Struggling with debt? Ask a debt advisor a question

StepChange_Pavan

fresh-start-needed wrote: »

Hi, I'm new to the site so sorry if this ends up in the wrong place .

I'm about to send my debt remedy in to CCCS but I'm worried because I in the last few months I tried to sort things out myself and told the creditors I earned less (the car needed repair and that was the only way I could pull through the mess).

My debt remedy is totally accurate, please don't judge me too badly. I was desperate. Now I'm ready to face the music with CCCS but I'm worried the creditors will tell them and that CCCS will be shirty with me or refuse to set up my DMP.

Please help.

Hi fresh-start-needed and welcome to the forum – you certainly have posted in the right place!

The most important thing is that you’ve been completely honest now, as this will help us to determine your best option and help you to become debt free.

We certainly won’t be shirty with you for this reason, and we will help you with a DMP if this is your best solution.

I hope this helps to put your mind at ease.

Kind regards,
Pavan

sickasachip13

Louisa75 wrote: »

I need help and advice..

I have debt of nearly £44000 broken down over a loan, 2 overdrafts, a next account and 4 credit cards. At the current time I am paying £998 to cover mininum payments. I have realistically with 4 children, a husband who travels away for work (and has to pay travel) £700 a month to pay debts. we have little/no equity in our house. I have contacted Cleardebt today and they can do a debt management plan asking us to pay £941 per month to settle all debts within 4 and a half years and (charging a capped fee of £100).....I am worried about that amount and we cannot realistically cover it - however if we paid £700 (£600 to debts and £100 to them) we can clear it in 6 years which is within budget. Do I trust this company or is it better for me to go to my 8 creditors and try and negotiate.... very scared and needing help and not a clue what to do

Hi Louisa75

I'm not a debt advisor, just an ordinary person who also has debt, but when I saw your post I really wanted to respond. Try not to feel so scared, there is help out there and you do have options - good options. The very best option for you right now is to access expert, impartial advice from an organisation that isn't going to charge you for this. I would seriously recommend CCCS for this - the way we felt when we were facing up to our debt a year ago was very similar to how you seem to feel and, we remember, how hard, scary and baffling it all was. But please don't be tempted by this Cleardebt - they will take money from you that could be coming off what is owed and, basically, provide the service that CCCS could be providing you for free. I did a short blog for CCCS about my experiences - you can find it by looking up the info in my signature. If you want to ask anything feel free to pm me.

Best of luck

SAAC

teenytiny19

hi, does tesco bank (savings account) have any associations with any other banks / building societies.

many thanks.:j

StepChange_Pavan

teenytiny19 wrote: »

hi, does tesco bank (savings account) have any associations with any other banks / building societies.

many thanks.:j

Hi teenytiny19 and thanks for your post.

As far as I’m aware they used to be connected with Royal Bank of Scotland - but they’re now completely independent.

I hope this helps.

Kind regards,
Pavan

teenytiny19

many thanks pavan, i thought they were now independent and no longer part of RBOS and Co. :j

StressedOutMummy

Hi,

I wonder if anyone could advise me on this? I had a redetermination hearing in court last week but the judge has adjourned this because lender slapped an interin CO on me before the redetermination. Judge has said he will deal with both and the hearing is next week. I have looked at my finanaces and I could afford to offer lender a bit more money than originally offered. Is it worth asking them if they would accept my new offer in order to stop further legal action? Or is it now too late?

Thanks

System

StressedOutMummy wrote: »

Hi,

I wonder if anyone could advise me on this? I had a redetermination hearing in court last week but the judge has adjourned this because lender slapped an interin CO on me before the redetermination. Judge has said he will deal with both and the hearing is next week. I have looked at my finanaces and I could afford to offer lender a bit more money than originally offered. Is it worth asking them if they would accept my new offer in order to stop further legal action? Or is it now too late?

Thanks

Hi and thanks for your message.

We’d need to know about more about the details before we could answer fully.

I’d recommend that you gather details of the debts and money you can offer and 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

scarydawn

Hi

I have been on an agreement with TSB for some time whereby I paid a fix amount but no interest - this is due to end in Dec

during the time I was on the plan they kept sending default letters though when I called them they told me to ignore them as this was just a formality due to the agreement I was on

they have now sent me a solicitors letter and say that this is just a formality as they will be moving me to a permanent agreement whereas I pay no interest for the rest of my time. They have advised me that this will stay with me for 6 years from the start of the agreement and I will no longer be able to get a credit card with them.

The fact that I wont be able to get a credit card with them does not bother me as I have two credit cards now and that is more than enough.

What I am wondering is they say that I get a black mark for 6 years from the start of the agreement. What I am wondering and they could not answer is how long the black mark I already have for being on an unofficial (but agreed) agreement and what other detrimental effects this could have on me if I take up their offer. I have other credit cards and they are all being paid and have not missed any payments on any of my debts

I was hoping to go back to normal payments at the end of this term but have worked this out it will take me over 12 years with interest and only 4 years with no interest.

awaiting your advice as this is a minefield to me

thank you in advance

System

scarydawn wrote: »

Hi

I have been on an agreement with TSB for some time whereby I paid a fix amount but no interest - this is due to end in Dec

during the time I was on the plan they kept sending default letters though when I called them they told me to ignore them as this was just a formality due to the agreement I was on

they have now sent me a solicitors letter and say that this is just a formality as they will be moving me to a permanent agreement whereas I pay no interest for the rest of my time. They have advised me that this will stay with me for 6 years from the start of the agreement and I will no longer be able to get a credit card with them.

The fact that I wont be able to get a credit card with them does not bother me as I have two credit cards now and that is more than enough.

What I am wondering is they say that I get a black mark for 6 years from the start of the agreement. What I am wondering and they could not answer is how long the black mark I already have for being on an unofficial (but agreed) agreement and what other detrimental effects this could have on me if I take up their offer. I have other credit cards and they are all being paid and have not missed any payments on any of my debts

I was hoping to go back to normal payments at the end of this term but have worked this out it will take me over 12 years with interest and only 4 years with no interest.

awaiting your advice as this is a minefield to me

thank you in advance

Hi and thanks for your post.

The default itself is more serious that the arrangement to pay and will stay on your credit file for six years and could limit the availability of credit to you.

This blog below will explain about what a default notice is and how it affects you –

http://moneyaware.co.uk/2011/09/default-notices-what-are-they-and-what-do-they-mean/

This blog should explain more about how your credit rating works and how to improve it.

http://www.moneysavingexpert.com/advanced-search.php

If you are struggling it might be helpful to look at all your debt and work out what debt solutions are available to you.

I hope this helps.

Kind regards,

Mat

scarydawn

CCCS_Mat wrote: »

Hi and thanks for your post.

The default itself is more serious that the arrangement to pay and will stay on your credit file for six years and could limit the availability of credit to you.

This blog below will explain about what a default notice is and how it affects you –


This blog should explain more about how your credit rating works and how to improve it.


If you are struggling it might be helpful to look at all your debt and work out what debt solutions are available to you.

I hope this helps.

Kind regards,

Mat

Hi

thank you for the information but this has now left me even more baffled as I have been on agreement with them for about 2 years - 3 different ones with an increased payment each time but they have sent me a monthly default notice for most of that time though I have always stuck to the terms of the agreement.

If these default notices are already on my credit record then having this further default agreement that they have suggested and not that I have requested would surely not actually harm it anymore.

It was explained that the default notice would be on my record from the start of the new agreement but if the monthly default notices are also registered the only detrimental effect will be one extra month - am I right in assuming this

I have other creditors and credit cards that I have not defaulted on and have kept regular payments on, would any of this go some way to rebuilding my credit record

sorry to be a pain with more questions but I need to seriously consider my options - I am just getting out of the mire and do not want to take a wrong step now