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scared-sick

Could a CCCS advisor please answer a question for me.

Is there a time limit on setting up the dmp?

I have my reference number, am in the process of changing bank accounts, getting together all the paperwork to send to cccs, have sent letters to creditors with token payments (except to my bank).

Anyway, I cant transfer my wages, tax credit and maintenance until I have new bank details to advise them of, then I want a clear month to make sure all the wages etc go into my new account and there are no hiccups.

With all this in mind, I am planning the first dmp payment to be 1st April when everything should be in place and sorted. I understand cccs can do something to protect your bank so you can get started straight away but I would realy rather wait a little bit longer and make sure everything is right as it would just mean more worry until it was all sorted.

So is it acceptable to do this? Will CCCS close my application or anything as it is taking too long?

Many thanks.

StepChange_Pavan

Tidyup wrote: »

I will owe £24k for tax this year (due 31st Jan) and want to raise extra capital on my care home business to pay it off. The bank I have the commercial mortgage with have asked on the application form if I owe any arrears of VAT? Do I declare that I want to raise capital to pay this off. I also need extra finances to manage the cash flow.

Hello Tidyup and thanks for your post.

Unfortunately this is out of our advice remit. I’d recommend that you seek advice from an accountant.

Kind regards,
Pavan

StepChange_Pavan

scared-sick wrote: »

Could a CCCS advisor please answer a question for me.

Is there a time limit on setting up the dmp?

I have my reference number, am in the process of changing bank accounts, getting together all the paperwork to send to cccs, have sent letters to creditors with token payments (except to my bank).

Anyway, I cant transfer my wages, tax credit and maintenance until I have new bank details to advise them of, then I want a clear month to make sure all the wages etc go into my new account and there are no hiccups.

With all this in mind, I am planning the first dmp payment to be 1st April when everything should be in place and sorted. I understand cccs can do something to protect your bank so you can get started straight away but I would realy rather wait a little bit longer and make sure everything is right as it would just mean more worry until it was all sorted.

So is it acceptable to do this? Will CCCS close my application or anything as it is taking too long?

Many thanks.

Hi scared-sick,

There shouldn’t be any problems with you doing this but it’s best that you let us know so we’re not chasing you for information.

Just give us a call or send us an email with your client reference number explaining your situation.

Kind regards,
Pavan

scared-sick

CCCS_Pavan wrote: »

Hi scared-sick,

There shouldn’t be any problems with you doing this but it’s best that you let us know so we’re not chasing you for information.

Just give us a call or send us an email with your client reference number explaining your situation.

Kind regards,
Pavan

Thanks pavan, I have sent the e-mail this afternoon.

jamsponge

I am really worried. I have been off work on long term sick and havnt felt able to cope with finances etc. I stopped paying for the car because I couldnt afford it. I have just recieved a letter saying I no longer own the car. What can I do? I have just tried phoning them but the office is closed. I feel sick to the stomach. This is my only means of transport as I have problems walking. Please can I have a bit of advice. I am really scared.

Rochdale_Guy

Hi,

Just added up what I owe and need to ask for opinion please:

Card 1: £9,000 owed: £296 minimum monthly repayment with £208 of that in interest
Card 2: £5,940 owed: £133 minimum monthly repayment with £116 of that in interest
Card 3: £3,284 owed: £99 minimum monthly repayment with £62 of that in interest
Card 4: £3,526 owed: £81 minimum monthly repayment with £52 of that in interest
Card 5: £1,675 owed: £39 minimum monthly repayment with £24 of that in interest

TOTAL OWED = £23,425

Total monthly repayments = £648 with £462 in interest charges, meaning only £186 actually reduces this mountain of debt each month

I also have £2,747 owing remaining on a car loan fixed at £106 a month at something like 7.1% until paid off.

I have a fee free £100 overdraft limit with my bank, and am always nearly £200 overdrawn the day before I get paid EVERY month. I get charged about 96p a month by the bank for being in the £100.01-£200 overdraft range.

I have done a previous CCCS Debt Remedy and didn't go through with it due to being:
a) totally scared
b) have not been well since Xmas and
c) having personal problems including stupidly hiding this from my partner who has now freaked out when I confessed, by my secretiveness and stupidity and lack of honesty.

The Debt Remedy suggested a DMP but that would take over 12 years to pay and posts on here, that is DOUBLE what other people seem to have as a solution (and that is if CCCS can get my creditors to freeze interest charges etc). 12 years? I know I can't pay much each month with what I have left, but that will take forever

My bank offered me a £20,000 loan a year ago - which it probably won't now, which came to £383 a month over 72 months (5 years) which includes £7,630 extra in interest = £27,630 TOTAL LOAN REPAYABLE.
That works out at just £105 in interest a month, as opposed to the crippling £462 I am currently paying (or about to stop).

Even though the bank loan would add an extra £7,630 on top of the £20,000, it seems more manageable to me if they offered it me again?

That would be cleared and paid off IN FULL in 6 years, ALL £27k.

The DMP (if cards 1-5 accepted my offer via CCCS) would take twice that long

I shouldn't ask but is the consolidation loan from my bank a viable option to clear it all?

The other thing is, if I went the CCCS Debt Remedy route, I would need a new basic bank account (Co-Op looks good), as Card 4 above is with my current bank.

I still don't get the direct debit situation, as obviously the Co-Op say they handle all the D/Ds from my current bank, but I would have to cancel the monthly D/Ds to my credit cards as soon as CCCS say I have been accepted for the DMP!

I get paid on the 15th of each month, and all my utility bills come out on or around the 16th, which is great. Four of the five credit card monthly D/Ds come out my account at the end of each month. I don't get when I am meant to cancel the c/card D/Ds and send them a postal order as a token amount with the pre-printed CCCS letter?

All I know is I am so stressed and something will go badly wrong?

Should I forget the bank loan dream and just apply online NOW to open the basic Co-Op account as that will probably take 4 weeks to set up

PLEASE HELP ME, TIME IS RUNNING OUT. The 4 credit card payments coming out of my account in the next 2-3 days WILL be the last full amounts I can make. I am that skint I am having to pay my rent on a credit card I have never missed a payment or been late, but can't go on paying £642 a month in minimum repayments.

I am so unhappy and want to get started ASAP.

Thank you for reading, I await any replies.

Yours ashamed,
RG


*EDIT*

Can I quickly also ask, when advised to open a basic account, can that include a cheque book as long as there is no overdraft facility? I was halfway through applying for a basic Co-Op account online that offers a cheque book and debit card, then got conflicting advice on another forum on here saying basic = NO cheque book.


*EDIT 2* Worrying SOA now also added below:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1034
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1034

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 310
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 22
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 130
Clothing................................ 15
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 92
Car maintenance (including MOT)......... 42
Car parking............................. 40
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 976


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2200
Other assets............................ 0
Total Assets............................ 2200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Visa......................9088......296.......34
MINT Visa......................5940......133.......24
RBS M'Card.....................3526......81........18
Bank overdraft.................200.......0.........0
Citibank Visa..................1675......39........31
N/Rock car loan................2747......106.......7.1
Barclaycard....................3284......99........34
Total unsecured debts..........26460.....754.......-


Monthly Budget Summary
Total monthly income.................... 1,034
Expenses (including HP & secured debts). 976
Available for debt repayments........... 58
Monthly UNsecured debt repayments....... 754
Amount short for making debt repayments. -696

Personal Balance Sheet Summary
Total assets (things you own)........... 2,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,460
Net Assets.............................. -24,260

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

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harlow19

Hi,

I have about 15k of debt with take home pay of about 1500. I find it very hard to pay my debts down as they are spread over about 8 accounts. I am also terrible at managing my money and become demotivated after a week of being paid. I would really like to get a loan and pay one monthly payment which comes out as soon as I get paid. This seems like a good option which would help me stay on the right track... However, I do not have a good credit rating so was thinking of applying for a DMP as my accounts would get frozen (right..?) and the debts would start to come down. I could pay about 250 a month which more than covers the payments. Will this have an adverse effect on my credit rating? How do I go about it? I am also 19 so can I still apply for DMP? Also, a significant portion of the 15k is car finance and I would not be including this. So my total ideal repayments are 250 and then 236 for the car. From my income this may sound not like a problem but I have real difficulty managing my money and just feel like I am making no progress since running up my debts six months ago. One single payment would be far easier to manage and make real progress with. I just have no idea how to go about it. All advice greatly appreciated.

Rochdale_Guy

harlow19 wrote: »

Hi,

I have about 15k of debt with take home pay of about 1500. I find it very hard to pay my debts down as they are spread over about 8 accounts. I am also terrible at managing my money and become demotivated after a week of being paid. I would really like to get a loan and pay one monthly payment which comes out as soon as I get paid. This seems like a good option which would help me stay on the right track... However, I do not have a good credit rating so was thinking of applying for a DMP as my accounts would get frozen (right..?) and the debts would start to come down. I could pay about 250 a month which more than covers the payments. Will this have an adverse effect on my credit rating? How do I go about it? I am also 19 so can I still apply for DMP? Also, a significant portion of the 15k is car finance and I would not be including this. So my total ideal repayments are 250 and then 236 for the car. From my income this may sound not like a problem but I have real difficulty managing my money and just feel like I am making no progress since running up my debts six months ago. One single payment would be far easier to manage and make real progress with. I just have no idea how to go about it. All advice greatly appreciated.

I'm not speaking for the experts, but have a good read here:
http://www.cccs.co.uk

It would help if you completed a Statement of affairs (SOA) so people can see what your income is and monthly outgoings, found here:
http://www.makesenseofcards.com/soacalc.html

Help is available here:
http://www.makesenseofcards.com/soacalchelp.html

And then try completing the CCCS "Debt Remedy" here:
https://debtremedy.cccs.co.uk/start.aspx

Then come back for further advice / assistance :A
Good luck

Pippin12

Hi

I've got two questions I'd like your help with please.

I'm not working due to a severe disability and am £5000 in debt to Capital One credit card (my only debt). I have negotiated a low payment with them (£11 a month) which means it will take 38 years to pay off!
I get DLA and income support and on my income and expenditure form from Capital One the DLA is treated like any other income. I phoned the CAB to check on this and the advisor told me that DLA is treated like any other income - this is borne out by the Capital One I and E form which asks for details of 'disability benefits' on the list of income sources.
However I read on this thread that DLA should be disregarded for I and E purposes as it is specifically to pay for extra expense incurred by having a disability.
Which advice is correct? Should it be included or not?

On another related issue because of my disability I need a mobile phone so I can access help quickly when I'm out and about. Without going into too much detail I wouldn't feel safe to leave my home unaccompanied without my phone. My contract has currently expired and I want to renew it, I want an upgrade because for this they don't do a credit check (fortunately). I realise that my creditor may see this as a frivolous expense but in my opinion it is needed because of my disability - this is why I am paid DLA, because of extra expense incurred because of disability.
Will it be ok to renew my mobile phone contract?

Many thanks.

StepChange_Pavan

jamsponge wrote: »

I am really worried. I have been off work on long term sick and havnt felt able to cope with finances etc. I stopped paying for the car because I couldnt afford it. I have just recieved a letter saying I no longer own the car. What can I do? I have just tried phoning them but the office is closed. I feel sick to the stomach. This is my only means of transport as I have problems walking. Please can I have a bit of advice. I am really scared.

Hello jamsponge and thanks for your post.

We would need to know more about the type of agreement to be able to help you. Do you know whether it’s on hire purchase or did you take out a loan to pay for the car in full? This blogpost explains the differences which may help you but you can check the terms of your agreement to find out for certain: http://moneyaware.co.uk/2011/02/buying-a-new-11-number-plate-car/.

You may still be able to come to an agreement but we would need to look at your situation in a bit more detail. I’d recommend that you call our free helpline on 0800 138 1111 so that we can discuss your options and advise you fully.

Kind regards,
Pavan