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Flashmanchop

Right, well, here goes…

Looking fro some advice as to current situation I am in, and currently not having much luck down the usual channels. I appreciate that banks are having a hard time (!) and that they do not want to lend, and to even be considered you need to be squeaky clean!

I have paid down debt recently to a level of £20,000, from a higher amount, paying most expensive down to the cheapest, which is now split between 3 Credit Card companies, whose 0% or similar great deals are running to a close in the forthcoming quarter.

When I had got to this level of debt, in my own mind I was wanting to get my finances in tip top condition as we are expecting our first child on 24 January, and hopefully mean my girlfriend doesn’t have to go back to work.

I am both PAYE and a Director of my own firm, but am really struggling to raise any kind of finance at all, and to be fair am at my wits end. I have a very good credit score, haven’t gone mad applying for loans left right and centre and have tried to make a managed approach to solving my debt problems by trying to

a) Attempt secured lending on some of my commercial and buy to let property – to no avail. LTV has to be between 50% - 65%.
b) Un Secured lending – I applied 4 Months ago for a loan which the Branch manager commented was financially affordable, but my credit score wasn’t at the height it is now, so came back “No” – we sat down two weeks ago, and checked my score which was back at its height, but the indication she was getting from the system was that a “Yes” was unlikely.

I haven’t formally applied for a loan from people like Nemo etc etc but my financial adviser has been speaking to them and they admit themselves they are not lending, and again, the secured route is a no go, either with sub-prime lenders, or the high street.

In summary – PAYE provable income, have assets, cannot re-mortgage or sell due to large redemption penalties, cannot raise loans of the required amount through the High Street.

What is a man to do!

Answers on a postcard….

Cash_Ninja

My situation is as follows:

I started a company over a decade ago. In order to fund the company, I foolishly used unsecured personal debt (loans, credit cards) at low or 0% rates of interest, in the naive belief that the company would be a massive success and I would easily be able to repay the debt.

Things didn't go the way I expected, I ended up borrowing more money to try to keep the business afloat but eventually I called it a day and wound up the company.

I ended up with about £60ks worth of unsecured personal debt that I couldn't afford to pay off. Gradually, I defaulted on all of the various loans and credit cards - I tried to be responsible about it by writing to the lenders and explaining that I was experiencing financial difficulty.

I ended up with one CCJ for around £17k of the debt and the rest as defaults that were sold to debt collectors.

Most of the debts are no longer on my credit file and I think by January of next year all of my defaults will be over 7 years old.

I never declared bankruptcy and although I looked into an IVA I wasn't able to do one because I didn't have enough disposable income to make the payments that would have been required.
I am making payments to all of my creditors each month but a the current rate it will take many years before the debts are cleared.

I know that the debt collection agencies will have paid a small % of the actual debt amount to buy up the debts but I'm not in a position to make any kind of realistic offer to settle them all.

I would like to apply to do some long term, overseas voluntary work, commencing within the next 12 months or so. However, if I do that I wouldn't even be able to make the payments I'm currently making.

I'm not sure what the best approach to this situation is but I would welcome any advice

Tixy

Flashmanchop wrote: »

Right, well, here goes…

Looking fro some advice as to current situation I am in, and currently not having much luck down the usual channels. I appreciate that banks are having a hard time (!) and that they do not want to lend, and to even be considered you need to be squeaky clean!

I have paid down debt recently to a level of £20,000, from a higher amount, paying most expensive down to the cheapest, which is now split between 3 Credit Card companies, whose 0% or similar great deals are running to a close in the forthcoming quarter.

When I had got to this level of debt, in my own mind I was wanting to get my finances in tip top condition as we are expecting our first child on 24 January, and hopefully mean my girlfriend doesn’t have to go back to work.

I am both PAYE and a Director of my own firm, but am really struggling to raise any kind of finance at all, and to be fair am at my wits end. I have a very good credit score, haven’t gone mad applying for loans left right and centre and have tried to make a managed approach to solving my debt problems by trying to

a) Attempt secured lending on some of my commercial and buy to let property – to no avail. LTV has to be between 50% - 65%.
b) Un Secured lending – I applied 4 Months ago for a loan which the Branch manager commented was financially affordable, but my credit score wasn’t at the height it is now, so came back “No” – we sat down two weeks ago, and checked my score which was back at its height, but the indication she was getting from the system was that a “Yes” was unlikely.

I haven’t formally applied for a loan from people like Nemo etc etc but my financial adviser has been speaking to them and they admit themselves they are not lending, and again, the secured route is a no go, either with sub-prime lenders, or the high street.

In summary – PAYE provable income, have assets, cannot re-mortgage or sell due to large redemption penalties, cannot raise loans of the required amount through the High Street.

What is a man to do!

Answers on a postcard….

Hi flashman

Do you want to raise more funds? or was your intention to consolidate your existing debts? If the latter have you looked at what your credit card rates will rise to when the current offers finish? have you worked out what your new monthly minimum payments will be and can you afford those?

If you can afford more that the minimum repayments then take a look at the snowball calculator to work out how long it will take to clear your debts based on the maximum you can afford each month. http://www.whatsthecost.com/snowball.aspx

Do you have any other old credit cards accounts that are still open but have no balance? If so it would be worth calling them up to see if they will offer you any promotional deals (low life of balance or % deals).

If when the rates go up you won't be able to afford the minimum payments and have made any cutbacks you can to your outgoings then you might need to try to negotiate with the credit card companies or contact CCCS to try to negotiate on your behalf. Obviously if you pay less than the minimums this would seriously impact on your credit file.

loudmouth

HI, Have already posted this on another thread but think it was the wrong one. I checked my credit report last month and it showed I had a default with Welcome in October 2006 ,( a car I bought in 2001 and had taken from me in 2002 as I could not afford to keep up payments) when I checked my report today the report has changed from Welcome to Mk someone or another and says I defaulted in January of last year.Is this correct of them to do that? How many defaults do you get on one debt? Is there anything I can do about it, as it is now going to be on my report for another four and a bit years.

System

1506moir wrote: »

Just had judgement debt/order place against me and my wife for none payment of ground rent for a flat we own. We bought the property in Dec 09. The property has been rented out and we have never lived there. I have never received any notification of the debt or any other correspondence from Estate Managements Ltd who hold the free hold, so they have just told me; all letters were sent to the property and not our home address. We have paid and never been late with the service charge, which I presumed covered both. They managed to track us down by going via our mortgage company, who sent us the information. I have spoken to J B Leitch & Co, solicitors the ones who are after our blood and they are not interested in helping us, as this is clearly a misunderstanding. Have also spoken to Estate management but they have said the debt now lies with J B Leitch. All help greatly appreciated; don’t want my credit history affected by this.

Hi and thanks for your post.

I assume you’re not challenging the existence of the debt, just the fact that you were not notified of it in advance.

It’s not clear if you have a hearing date or the CCJ has actually been put in place.

Either way if you can afford to make a full payment within a month of the judgement this will mean that the CCJ will not be listed on your credit file.

If a month has passed since judgement the CCJ will be listed on your credit file but if you still pay the money due in full your credit file will be amended to show the judgment as satisfied. This will still stay on your credit file for six years but you could add a note to explain the CCJ.

You could try and have the judgement ‘set aside’ but if you can afford to make payment I would recommend that you do this.

If you need help with any CCJ paperwork or if you decide to try and get the judgement set aside I would recommend that you call us for some detailed advice. Our number is 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

I hope this helps.

Kind regards,

Mat

jewellery1

hi

I have a few payday loans and I am struggling to pay them as a result I get abuse most days when they are calling me and leaving me messages. I recently aplied for a debt consolidation loan however they asked for a 59.99 fee for matching me with possible lenders, this i felt was suspious. I dont know what else to do and cant seem to find a trusted provider. I dont have a great credit rating and I dont know what else to do.

System

Flashmanchop wrote: »

Right, well, here goes…

Looking fro some advice as to current situation I am in, and currently not having much luck down the usual channels. I appreciate that banks are having a hard time (!) and that they do not want to lend, and to even be considered you need to be squeaky clean!

I have paid down debt recently to a level of £20,000, from a higher amount, paying most expensive down to the cheapest, which is now split between 3 Credit Card companies, whose 0% or similar great deals are running to a close in the forthcoming quarter.

When I had got to this level of debt, in my own mind I was wanting to get my finances in tip top condition as we are expecting our first child on 24 January, and hopefully mean my girlfriend doesn’t have to go back to work.

I am both PAYE and a Director of my own firm, but am really struggling to raise any kind of finance at all, and to be fair am at my wits end. I have a very good credit score, haven’t gone mad applying for loans left right and centre and have tried to make a managed approach to solving my debt problems by trying to

a) Attempt secured lending on some of my commercial and buy to let property – to no avail. LTV has to be between 50% - 65%.
b) Un Secured lending – I applied 4 Months ago for a loan which the Branch manager commented was financially affordable, but my credit score wasn’t at the height it is now, so came back “No” – we sat down two weeks ago, and checked my score which was back at its height, but the indication she was getting from the system was that a “Yes” was unlikely.

I haven’t formally applied for a loan from people like Nemo etc etc but my financial adviser has been speaking to them and they admit themselves they are not lending, and again, the secured route is a no go, either with sub-prime lenders, or the high street.

In summary – PAYE provable income, have assets, cannot re-mortgage or sell due to large redemption penalties, cannot raise loans of the required amount through the High Street.

What is a man to do!

Answers on a postcard….

Hi and thanks for you post.

We wouldn’t normally recommend taking out any further lending as this can often make the situation worse further by delaying the underlying problem.

I’d recommend putting together an accurate income and expenditure budget to see what you can actually afford to repay towards your debts. We can help you with this. As your situation is soon to change due to the arrival of your baby you should also take this extra expenditure into account on the budget.

Once you have worked out what you can accurately afford we can assist you in looking at what the best solutions are available for your current circumstances. Some of these solutions may have an affect on your credit rating.

We have a free and confidential online debt help tool called Debt Remedy that can assist you in putting a budget together and also look at what solutions would work best for you.

Debt Remedy is on the following link (http://www.cccs.co.uk/ref/drcu).

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

System

Cash_Ninja wrote: »

My situation is as follows:

I started a company over a decade ago. In order to fund the company, I foolishly used unsecured personal debt (loans, credit cards) at low or 0% rates of interest, in the naive belief that the company would be a massive success and I would easily be able to repay the debt.

Things didn't go the way I expected, I ended up borrowing more money to try to keep the business afloat but eventually I called it a day and wound up the company.

I ended up with about £60ks worth of unsecured personal debt that I couldn't afford to pay off. Gradually, I defaulted on all of the various loans and credit cards - I tried to be responsible about it by writing to the lenders and explaining that I was experiencing financial difficulty.

I ended up with one CCJ for around £17k of the debt and the rest as defaults that were sold to debt collectors.

Most of the debts are no longer on my credit file and I think by January of next year all of my defaults will be over 7 years old.

I never declared bankruptcy and although I looked into an IVA I wasn't able to do one because I didn't have enough disposable income to make the payments that would have been required.
I am making payments to all of my creditors each month but a the current rate it will take many years before the debts are cleared.

I know that the debt collection agencies will have paid a small % of the actual debt amount to buy up the debts but I'm not in a position to make any kind of realistic offer to settle them all.

I would like to apply to do some long term, overseas voluntary work, commencing within the next 12 months or so. However, if I do that I wouldn't even be able to make the payments I'm currently making.

I'm not sure what the best approach to this situation is but I would welcome any advice

Hi and thanks for your post.

We’d need to know more details of your current circumstances before we could give you definite advice.

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

chrissied_2

Can someone give me a quick bit of advice. I have set up a DMP and a lot of stress has now gone,but although i am making regular monthly payments,Lloyds bank are bombarding me with calls 7 days a week at least 4 times a day,hence the stress is returning,without going to the extreme of changing my number how can i stop this,every time i am polite and say it is being dealt with by CCCS,and still they continue to harrass me.Along with this my husband has a mental illness and we cant cope with these calls.Anyone please give me some advice.

heatherks

i have been on reduced payment plan for a few years ...in May/june had a meeting with CAB and payments were increased and signed letters sent out to the creditors

in August i went to see CAB and they said they had a letter from Next requesting another up to date signature stating that i had authorised CAB to deal with my account ...

CAB phoned them up but they would not speak directly on the phone authorising this ( in front of advisor)

Next directory seem to have stopped all contact by mail ...and not even sending monthly statements out ( since August ) ...i havent paid this account for 4 months now thinking they would send letter by now

...what do i do now ?