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StepChange_Pavan

MiaowMiaow wrote: »

Thanks in advance for any advice

I currently have a joint mortgage with my brother. He is saving to buy a house with his girlfriend.

I think they will probably be looking to get somewhere in about 12 months.

This leaves me with wondering what to do?

My mortgage is for 140k (last statement i think it ws about 136k)

I earn approx 32k pa

I have a lodger £350/mth

With my income and the rent from lodger I can afford the mortgage (I couldnt without lodger due to my debt)

I am looking to switch to single mortgage, would I have to start a completely new application?? or would my existing lending (coventry building society) review my mortgage?

I am so worried I wont be able to get a mortgage and will lose the house. I had in on the market for a year but there is no way it will sell without me losing about 20k on the house which there is no way i can afford to do.

My debts are currently 15.8k

I have never missed a payment on my mortgage but my credit rating is poor at the moment.

I am really not sure what to do.


I checked my credit rating on experian this morning and it is actually good/excellent (i know lenders rely on more than this).

Hi MiaowMiaow and thanks for your post.

As your question is about mortgage advice rather than debt advice you would need to seek help from a financial advisor or mortgage broker.

If you’d like any detailed debt advice, you can call our free helpline on 0800 138 111.

Kind regards,
Pavan

StepChange_Pavan

mummynikki wrote: »

I run my own buisness that has struggled with the ression.
I am a company director
my own debts are now at £25000 and as i am struggling to take a wage have maxed out credit cards to the sum above.
Each month my dd for cards are now bouncing encuring late fees over limit fees and interest then bank fees for unpaid dds.
Help where do i turn for help i dont want to go bankrupt as i wont then keep my buisness.
Not sleeping with the worry and not picking up calls from credit card firms.:(

Hi mummynikki and thanks for your post.

If you’re personally liable for these debts we can help, but if they are in the business name you would need to seek advice from Business Debtline: http://www.bdl.org.uk/.

If they’re all in your name, I’d recommend that you call our free helpline so that we can discuss your situation in more detail and explore all of the options that are available to you.

You can call us on 0800 138 1111 and we’re open Monday to Friday, 8am – 8pm and Saturdays, 9am – 2pm.

Kind regards,
Pavan

DjWaRpEd

In September last year I was contacted by RED about a debt on a mobile phone from 2006/7 (£700) which I disputed and they seemed to stop contacting, however in the new year they started sending letters about another that I know is over 6 years old (it was for a credit card originally taken back in 2003 with a limit of £200 and they are wanting nearly £900!). In the interim period I have moved many times including living abroad for nearly 3 years and have not responded to any collection agencies regarding this debt.
The latest letter for the card has offered me an option to settle for 50% of the total owed however I believe it is Statute barred.
Since recieving this one I have had another letter regarding the mobile phone debt from another company saying it had been passed to them for collection and if I do not pay this they will follow legal action.
I never acknowledged that I owed the debt for either so can they still collect for the debt on the credit card or take the mobile debt further?
I was worried that my credit rating was bad but have a current mobile contract and have just been accepted for a credit card for over £2000.
In the last 4 years I have not taken any other credit and wonder if paying the mobile debt will just encourage them to keep hassling me for more.:(

I have requested for a copy of my credit file and if they are not on there, where do I stand?

bluemonday3

Hi
I am looking for some advice. I have been in a DMP with CCCS since Sept 2009 and now all but one creditor has frozen interest. Creation which was a store card have reduced interest but in the last 2+ years I have repaid them £814.79 but only reduced the debt by £82.65!!
I am constantly asking them to freeze this but they do even respond.
I have written to FOS but not sent this yet as I have looked at the CCA again that I requested in 2010 and all they have sent me is the CCA with my name & address printed on it but without my signature or any other details. This was apparently from 2001.
I have a dilemma in that as much I want to clear the debt, this is going to take forever. What would happen if I stopped making payments? I am aware that CCCS would frown on this and there is the problem.
Does any one know the consequences of not paying and also what CCCS would do, I am assuming that I would lose their support?
Sorry this is long winded I feel very stressed about it all.

StepChange_Pavan

Dawnie_Donut wrote: »

Hello All

I have received MSE.com for some time and used some of the tips, but now, I need debt advice. I've been a plank and for the first time in my life, I need help.

Last year, we had some work done on the house so I borrowed for that - no problem. I then had to borrow in addition to that - no problem. I've also got a car loan - also no real problem. Separate loan for a laser eye operation - no problem 0%. My problem is that I have run up a debt on my credit card. Actually, I have maxed it out at £10k.

I have managed to transfer £2k of this to other cards on balance transfer arrangements and will pay these off monthly. This leaves me with about £8k on my card.

I understand that there are others on this forum who have much larger debts than me and I know some have successfully got themselves debt free - that is my goal. But in the meantime, I am struggling to pay off anymore than the minimum monthly amount on the card so I am getting nowhere.

What I would like to do is to take out a loan to cover this debt so that I can pay it off at a lower rate of interest - is this is good idea?

Also, my credit rating is not good - so where could I go for a loan?

Any advice would be appreciated. Two of the loans mentioned above complete it April 2014 so this will put an additional £260 into my bank account which I will use to up payments on other loans. (Please note, the reason I have put 'no problem' next to the loan info, is that I can service these).

Thanks for reading so far - sorry, this all sounds a bit wingy.

Hi Dawnie, don’t worry – you have posted in the right place


You might find it difficult get a consolidation loan if your credit rating isn’t brilliant. They can often make the situation worse in the long term if you continue to spend on the existing card too.

If you can comfortably manage the minimum payments, you could look at your budget to see if there are any cutbacks you can make so that you can afford to pay more. You could also look at ways of maximising your income to clear them quicker: http://moneyaware.co.uk/2011/01/need-to-make-extra-cash-in-2011-10-ways-to-increase-your-income/.

If you were to look at debt solutions, we would need to look at your situation as a whole which means we would look at all your existing debts. If you’d like to do this you can use our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) or call our free helpline on 0800 138 1111.

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan

DjWaRpEd wrote: »

In September last year I was contacted by RED about a debt on a mobile phone from 2006/7 (£700) which I disputed and they seemed to stop contacting, however in the new year they started sending letters about another that I know is over 6 years old (it was for a credit card originally taken back in 2003 with a limit of £200 and they are wanting nearly £900!). In the interim period I have moved many times including living abroad for nearly 3 years and have not responded to any collection agencies regarding this debt.
The latest letter for the card has offered me an option to settle for 50% of the total owed however I believe it is Statute barred.
Since recieving this one I have had another letter regarding the mobile phone debt from another company saying it had been passed to them for collection and if I do not pay this they will follow legal action.
I never acknowledged that I owed the debt for either so can they still collect for the debt on the credit card or take the mobile debt further?
I was worried that my credit rating was bad but have a current mobile contract and have just been accepted for a credit card for over £2000.
In the last 4 years I have not taken any other credit and wonder if paying the mobile debt will just encourage them to keep hassling me for more.:(

I have requested for a copy of my credit file and if they are not on there, where do I stand?

Hi DjWaRpEd and thanks for your question.

It sounds as though they could be timed out to enforce the debt. However, this only makes it unenforceable and doesn’t write the debt off so they can continue to chase you for the debt.

You could use the template letter below to help you or come to an arrangement to repay the debt at a rate that you can afford.

I hope this helps.

Kind regards,
Pavan

From:
Name:
Address:
Postcode:
Date:
To:
Creditor‘s Name:
Account/Agreement No:
Without Prejudice

Dear Sir / Madam

You have contacted me regarding the above account.

The last payment of this debt was made over six years ago and no further acknowledgement or payment has been made since that time. Unless you can provide evidence of payment or written contact from me in the relevant period under Section 5 of the Limitation Act 1980, then you will no longer be able to take any court action against me to recover the alleged amount claimed.

Any court claim will be defended on this basis.

In addition section 2.14 of The Office of Fair Trading Collection Guidance states that it is unfair to pursue such claims where, as here, the creditor has made no contact during the relevant limitation period.

If you have evidence that your claim is not statute barred then please supply it to me within 21 days. If you are unable to provide such evidence please confirm that no further action will be taken against me.

Yours faithfully

fermi

bluemonday3 wrote: »

Hi
I am looking for some advice. I have been in a DMP with CCCS since Sept 2009 and now all but one creditor has frozen interest. Creation which was a store card have reduced interest but in the last 2+ years I have repaid them £814.79 but only reduced the debt by £82.65!!
I am constantly asking them to freeze this but they do even respond.
I have written to FOS but not sent this yet as I have looked at the CCA again that I requested in 2010 and all they have sent me is the CCA with my name & address printed on it but without my signature or any other details. This was apparently from 2001.
I have a dilemma in that as much I want to clear the debt, this is going to take forever. What would happen if I stopped making payments? I am aware that CCCS would frown on this and there is the problem.
Does any one know the consequences of not paying and also what CCCS would do, I am assuming that I would lose their support?
Sorry this is long winded I feel very stressed about it all.

The above post copied from this thread.

https://forums.moneysavingexpert.com/discussion/3807475

Can someone form CCCS answer please?

Thanks.

greebouk

Hi, I am really in need of some advice. Between the 2 of us, my husband and I owe approx £25,000 on loans, credit cards and overdrafts. We have been making the payments, although it has been a struggle and has left us with only £20 a week left over, but we have been doing it.

Unfortunately, we have been relying on my husbands overtime, which is now stopping, which basically means we are losing £100 per week. We will not be able to make the payments on the loan, but are scared to default, as 2 of the loans, credit card and overdraft are with our main bank. I know if we do default, they will offet the money and we will not be able to pay our mortgage and other normal outgoings.

We have considered taking out another loan, to consolidate the 2 we have wiht our bank, as they would then not be able to offset if it happens. I am worried if I go to my bank and tell them we are going to have problems, they will not help as they have not been very helpful in the past.

I am at my wits end, we are using the overdraft to make the shortfall in the short term, but this is getting us into more trouble. I suffer with depression and anxiety and am under my doctor for it and I just don't know what to do. I have even thought if I were no longer around, the debts would go with me.

Please, help me

Jackie

Rochdale_Guy

Hi,

I am now on a DMP with you, with a start date of 1st March 2012.

I have sent all my creditors a letter explaining I am in difficulty and am going on a DMP, with yourselves along with a £1 token payment.

My minimum payments are now due again, before the end of the month (and before my DMP with you starts).

Do I need to make a second round of £1 minimum token payments, as my DMP with you won't start until March 1st?

Please answer ASAP, as it is already the 22nd February.

Also, my Royal Bank of Scotland credit card online banking shows they have charged me £12 for late payment, yet they have paid in my £1 token payment.

Help! What do I do please?

Thank you,
Rochdale_Guy

Client number: xxxxxxxx

P.S. I emailed this to the "client services" address, but haven't had a reply yet.

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fatbelly

CCCS_Pavan wrote: »

[/COLOR] In addition section 2.14 of The Office of Fair Trading Collection Guidance states that it is unfair to pursue such claims where, as here, the creditor has made no contact during the relevant limitation period.

If you have evidence that your claim is not statute barred then please supply it to me within 21 days. If you are unable to provide such evidence please confirm that no further action will be taken against me.

Yours faithfully

It's Section 3.15 of the OFT Debt Collection Guidance and it also states that an unfair practice is "continuing to press a debtor for payment after he has stated that he will not be paying a debt because it is statute barred."