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StepChange_Pavan

Birdstarr wrote: »

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

Hi Birdstarr and thanks for your post.

It sounds like you’re taking lots of positive steps towards clearing your debts.

I’d really recommend this article as it gives you lots of useful tips on how to improve your credit file and also gives you an insight as to how they work: http://www.moneysavingexpert.com/loans/credit-rating-credit-score.

I hope this helps.

Kind regards,
Pavan

System

butterfinger wrote: »

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

Hi and welcome to the forum.

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

I’d recommend opening a new basic bank account with no overdraft facility and having your benefits paid into this new bank account.

The payday lenders will more than likely have access to your current bank account details and could take money from it without warning.

I’d also recommend that in the short term you maintain your other commitments but to just offer token payments to the payday lenders as a short term solution until your inheritance comes through.

If you need any clarification on this advice please call 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

Birdstarr

CCCS_Pavan wrote: »

Hi Birdstarr and thanks for your post.

It sounds like you’re taking lots of positive steps towards clearing your debts.

I’d really recommend this article as it gives you lots of useful tips on how to improve your credit file and also gives you an insight as to how they work:

I hope this helps.

Kind regards,
Pavan

thanks very much, I'll give that a read

Sazy

Hi,

I am new to this forum and was just after some advice.

Me and my partner have the following debt:
10000 loan
2300 credit card - currently on 0% until June 2012
3300 loan
1500 overdraft

My problem is that we keep going over our overdraft limit, I get paid 4 weekly and my partner gets paid weekly so it is difficult to manage and calculate how much spending we have per week/month and we also have had a few unexpected payments we have needed to pay for.

I am tempted to get a loan to consolidate the credit card, overdraft and small loan (there is no early repayment charge on the loan) and I think a regular payment plan would help me in knowing where my money is at etc.

Do you think this would be best course of action or should I just leave everything where it is at the moment and try and cut down? - I must admit we have difficulty cutting down on the overdraft and are currently paying min payment on card. I have calculated it will only cost us approx 30 quid more a month than the individual charges/payments to get a loan for 3 years to pay this debt off.

Thanks

susie_sue1

i need some advise. my daughters partner has decided to buy a new audi(factory order) and has signed a credit agreement and paid half his deposit. he is due to pay the rest of the deposit when he gets car in march. my daughter is a student they have a 8 month baby and she has had to give up her part time job so that she can complete her studies. he only earns 280 pound per week and the agreement will require him to pay 280 pounds per month. i am worried sick that they are going to get in some serious financial trouble. is there any way that he can get out of the agreement.

Time_to_face_the_music

I am not sure if I am posting this in the correct place so please excuse a newbie if I have got it wrong

Why is it so difficult and so expensive to contact CCCS and why do they have an 0800 number for initial enquiries and then an 0845 number for clients? I do understand that the CCCS service is in great demand but I recently had to hold on for 50 minutes to speak to someone then the actual phone call was another 20 minutes.

We are at the start of our DMP and need to speak to someone quite a lot and we just can't afford the phonecalls. Is there any other way of contacting CCS? I just can't see anything in my welcome pack or my letters from them.

Thanks for your help.

System

FloFlo wrote: »

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?

Hi FloFlo and thanks for your message.

Your mortgage is a priority bill so this would continue to be paid in full.

Your bank loan and overdraft would need to be included in the debt management plan to ensure all unsecured creditors are being treated fairly.

I hope this helps.

Kind regards,

Mat

System

Sazy wrote: »

Hi,

I am new to this forum and was just after some advice.

Me and my partner have the following debt:
10000 loan
2300 credit card - currently on 0% until June 2012
3300 loan
1500 overdraft

My problem is that we keep going over our overdraft limit, I get paid 4 weekly and my partner gets paid weekly so it is difficult to manage and calculate how much spending we have per week/month and we also have had a few unexpected payments we have needed to pay for.

I am tempted to get a loan to consolidate the credit card, overdraft and small loan (there is no early repayment charge on the loan) and I think a regular payment plan would help me in knowing where my money is at etc.

Do you think this would be best course of action or should I just leave everything where it is at the moment and try and cut down? - I must admit we have difficulty cutting down on the overdraft and are currently paying min payment on card. I have calculated it will only cost us approx 30 quid more a month than the individual charges/payments to get a loan for 3 years to pay this debt off.

Thanks

Hi Sazy and welcome to the forum.

We don’t usually recommend taking out any further lending as this can often make the situation worse further down the line.

It sounds like the issue here could be budgeting.

I’d recommend putting together an accurate income and expenditure budget and working out what you need to set aside from your wages on a 4 weekly and a weekly basis to cover your bills.

We can help you put together a budget like this.

I’d recommend that you gather details of your income, expenditure and debts and give our helpline a call on 0800 138 1111. This is free to call from landlines or phone boxes and we’re open Monday to Friday 8am - 8pm.

I hope this helps.

Kind regards,

Mat

System

susie_sue1 wrote: »

i need some advise. my daughters partner has decided to buy a new audi(factory order) and has signed a credit agreement and paid half his deposit. he is due to pay the rest of the deposit when he gets car in march. my daughter is a student they have a 8 month baby and she has had to give up her part time job so that she can complete her studies. he only earns 280 pound per week and the agreement will require him to pay 280 pounds per month. i am worried sick that they are going to get in some serious financial trouble. is there any way that he can get out of the agreement.

Hi susie sue1 and welcome to the forum.

Without knowing more details it’s hard for us to give advice.

He would need to check over the terms and conditions of the agreement to see if he could cancel and what penalties this incurred.

He’s welcome to call our helpline on 0800 138 1111 for more advice.

I hope this helps.

Kind regards,

Mat

StepChange_Pavan

Time_to_face_the_music wrote: »

I am not sure if I am posting this in the correct place so please excuse a newbie if I have got it wrong

Why is it so difficult and so expensive to contact CCCS and why do they have an 0800 number for initial enquiries and then an 0845 number for clients? I do understand that the CCCS service is in great demand but I recently had to hold on for 50 minutes to speak to someone then the actual phone call was another 20 minutes.

We are at the start of our DMP and need to speak to someone quite a lot and we just can't afford the phonecalls. Is there any other way of contacting CCS? I just can't see anything in my welcome pack or my letters from them.

Thanks for your help.

Hi there and thanks for your post.

If you send us your client reference number in an email to [EMAIL="contactus@cccs.co.uk"]contactus@cccs.co.uk[/EMAIL] we can arrange for someone to contact you.

I hope this helps.

Kind regards,
Pavan