Struggling with debt? Ask a debt advisor a question

StepChange_Pavan

spookycookie13 wrote: »

hello,

Could you help me? I've got into a mess with PDL's and I ended up borrowing more to pay each one off. It all started because I have a poor credit rating and had to borrow from PDL's for an unexpected vet bill. I'm thining of taking out a Trust Deed but I don't know where to start. I have around £5k+ of debt all in my name. I really want to stop the letters and phonecalls and live again.

I'm just scared plain and simple.

I want to start a fresh but I'm worried that I'll never repair my credit rating and that my husband's will be affected too.

Can you help?

Hi spookycookie13 and welcome to the forum.

Firstly, please don’t be scared, as you’ve come to the right place for help and we can help you to find a solution that’s best for you. It’s likely that your credit rating will be affected if you can’t maintain payments to your creditors but it’s unlikely that you’ll be looking for more credit until your current debts are repaid anyway. Your husband’s credit file shouldn’t be affected unless you have debts that are in joint names.

We’d need to know a lot more about your situation to be able to help you, so I’d recommend that you visit our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) to help you find a solution to your debt problem quickly.

Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

To help you fill in the form, it’s best to gather together information about:
• Your income
• Your expenditure
• The creditors you owe money to

You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our Helpline on 0800 138 1111 (free including from mobiles). We’re open Monday to Friday 8am - 8pm and Saturdays 9am – 3pm.

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,
Pavan

StepChange_Pavan

scream wrote: »

Hi Can you please help and advise me, last year I lost my job because of managment bullying, this year I lost my home. Before I lost my job I was paying back my loan, I have used all my savings to help me to pay my bills, I found a part time job and get a little help from benefits, I unfortunalty turned to my credit card to help with food bills. I am struggling to pay my debts, I now have 3 part time jobs and dont know what else to do. I dont understand all the financial jargon like APR's and I dont understand the interest rates, so im not very good at judging what is the best deal. I have just done your money planner and im over £700 a month worst off! Your advise will be very much appreciated. Thank you for your time.

Hi scream and thanks for your question.

It sounds as though you’ve already been through our online Debt Remedy? If this is the case, it’s best that you contact us by email, live chat or give us a call with your reference number. That way, we’ll be able to access all the information you’ve put in and we’ll be able to advice you properly on your options.

I hope this helps.

Kind regards,
Pavan

Afroja86

Hi there,
I desperately need some help. Compared to some folks I guess my situation is not that bad but it's really getting me down and is affecting me, my work, my lifestyle and my relationship.

ellebee123

I finished university last year and have been struggling to pay overdraft debts which i have collated.

i currently work full time n bring in about £950 pcm but my overdraft defbts are sitting currently at £4500.00 i am desperate to sort my debts out as it mKes me feel physically sick thinking about it. ive recently moved house also and with all my bills (excluding foods and social spending) im left with about £500 a month . i desperately want to sort my finances and i dont know the best way to go about it whether i should get a loan or a credit card to pay it off. alot of ppl habve said its not that much debt to worry about but im ashamed to even have it in the first place. can someone help me with advice on what to do please! im in need of change and need to be shown how to go about it.

thanks ellebee

louise1984_2

I am trying to sort out my finances.. To be honest I don't know where to begin! I know I waste money.. Lots of it, and never have anything to show for it, but somehow I can't seem to stop!? I also ignore debt letters and throw them straight in the bin
Since I have decided I cannot go on like this any more I have been opening and keeping them. I have created a SOA and have listed the majority of debts but I know there are others that I can't remember.. Also in my SOA I have listed the amounts I should be paying to the debts, when in fact I haven't actually been paying them, except my council tax and rent arrears.. I also have a B*****d payday loan that I got into a cycle with and then could afford it no longer..
So basically any ideas where to start?? Would it be a good idea for me to use one of these debt management companies that deal with the creditors? I am embarrassed about the state of my finances and am getting to the more 'serious' phase of a relationship with my BF I would be devastated if he found out how useless I am..



Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 420
Partners monthly income after tax....... 0
Benefits................................ 1230.24
Other income............................ 150
Total monthly income.................... 1800.24

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 5
Car Insurance........................... 85
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1518


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Council Tax Arrears............236.52....50........0
JD Williams - closed ..........298.29....30........0
Provident 1 - closed...........1680......100.......0
Old Rent Arrears...............1100......45........0
H&M - closed...................426.......40........0
Provident 2 - closed...........408.......50........0
Total unsecured debts..........4148.81...315.......-


Monthly Budget Summary
Total monthly income.................... 1,800.24
Expenses (including HP & secured debts). 1,518
Available for debt repayments........... 282.24
Monthly UNsecured debt repayments....... 315
Amount short for making debt repayments. -32.76

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,148.81
Net Assets.............................. -3,648.81

System

Afroja86 wrote: »

Hi there,
I desperately need some help. Compared to some folks I guess my situation is not that bad but it's really getting me down and is affecting me, my work, my lifestyle and my relationship.

Hi Afroja86 and welcome to the forum

This forum is a great place to start getting help and support and I’m sure we can assist with some free and impartial advice.

The first thing to do is visit our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) to help you find a solution to your debt problem quickly.

Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

To help you fill in the form, it’s best to gather together information about:
• Your income
• Your expenditure
• The creditors you owe money to

You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

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

System

ellebee123 wrote: »

I finished university last year and have been struggling to pay overdraft debts which i have collated.

i currently work full time n bring in about £950 pcm but my overdraft defbts are sitting currently at £4500.00 i am desperate to sort my debts out as it mKes me feel physically sick thinking about it. ive recently moved house also and with all my bills (excluding foods and social spending) im left with about £500 a month . i desperately want to sort my finances and i dont know the best way to go about it whether i should get a loan or a credit card to pay it off. alot of ppl habve said its not that much debt to worry about but im ashamed to even have it in the first place. can someone help me with advice on what to do please! im in need of change and need to be shown how to go about it.

thanks ellebee

Hi ellebee and welcome to the forum

You’re in the right place for help.

I’d recommend that you put together an accurate income and expenditure budget. It’s always a good place to start. We can help you with this and from there we can look at what options you have.

We wouldn’t normally recommend taking out any further lending as this can often make the situation worse.

Taking a visit to our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) could help you find a solution to this situation quickly.

Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

To help you fill in the form, it’s best to gather together information about:
• Your income
• Your expenditure
• The creditors you owe money to

You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

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

kevin1984_2

This is my first post so please bear with me and i'll explain my situation.

My present financial situation:

£2000 overdraft
£2500 in credit cards (with three different lenders) which all three have been passed on to debt collection companies
£3000 unsecured loan
£4500-5000 in payday loans with 8 different companies

I earn £22,250 each year
£1400 each month after tax

After priority bills are paid each month I have £500 left but as you can probably see from the list above I am unable to meet my creditors repayments and am in the horrible cycle of using payday loans now just to I can pay my rent/travel and food costs each month.

I have no assets and rent privately.

I feel stupid for finding myself in this position but i'm finding it ever increasingly difficult to deal with the stress of my position, and having to juggle my finances each month and fend off calls from creditors.

I need advice on what my next step could be so I can begin to address my debt issues.

Do I qualify for a Debt Relief Order?
Would an IVA be right for me?

Any advice would be massively appreciated.

Thank you.

leylandbobby

Hi, I would like to ask your advice on something that was mentioned in a recent post before deletion, in response to somebody else’s question.
In the post there was reference to having made collection agencies “offers” which they accepted.

Myself and my wife were both in full time employment, both with well paid, and secure careers. Then in 2009, my health began to deteriorate, slowly at first, and then to a level which meant that I was unable to do anything for myself.
Financially I became totally dependent on my wife, and my Disability living allowance.
I was at first allocated funding for a part time carer, but caring for me when at home, and trying to hold down a very stressful position at work, eventually took its toll on my wife's health, resulting in her having, first a heart attack, and then, just as she started back to work after that, she suffered a TIA (stroke) resulting in her being off work for an extended period of sickness.
She spent long periods in hospital, leading to immuno deficiency problems, resulting in bouts of shingles and MRSA, she was eventually diagnosed with PID, which means that she is now immuno compromised and requires monthly hospital admittance for plasma transfusions.
Her energy levels are obviously extremely low and together with the continuous threatening letters and phone calls from collection agencies, they are taking their toll.
My mother in law saw the post in question, and told me to find out how to go about approaching the agencies, with a view to her trying to come up with the money in a bid to relieve the pressure on my wife.
She is by no means well off, she hasn’t had a mortgage for many years, and apart from a bit of cleaning for her doctor, she only has her pension, but the heartache of seeing what this situation is doing to my wife, far outweighs the comfort of any savings that she may have. It doesn’t feel right, but she won’t hear any arguments, and it is not my place to anyway.
We have 2 unsecured debts, one originally with Black Horse now with a collection agency named, Hillesden securities limited, T/A Direct legal and collections with £9620.75 outstanding
The other is with RBS with £16,970.00 outstanding.
Any pointers from anybody with experience in how to proceed with this would be greatly appreciated.

sexybeast69

Hi i am 57off work sick since august 2010. I am on ESA waiting for appeal from my medical. I have debts totalling £26,000 since 2007 over 10 creditors. I have no assets please help.