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Mortgages_humph

:eek: Hello i need some advice i have a mortgage for £38000 and my house is valued between £70000 and £75000,
i want to try and sell and get out of debt and rent the problem is i have a firstplus secured loan on the property the loan was for £54960 debt consolidation in march 2007 £670.79 a month for 132 months i have paid 54mths and requested an early settlement figure, firstplus have come back with £39469,

we also have about 7k other debts we have combined income of about 55k but my wife has bad credit score and one of her credit cards is in an arranged payment we owe 2.5k on it.

Can i sell ? has anyone had a similar situation, does anyone know if firstplus will release their security of my home so i can sell ? any suggestions on what to do here most welcome,

if possible suggestions for a 6 to 12 month get out plan in march i will have paid 60mths to firstplus and think they would settle for 37k and i will hopefully have managed to pay some of the 7k off by then




thanks all for any help given i'm so sick of debt i just want out asap:D

System

BevieB wrote: »

We have just commenced our DMP with CCCS. Apart from Halifax all creditors are playing ball. We have a current account with the Halifax and since arranging DMP we have set up new bank account and stopped all DDs. I wrote to the Halifax to advise them .The thing is due to bank charges we have exceeded OD limit and they have increased charges to £5.00per day. The payment from CCCS will be approx £30per month and theerfore will not even cover charges. We have received no correspondance from the Halifax and the statement does not state anything about a payment arrangement.Therefore our debt will spirral.
What do you suggest I do next? Should I write? I understand that banks have charges etc but surley by us facing our debt and dealing with it the best way possible its unfair of them to send us further into debt.

Hi BevieB and thanks for your message.

In our experience it often takes a couple of months on the debt management plan before some creditors will stop interest and charges (although we cannot guarantee this).

If you have only just started it might be worthwhile writing a letter to the creditor in question. You should send the letter recorded delivery.

It’s often to do with the internal policy of the creditors.

If charges do continue beyond a couple of months you can give us a call so that we can look at the situation.

I hope this helps.

Kind regards,

Mat

System

Mortgages_humph wrote: »

:eek: Hello i need some advice i have a mortgage for £38000 and my house is valued between £70000 and £75000,
i want to try and sell and get out of debt and rent the problem is i have a firstplus secured loan on the property the loan was for £54960 debt consolidation in march 2007 £670.79 a month for 132 months i have paid 54mths and requested an early settlement figure, firstplus have come back with £39469,

we also have about 7k other debts we have combined income of about 55k but my wife has bad credit score and one of her credit cards is in an arranged payment we owe 2.5k on it.

Can i sell ? has anyone had a similar situation, does anyone know if firstplus will release their security of my home so i can sell ? any suggestions on what to do here most welcome,

if possible suggestions for a 6 to 12 month get out plan in march i will have paid 60mths to firstplus and think they would settle for 37k and i will hopefully have managed to pay some of the 7k off by then




thanks all for any help given i'm so sick of debt i just want out asap:D

Hi Mortgages humph and welcome to the forum.

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

It’s unlikely that the secured loan company will release their security.

As you situation is complicated I’d recommend that you call us on our free our Helpline on 0800 138 1111. This is free to call from landlines or phone boxes and we’re open Monday to Friday 8am - 8pm.

You would need to gather all the details of your income, expenditure and debts and we can look at the situation.

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

midge101_2

Hi I have started a DMP with CCCS about 6 months ago. I pay £187 a month. When I was setting up this they asked me to get a basic bank account and I had problems with this. The only bank that would offer me an account was Lloyd TSB with and overdraft. I have no problems with paying the £187 a month until I had problems with Lloyds TSB switching service and because some of the direct debits weren't set up properly the outstanding balances for my gas and electric were taken out as its EDF's policy to do this when setting up new direct debits. I am not at my wits end as I'm am now £340 overdrawn because of this. I rang CCCS and they told me that I have defaulted in my DMP and if I don't get basic bank account and transfer everything. So I applied for a basic one again with the co-op and I have still got to hear. Is there any advice you could give me?

StepChange_Pavan

midge101 wrote: »

Hi I have started a DMP with CCCS about 6 months ago. I pay £187 a month. When I was setting up this they asked me to get a basic bank account and I had problems with this. The only bank that would offer me an account was Lloyd TSB with and overdraft. I have no problems with paying the £187 a month until I had problems with Lloyds TSB switching service and because some of the direct debits weren't set up properly the outstanding balances for my gas and electric were taken out as its EDF's policy to do this when setting up new direct debits. I am not at my wits end as I'm am now £340 overdrawn because of this. I rang CCCS and they told me that I have defaulted in my DMP and if I don't get basic bank account and transfer everything. So I applied for a basic one again with the co-op and I have still got to hear. Is there any advice you could give me?

Hi midge101 and thanks for your question.

As this was a genuine mistake, you should be able to add this debt on to your plan if you’re not in a position to clear it.

When you open up your new account, try to make sure that everything is set up properly to avoid any similar mistakes. If you’re unsure, just give us a call.

Hope this helps,

Pavan

tony62_2

Hi, I joined the site today because am worried and need advice. I have an overdraft facility for £5000 with my bank and an outstanding loan of £6000 at 7% which I pay £200 a month and have to pay this for another 3 years. Although not going over the overdraft limit apart from two occasions for a few days the bank now wants it to be paid off. They have given me until the end of Oct to get the overdraft sorted. They have done a budget appraisal with me on the pone and have suggested that they combine my overdraft and loan together , both at a new rate of some 12% so that I would then have no overdrawn money and will have to repay some £270 a month for the next five years. The amount of the loan borrowed would be £11000 and the total amount to be paid would be some £15000.

I am relieved that my overdrawn situation will be relieved but am angry that they are going to change the original loan from 7 to 12%. Is this acceptable or do I have other options? I also have another loan with another bank of £5000 remaining at £230 a month for another 2 years.
I have some £4000 in savings and am not sure how to use this to sort my finances out for the best. Have tried getting consolidations loans but have a bad credit reference for some reason although I have never missed any payment.
My problems started when both houses that I let became untenanted and it has taken 4 months to refurbish and find one tenant and my second house should be tenented in another month or two. Once both houses are tenanted my financial situation is fine. I would like to sell one house but feel the markets are dire at the moment. I am also in the process of raising 6000 from one of the houses to pay of one of the loans but this is still in process and if accepted I may not get the funds until after the end of OCT.
Thanks for this site and hope you can give advice to clear my head.

Tony

DebtFT

Hi,

My wife went through a nasty divorce back in '05 or '06. Their debts were split between them and I'm aware that she made private agreements with each company to pay them back on a monthly basis (about £5 or £10 per month). She then went through a period of time suffering with depression and lost track of things, and we've since moved address. She didn't give any of them a forwarding address, and I only became aware of these debts when we got letters from two separate companies demanding payment. This was back in '09. I'm now aware of two at the moment, one totalling £2700 and the other £750. I'm wanting to move forward with our finances now, but do not want to make any sort of joint application in case there's any nasty surprises lurking, i.e. more debt that I don't know about. My question is simply this...if I was to carry out a credit check with any, or all, of the three major credit agencies, and there was more outstanding debt in my wife's name(s), would the fact that she's entered our new address alert these companies. I'm all for paying off her debts, but it would need to be at the right time. Now isn't the right time!

Any advice would be appreciated. Thanks.

holli37

Hi
2 years ago my partner lost his job and initially we had to max out our credit cards to survive. He has ben doing a handyman business for the last 18 months which is picking up however the credit cards are crippling us - Vanquis for example we pay £120 ish a month and it never goes down - i have written to stop the payment protection which will help a little. We owe approx £12000 do we sell house, consolidate debt what I am now desperate as we know we are coming up to the quiet time in his business.

Thank you in advcance for any help you may be able to offer.

Holli

rock_queen

Hi

I have just written to my creditors to offer token payments to be reviewed in 6mths time. I haven't defaulted on any of the agreed payments yet but I'm living in a catch 22 situation where I am meeting the payments but having to live off credit in order to eat and get to work etc. Would it be wise to open a basic bank account with a bank i have no history with and get wages paid into it and only essential DDs eg mortgage and bills etc moved over?

many thanks

GemmaCoventry

Hi there, i have just entered into a dmp in july 2011. i have 19 creditors which are credit cards, catalogues, overdraft, and a loan which equals to £15k. Nearly all of my crediors have accepted but i am having alot of trouble from nationwide credit card. Mg dmp company have sent my signature of authorisation and I&E to them on several occassions by post and fax, they have received my signature of authority but say they have had my I&E information even thoigh it was on the same fax and in the same envelope as my sigature of authority. My company keep resending the info to them but i still have several phone calls a day from nationwide credit card saying they still havent received this info and an arrangement cannot be put in place until they recieve this. Im at a loss of what to do as whatever my dmp company do nationwide swear blind they havent had this info and are still applying charges. I currently owe them £1,800. Is his common practice with nationwide i.e. Is this a tactic they use and is this what creditors experience alot with them? what can i do?? many thanks