Struggling with debt? Ask a debt advisor a question

angie_p

ive got a friend who is dealing with the money group, itold her from the start not to but she went ahead anyway, she's been with them a couple of months not heard anything much, so was just wondering if anybody else has had any dealings with The Money Group thanks x

StepChange_Pavan

scholars13 wrote: »

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.....

Hi scholars13 and thanks for your post.

Whilst you’re making reduced payments your credit file will continue to be affected. Therefore it’s better to wait until your debts are cleared before you look at improving your file. I wouldn’t recommend taking out any further credit until your current debts are repaid.

I hope this helps.

Kind regards,
Pavan

mikejleeds

I have been on a joint DMP with my partner for 9 years, first with the ill fated DCM money solutuions which went into adminisatration taking 4k of our money, and now with another company. There are 5 accounts one joint and 4 in seperate names. I also have a CCJ in my name. They have bounced around several DCA's but still get statments from some of the original companies. I have been made redundant and want to make some Full and Final offers but before i do so i wondered if i could go down the route of asking for proof of the debt and current ownership. I have read topics elsewhere on this forum about this but wondered as the accounts are 9 years old would there be a chance that proof cannot be made. I am not keen on my current DMC dealing with my F & F as they want to charge me 25% of any saving they make if they negotiate it for me

mercuryvenus

Hi, I will come staight to the point. I've got myself into debt with credit cards which have built up over the last 10 years. My OH recently found out about it after applying for a loan himself. Hes been very good about it and were on the road to sorting it out via a DMP with the help of cccs. I just have a few questions still unanswered and wondered if anyone on here could help. First of all my OH wants to see all my statements going back 8-10 years, as hes going to be helping pay this off I can understand this. Can I get copies going back that far from the credit card companies? Next thing is we share a mortgage and a joint account but as the debts are all mine I would prefer to do the DMP alone so as to protect OHs credit file as much as poss. He is self employed and relies on his overdraft to buy materials etc before being paid for jobs. Could I do it alone? I dont work as I have 3 young children but I get £153 a week tax credits and £188 a month child benefit and my OH will help as well. We can afford the £400 a month that the cccs said would be acceptable but I would prefer to keep his name out of it if at all poss. Any help would be much appreciated.

StepChange_Pavan

angie_p wrote: »

ive got a friend who is dealing with the money group, itold her from the start not to but she went ahead anyway, she's been with them a couple of months not heard anything much, so was just wondering if anybody else has had any dealings with The Money Group thanks x

Hi angie p and thanks for your post.

As I work for a debt advice charity, I’d never recommend that anyone pays for debt help. You can read more on Martin’s article: Problem Debts: what to do and where to get help.

It’s likely that most people on this forum would say the same but it’s worth posting this on the main forum to get some more feedback.

I hope this helps.

Kind regards,
Pavan

playing4time

Hi, I'm looking for some pointers on how I can best manage my debt repayments whilst i'm out of work. I'm married and a home owner and my wife is just able to cover our household expenses including mortguage but it's very tight.

My debts stem from about 3 years ago I closed my own business. For two years I was able to secure work and had been slowly paying down the debt however that work finished and I've now been out of work for almost 18 months.

During that time I've been able to make payments by juggling debt around on credit cards for 0% rates, selling my car and using up all my savings.

As it stands at the moment I owe approx £9k on each of two credit cards and I no longer have the capability to swap them to other zero rates.
In addition to them I have around £10k outstanding over 2 years on an unsecured loan (originally £20k over 4).

My total outgoings are around £900 per month and I currently have zero earnings. I'm down to my last £2000 of savings and having just got the knock back at the final stage of a job interview I will run out of money in 8 weeks.

I remain optimistic about getting work.

Are there any possibilities to reduce payments?
Reschedule the loan, even though im not working.
Get a reduction/freeze on the credit card interest?

Thanks in advance for any advice you can offer.

oliel

Hi there

Just wanted some advice heres the details

Home value approx 250-300k
Current mortgage £148k - joint - variable rate
Loan £12k
Income
Husband £22k guaranteed £3k not guaranteed but has contsisently had for the last 5 years.
Me £15k

Money is getting pretty tight and we are looking for a way to reduce our outgoings to make life a bit more affordable and try and get some savings together, we were thinking of remortgaging and adding to the term of our mortgage to pay the loan off which would make us about £300 better off a month, but we dont think anyone would lend us £160k based on our incomes? Whilst remortgaging isnt the cheapest long term soloution it seems to be the only soloution we can think of. We really dont want to have to sell up if we can help it but the purse strings can only be tightend so much!
Any advice would be greatly appreciated as we are trying to sort this out as we feel we are in decline if we dont do something now?

andsp88

Could someone please help or be of assistance?

Having had a look around this morning to try and find a loan to re-structure my debt I have come up short. I need to find a way to resolve this issue as soon as possible..

Here is a list of debts I currently owe..

CC - 3000 - 90 p/m
CC - 500 - 15 p/m
PL - 1200 - 73 p/m
PDL - 875 - 875 next month

Not to mention I'm currently on an informal overdraft with my bank at 675.

I could make excuses that I've got into this mess due to the obscene overdraft charges that my bank has been charging me but I know ultimately it comes down to the fact I've just never had a grip on my finances properly. I've been struggling on and off with my finances for years however I have always been able to pay everyone off fine and live a comfortable life, albeit with having to borrow money to do so. But this month is the first time I've missed payments - one to my credit card (which I have since paid off) and now my Personal Loan.

I just don't know where to go next to get out of this without having to involve my family as I just cannot stomach anyone else knowing about this.. ! I'm on an ok wage, I bring home £1200 a month and have very minimal outgoings, at around £500 (if I'm sensible - which believe me, I most certainly plan on being from now on..) for everything other than paying off debts & interest.

Very disappointed that it's taken this long and for me to get into this situation for me to actually try to do something about it. I desperately need help and don't know where to turn.

clgd252_2

*** HI guys, Mines is just a very quick question. We have been in a dmp with CCCS for a year and now at annual review time. Nothing has really changed I am still not working and apart from the standard small payrise for annual changes hubbys is pretty much the same. Give or take a few quid everything is really still the same. I have received the attachment e mail to complete the budget which I have done and e mailed back. My question is do we need to send all the payslips and everything in again if its pretty much all the same?

love-a-bargain_4

I don't know where to turn anymore :-(

We make all our payments on time but not got a huge amount left at the end of the month.

We have £57k worth of debt not including our mortgage

Can't do an iva as £19k of this wa done as additional borrowing on our mortgage to incorporate a loan I had before I met my husband.

Any suggestions? Would love to move home as we only live in a 2 bed house but can't because we can't save for a deposit :-/

Arrrggghhh I hate being a grown up