Struggling with debt? Ask a debt advisor a question

ghayoor

Hello! i live in Pakistan but at times i do visit to the Vancouver. i have been searching for the vacation apartments in Vancouver which may be feasible for single man. I really damn care whether it is furnished or unfurnished of rental in Vancouver. Please tell me whether having a dual nationality may i avail the opportunity of loan in Vancouver?:mad:

StepChange_Pavan

laurab1956 wrote: »

I am at my wits end. I was employed full time until the summer of 2009 when I left due to problems with my employer. I then went to work as the self employed administrator for my brother's company. Sadly, my brother who was then ill, died in June 2011. I was due tax for the year 2009/2010 which I had to pay off in installments and also had an overpayment of tax credits to pay as well. The company which was my client is now folding and cannot pay me. I am therefore unemployed. I have no savings (which I know is idiotic) and an income tax bill of over £4,000 for 2010/11. I live in my own home (well, I partly own it and the rest is owned by a trust fund). The trust fund was set up by my parents in their wills and my share of their estates is held in trust for my children after their death. I get liferent. At the moment this comes to around £3,000 per year, the payments are quarterly and I never know exactly how much to expect. This is being used to calculate my benefit so I will only get about £4 a week according to the CAB. Apart from an account with Simply Be which I already have a payment arrangement with and around £400 which I owe to Very, my only other debts at the moment are my accountants bill and a small amount to the dentist. This will change soon when I can no longer pay utility bills. I have already cancelled my internet and phone.

Any ideas as to how I should proceed? I am terrified in case HMRC force bankruptcy on me.

Thanks

Hi laurab1956 and welcome to the forum.

I’m very sorry to hear about your brother.

We’d need to look at your situation in a bit more detail to be able to advise you on your options. I’d really recommend that you call our free helpline on 0800 138 1111 so that we can discuss your circumstances and the options that are available to you. We’re open Monday to Friday 8am – 8pm and Saturdays 9am – 2pm.

Kind regards,
Pavan

StepChange_Pavan

thegosu wrote: »

Is it possible to speak to someone in a more private chat I don't feel comfortable speaking openly about everything which I need to do to get the information I need.

Hi thegosu,

You can send us a private message (CCCS Private Messages) or you can use the details that Mat gave previously if you’d like us to look at your situation in a bit more detail (http://www.cccs.co.uk/ref/drcu or call us on 0800 138 1111).

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan

1s10ma wrote: »

Can anyone please help?
A friend would like an assistance please?
He has lots of debts including cc and planning to do an IVA. He earns about £1400 monthly and all goes on paying bills and cc. He has 2 mortgages - both properties are on negative equity.
He lives in one with his family and let out the other - rent collected is just enough to pay the mortgage.

The question is, if he goes into an iva, will he lose both properties, as he does not want to end up on the street with his family?

What is the best way to approach his debt.

Hi 1s10ma and thanks for your post.

He wouldn’t lose the house that he lives in but whether or not he gets to keep the second property would depend on his circumstances.


Without looking at his situation in more detail it’s difficult to say whether an IVA is his best solution as there could be others available to him. I’d recommend that he gets in touch so that we can explore the options that are available to him.

Kind regards,
Pavan

StepChange_Pavan

ghayoor wrote: »

Hello! i live in Pakistan but at times i do visit to the Vancouver. i have been searching for the vacation apartments in Vancouver which may be feasible for single man. I really damn care whether it is furnished or unfurnished of rental in Vancouver. Please tell me whether having a dual nationality may i avail the opportunity of loan in Vancouver?:mad:

Hi ghayoor and thanks for your post.

We’re based in the UK so you would need to contact an advice agency in Canada to get a more accurate answer.

Kind regards,
Pavan

stwilson1973

Hi,

I am wondering what to do as we have a lot of unsecured debt (through unemployment and not being as careful as we should have been if we are being totally honest). My wife and i are both now working but the debts built up over the period of my wife's unemployment are quite scary to say the least.

We are not in arrears with any of out creditors but we are only ever paying the minimums and the debts are creeping up slowly, so i am starting to worry that arrears may be a matter of time?

We tried unsuccessfully for unsecured credit consolidation last week but were refused despite both having excellent credit ratings. I am extremely reluctant to secure further debt agaisnt my property as i am currently only paying interest only on my mortgage anyhow?

We are just existing at the moment and life is a real struggle, we are both stressed out and it affecting our family life, especially the kids as they can sense the tension on occasions.

Earlier today i did the debt remedy test on CCCS website and it advised us to go down the DMP route - i am reluctant to do this but if this is the best course of action for us to get our life back then i am more than willing to consider this option.

Can anyone please advise?

Thanks

StepChange_Pavan

stwilson1973 wrote: »

Hi,

I am wondering what to do as we have a lot of unsecured debt (through unemployment and not being as careful as we should have been if we are being totally honest). My wife and i are both now working but the debts built up over the period of my wife's unemployment are quite scary to say the least.

We are not in arrears with any of out creditors but we are only ever paying the minimums and the debts are creeping up slowly, so i am starting to worry that arrears may be a matter of time?

We tried unsuccessfully for unsecured credit consolidation last week but were refused despite both having excellent credit ratings. I am extremely reluctant to secure further debt agaisnt my property as i am currently only paying interest only on my mortgage anyhow?

We are just existing at the moment and life is a real struggle, we are both stressed out and it affecting our family life, especially the kids as they can sense the tension on occasions.

Earlier today i did the debt remedy test on CCCS website and it advised us to go down the DMP route - i am reluctant to do this but if this is the best course of action for us to get our life back then i am more than willing to consider this option.

Can anyone please advise?

Thanks

Hi stwilson1973 and welcome to the forum.

If you’ve already used Debt Remedy and it recommended a DMP, it’s likely that this is your best option at this stage. From what you’ve mentioned, it sounds as though you’re struggling to maintain your minimum payments and a DMP could be the solution to help give you some breathing space and still enable you to pay towards your debts at the same time.

We don’t usually recommend debt consolidation as you tend to increase your debts and it can make the situation worse in the long term. We certainly wouldn’t recommend securing the debt against your house as this would put it at risk if you’re unable to maintain the payments further down the line.

If you’re unsure about a DMP or want to see whether there are any other options available to you, I’d recommend that you contact our web support team with your reference number. They’ll have access to all the information you’ve already input and they’ll be able to give you some more detailed advice.

I hope this helps.

Kind regards,
Pavan

jelster

hi, i have finally decided to try and control my debts. i have a total of £18000 of credit card debts, paying £480 a month minimum payments. My take home pay is £1650 a month. Over last couple of months i have had to dip in my savings, about £250 a month, to stop going overdrawn.
i have £8000 in savings, i have a appointment tomorrow at bank to arrange a loan to pay off the cards and to also use £4000 of my savings towards the credit cards.

Is this the best course of action to take.

j

StepChange_Pavan

jelster wrote: »

hi, i have finally decided to try and control my debts. i have a total of £18000 of credit card debts, paying £480 a month minimum payments. My take home pay is £1650 a month. Over last couple of months i have had to dip in my savings, about £250 a month, to stop going overdrawn.
i have £8000 in savings, i have a appointment tomorrow at bank to arrange a loan to pay off the cards and to also use £4000 of my savings towards the credit cards.

Is this the best course of action to take.

j

Hi jelster and welcome to the forum.

It’s difficult to say what your best options are without discussing your situation in more detail.

Before you take on any further credit, it’s important that you draw up a budget that’s realistic and sustainable so that you can stick to a plan that will mean you’re debt free within a specific timescale. I’d recommend that you explore whether a new loan will save you money or mean that you’re taking on extra responsibilities – could it be better to transfer your credit cards to 0% interest for example?

We usually recommend that you don’t save until you are debt free, but of course this is personal choice. You could consider getting advice from an impartial financial advisor who won’t try to sell you any products but discuss your options in more detail.

I hope this helps.

Kind regards,
Pavan

scholars13

Hello all.
Im currently nearly 4 years into an independently arranged reduced payment plan with my creditors.
I want to know:

- if I am able to apply for a credit card yet to help improve my credit file - vanquis or similar?

many thanks.....