Tax Credits and Child Benefit (which pays for my children's dinners at school every day). Things then got nasty with my ex and I said that I'd forward all his details including phone numbers as he was a much responsible for the debt as I am. My new partner is refusing to pay the debt off as it is not his

What I want to know, is now that I have passed on all his details to the DCA, will they chase him as much as they seem to be chasing me at the moment? Also, he is in work and owns his own house, so therefore should I pass this information on as well? I understand that worst case scenario I could end up paying off all of it, yet I really have no income as such, just money going into my account that I use for shopping every week.

Sorry if this is rambling and disjointed, but I'm all over the place at the moment, many thanks in advance for any advice given.

Dawn :beer:

rubyjam

Hi it's me again

I've just started a DMP with CCCS and my first payment is due out on 1st August. Today, I received a letter from Mint. It says ...

"I have received a letter regarding your account. The letter was not signed and as a result I am unable to undertake the action requested. Please sign the letter in the space provided and return it to the address at the top of this letter or, if convenient, telephone to request that we carry out your instructions."

It contradicts itself and doesn't even say which letter they are referring to. I don't know if it is refering to one CCCS have sent to them or one of the letters I have sent.

I have been typing my signature on letters as I didn't think I was supposed to hand sign them.

What should I do. I don't wan't to ring them. Would it be ok to sign this letter?

wigglers

Hi guys sorry im a bit of a newbie here and need some advice me and my gf have a baby due on christmas day so i realy need to sort my finances out, previously we have racked up some debt there is £3000 on a barclaycard at 17.9 ish % there is £2000 on a 0% virgin card we just taken out after trasfering 1470 to it from the barclaycard (the balance was £4700!)
i do have a quite good relationship with my bank i have a maxed out 0% hsbc credit card again transfered because of the baclaycard. And i have a £600 overdraft which i use to pay as much as i can off the card a month, and the minimum payments on the rest,
They have pre-aproved a £1200 overdraft at 18.6% my question is would it be better to just up my overdraft and pay the barclaycard off in three months or how much would the added charge be for the overdraft?? please someone help asap thanx Matt

head_above_water

could i ask an adviser what can i do about a caravan i purchased 2 years ago on a8 year finance plan. The loan is more than the caravan value. due to a change in circumstances i cannot afford the payments any more. I cannot sell it privately as there is a deficit of around£1500 . if i default on the payments i guess they will sell it for even less and i will still be stuck with a debt. Any ideas will be appreciated. Thank you

cpsnip

Hello,

I am in a DMP via payplan. They advise that a DMP is a "Gentlemans Agreement".

However, I have one creditor out of a total of seven, Halifax, who keep moving the goalposts every six months or so. They put me back on the phone harassment list; start charging more interest than my payment and generally make things difficult. Each time they come to a reduced interest agreement after a while, but I still accrue charges and interest. The agreement doesn't seem to last long and the amount that I owe does not really reduce. The upshot is that the projected end of the plan, originally 5.5 years, is still over 5 years, despite the fact that I have been paying for nearly 2 years now?

I have been refused an IVA application by Payplan because my debts will be cleared within 5 years anyway, (this was said at the start of the DMP, again after one year and again in March this year), but in view of the way that Halifax behave, there is absolutely no guarantee that this will be the case.

I honestly feel that I have been and am being, at best, mis-directed. This DMP carries no guarantees and I could find in 5 years time that I will still owe a substantial sum. Since I will be on a State pension by then, I would rather have fixed an IVA 2 years ago, which would have been finished within another 4 years, but Payplan wouldn't let me. Now 2 years further down the road, I still have a debt extending beyond 5 years and at least one creditor who regularly evidences that there is no agreement at all! I can't believe that this is right?

Any thoughts or advice, appreciated, thanks

maccabeatle

hello..

i have run up a debt of around £2500 with my 'very catalogue online' account.i have never missed a payment in 4 years although i have mainly paid the minimum payment monthly.i am an ex bankrupt about 4/5 years a ago and i vowed never to get in trouble again...but here i am.
i earn a poor wage [£100] a week as a barman.i have 3 kids and a wife.my job is about to be lost at the end of the kids holidays due to the company i work for going bust.
i want to pay 'very' every penny i owe them but the minimum payments alone are working out at about £109 pounds a month..i struggle to meet it but i always have.unfortunately due to an incredibly high interest rares i am getting nowhere with the outstanding amount i owe them.my brother has advised me to 'max the account' and 'screw them over' because i have a total credit accsess on the account of 6/7 k.
however i really dont want to do that after my previous bankruptcy problems which are long behind me with my lesson learned i hope!.
is there any way in which 'very' would accept a freeze on the interest in which i owe them allowing me to concentrate on just paying off my balance at say £80/£100 a month.should i ring them or is there a company out there that could help me..any advice would be welcome as i feel as if i am sinking into a familure scenario.
p.s
i fully accept that the only person responsible here is me and i have allowed myself to get in this situation with my eyes wide open.i am stupid
i know...

thanks in advance.

Tarkan2068

Hi there iv run a debt with black horse which started in november 2009 bought a hpi car for 12,000 then after like 8-9 months i decided to do my start up my own bussiness so sold the car for 6,000 and took out a loan from abbey which was called then for 7,500 after like 5-6 months the company went bust so i made a lost but then i found a company called fresh start and started making payments for £150 a month and afte like 6-7 months they transferd me over to harrington brooks and i started paying them 250 a month which i can afford at the moment, in januray when i spoken to my advice manager he told me that i owed blackhorse 5500 and abbey 6800, and 2 weeks ago i won like 5000 in a casino so i decided to call my debt manager company so i could clear the debt of and blackhorse didnt accept the offer of 5000 to them and said to them that it was droped to that price cause they stoped the intrest and chrages and so that if i want to clear the debt of i have to pay them like 8500 my adviser made them another offer of 6000 and they still didnt accept the offer, so im stuck in what to do cause i want to be debt free asap can you advice me in what to do please.