Struggling with debt? Ask a debt advisor a question

bigt777

bigt777 wrote: »

Hi all,
I have two credit card debts:

1. MBNA £10k
2. Santander £3k

Got into trouble with payments when our 2nd child was born 2 n half year ago!

Have been making token payments of £1/month for last 2 yrs, recieved letter from MBNA on monday saying outstanding balance has been purchased by Idem Capital Securities Ltd.

My father has offered to help me out if I can obtain F&F settlements which although I would have to pay him back would be a huge weight off my shoulders.

Just wondered if anyone had any ideas on how much to offer? Understand it's a negotiation process so should start low but how low? Have spoken to CCCS so know about only talking by letter.

Also what is best way to sort out my credit rating? Will it take 6yr from agreeing settlement to wipe out defaults? Default notice was sent out bout 18month ago so will the 6yr start from then or will I have defaulted every month with my £1 payments? Does the fact the debt has been sold on affect my credit rating?

Know I have asked alot of questions so any you can help with will be most appreciated. Thanks

Anybody help??

edbling

edbling wrote: »

hi i have filled something in online today and was contacted by a company called bbcdebts.com who told me that an iva is something i should start up right away. i currently have a dmp but they said to stop paying them. they wanted me to start paying straight away but i havent as yet. are they a trustworthy company which will help or are they just another parasite? please help

actually they are called gw financial solutions

bigt777

bigt777 wrote: »

Anybody help??

Have I posted this in the wrong place? If so can anyone point me in the right direction as to where it should be posted?

Please help, thanks BigT x

fermi

bigt777 wrote: »

Have I posted this in the wrong place? If so can anyone point me in the right direction as to where it should be posted?

Please help, thanks BigT x

Not the wrong place, but the CCCS advisors are very busy so may not be able to respond for a while.

I've copied your question into a thread on the main board so that others can see it and help if they can

---> https://forums.moneysavingexpert.com/discussion/3770465

bigt777

Thanx v much Fermi, appreciate they are busy!!:)

StepChange_Pavan

bigt777 wrote: »

Hi all,
I have two credit card debts:

1. MBNA £10k
2. Santander £3k

Got into trouble with payments when our 2nd child was born 2 n half year ago!

Have been making token payments of £1/month for last 2 yrs, recieved letter from MBNA on monday saying outstanding balance has been purchased by Idem Capital Securities Ltd.

My father has offered to help me out if I can obtain F&F settlements which although I would have to pay him back would be a huge weight off my shoulders.

Just wondered if anyone had any ideas on how much to offer? Understand it's a negotiation process so should start low but how low? Have spoken to CCCS so know about only talking by letter.

Also what is best way to sort out my credit rating? Will it take 6yr from agreeing settlement to wipe out defaults? Default notice was sent out bout 18month ago so will the 6yr start from then or will I have defaulted every month with my £1 payments? Does the fact the debt has been sold on affect my credit rating?

Know I have asked alot of questions so any you can help with will be most appreciated. Thanks

Hi bigt777 and thanks for your question.

It looks as though you’ve already had some really useful advice from Fermi.

To reiterate what he’s said, it’s important to start low and like we’ve already advised make sure that you get everything accepted in writing before making any payments. It’s vital that you keep this as proof as we hear from clients that have creditors chasing them further down the line.

Anything on your credit file will take 6 years to drop off, so if the default date was 18 months ago it will drop off 6 years from then. The fact that it has been sold on to a collection agency is unlikely to affect your score but future lenders may be able to see that the debt was being collected by a different company.

It could also be a good idea to come to an agreement with your father especially if he is reliant on the repayments.

I hope this helps, but if you’d like any more detailed and immediate advice please call our support team.

Kind regards,
Pavan

StepChange_Pavan

edbling wrote: »

hi i have filled something in online today and was contacted by a company called bbcdebts.com who told me that an iva is something i should start up right away. i currently have a dmp but they said to stop paying them. they wanted me to start paying straight away but i havent as yet. are they a trustworthy company which will help or are they just another parasite? please help

Hi edbling and thanks for your post.

If they’re chasing you and saying that an IVA is your best option without looking at your situation in detail, it’s likely that they’re not impartial and they’re trying to get money out of you. Also, they shouldn’t be pressurising you into making decisions straightaway.

It’s best to get free and impartial advice from a debt charity like us, where if an IVA is your best option we will recommend it.

I hope this helps.

Kind regards,
Pavan

Birdstarr

Hello, any advice would be really appreciated.

I've currently got 4 credit cards, 2 that have low balances and that I'm hoping to pay off in the next couple of months and 2 that are 0% until November.

The two 0% cards have a combined balance of £2,500 so there's no way I can pay these off by November so I'll probably have to transfer the balances again, my question is what is the best way to improve my credit score so that I've got the best chance of being accepted for another card in November, my current credit rating is 'ok'

Hopefully by May I will have paid off the 2 lesser cards, both with a high APR (lloyds tsb & capital one) but I wass thinking maybe I should use one of these to build my score back up i.e buying a weekly shop on the card and then paying off the full balance each month.

Any tips/help would be great. I'm on the electoral roll and have been in my current address over 5 years.

Thank you

butterfinger

Hi guys,

Im new here, really need some advice and this is the first place i thought i would try.

Well....my situation is probably one of those big issues piling up right now with payday loans, stupidly i got myself into the loop!

I took out a payday loan a couple of months ago with Wonga for about £500 was unable to pay it back, again the following month fell short took out another £500 loan with quick quid! again the next month took fell short and took out £80 with moneybox247 and again £300 with paydayuk (making me feel sick looking at it in writing) to be honest i dont even want to know what the interest is sitting at with all of the above to date!....You will probably want to know why in hell i took all these loans, well my grandad passed away leaving me a rather large inheritence, the lawyers who are dealing with it gave me an update a couple of months ago that i was to expect my first payment (everything exc property) at the end of January, so i thought stupidly what was the harm in getting all these payday loans, now its february no sign of inheritence, contacted lawyer and got the response taht i always get 'just waiting on a couple of things', now i have became unemployed and i am on benefits around £430 pm, luckily my partner's father owns the flat and allows me to go rent free! below i will give a list of my outgoings. Any way with regards to the payday loans i explained to them about my inheritence and that i would pay all back by the 10th of february (because thats when i thought i would have my inheritence) but obviously im not getting it by then, so i was considering an IVA or DMP. However my concern is getting a mortgage if i do that! What should i do in this position!!! below is my money situation and what i do with it.

Incoming - £430

Outgoings i PAY p/m

- Sky = £80
- FLM loan = £152.99
- Credit Cards x 2 = £25 each (min payment)
- Phone + Internet = £40
- Provi loan = £75

Outstanding things i CANT PAY (when i last checked)

- Moneybox247 = £197
- paydayuk = £387
- Wonga = £600+
- Quickquid = £600+


The anxiety attacks i get from this is really stressing me out, i know that it isnt that much compared to what others have out there, but i am only 22, with no family at all here in Scotland as my grandparents passed away as well as my father and i dont really hear from other family that i can ask for help. I do get great support from my girlfriend but there is only so much she can do and also it should be me looking after her not the other way around.

Again any advise and help would be appreciated. Sorry if spelling/grammar is off a bit, not been able to sleep!

Cheers Guys

FloFlo

Do you have to put all your debts with the DMP? I need to sort out my finances as I owe way too much on credit cards and am using them to live at the moment but I am not behind with any payments currently. I would rather not have my mortgate, bank loan or overdraft involved in the dmp, is this possible?