Struggling with debt? Ask a debt advisor a question

rdchick

CCCS_Mat wrote: »

Hi rdchick and thanks for replying.

Give the team a call on the number provided in your pack and just quote your Debt Remedy reference number. They’ll be able to add the loans straight away.

Well done on starting the process

I hope this helps.

Kind regards,

Mat

Thanks Mat!

I shall do, on the email it says to call between 8-5 but I am at work then however have seen there are lines open until 8pm is this right?

Gazza1964

Hi,

After spending a couple of days working out the figures for remortgaging and further debt consolidation I finally realised ( LBM ) that its just not going to help and that a DMP is the only way out of the mess I have created.

I have completed the debt remedy online tool and have been quoted a figure for disposable income - this I will need to amend as I wasn't sure at the time if I was going to go ahead with it and could have been more thorough.

Before I go any further could someone please tell me can I just edit my account and will I get a new figure automatically or should I start again and also is it ok to just have my wages paid into the wifes account ( different bank ) and move the dd's to her account for things like the mortage, insurances.

Thanks for any help -

stevepotts2010

Good afternoon
After years of badly managed finances, I am contemplating our next move....
As a single young man, I personally had a DMP with CCCS (approx 13 years ago)
after 3 years, agreed some reduced settlements and all was done.

Now in a position with wife and three young children.
We have lived by day to day - using credit upon credit.
We are now at a stage where I need to make some decisions.
Credit is all exhausted.
We owe approx 47K in loans, credit cards, overdrafts
We are home owners (mortgage + secured load) which is about break even, may be on the shade of negative equity for the Mortgage + Secured Loan
We have not missed any payments on the mortgage, any cards or loans yet - however the interest is just killing us beyond belief

Question
I am a Managing Director (NON EQUITY SHAREHOLDER)
One of my line of debts is with Lloyds - which is also the bank where our company banks at.
I was told last time i went into branch (to take out another loan!) That my personal accounts were linked to the company accounts??
Is this correct ?
What effect on the business would occur if I went down the route of DMP?

Question
If I went to CCCS or Pay Plan (would CCCS deal with me a second time?)
What documents would I need to produce to show my income and expenditure?
If bank statements - how far back?

Sorry if the above is a bit of a ramble, heads all over the place at the moment and just trying to clear some questions.

Any advice would be great.....

Steve

System

Markybee wrote: »

Hi, i posted this in the CC section and was directed over here so here goes...

I'll try keep this story short but a few years ago our business did well and we were offered credit cards (personal) with large limits. The business then went downhill with the recession and had to use the cards to help fund day to day living and help with a huge tax bill.

This left us with £30k of debt on a card so we got another card on a 0% balance and transfered half the balance to help save some money.

Now the 0% has finished and we can only just pay the minimum on each card per month - which is not reducing the balance on either card.

We had to sell our house a couple of years ago and are now renting so while i (currently) have an excellent credit score, no one will give us another card on a 0% balance transfer nor a reasonable interest on a loan to pay of the cards as we have no security.

If i call our credit card companies and tell them about this, are they willing to drop the interest as at this rate it will never get paid off.

We're close to doing a IVA but don't want to ruin our credit rating for years as it will be impossible to get a mortgage for years.

Does anyone have any suggestions on our best course of action or what we could to make life a little easier and start reducing our bills?

Hi Markybee and welcome to the forum.

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

Credit card companies are unlikely to reduce interest rates, although they may sometimes do this on a temporary short term basis.

We wouldn’t normally recommend taking out any further lending as this often makes your debts bigger and to be repaid over a longer period.

Debt solutions such as a DMP or an IVA will affect your credit rating temporarily. For example an IVA will show on your credit file for six years.

Other solutions could include maximising your income and cutting costs in order to repay the debt over a shorter time frame.

I’d recommend 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

Badcreditgirl

Hi just looking for a bit of advice.

I'm on a DMP with CCCS and have recently moved house. I updated my contact details with CCCS straight away but when I've gone to update with my three creditors I've realised I've lost (hopefully only misplaced!!!!) ALL my paperwork in the move. I've called my three creditors with the hope that I can change my address over the phone as I got my account numbers of my DMP online but I've been told I have to go into branch with proof of ID/address and proof of account which I don't have.

Is there any slim chance CCCS can contact my creditors on my behalf and tell them I have changed address? I'm panicking that I'm getting important letters to my old address and I stupidly didn't set up a Royal Mail forwarding service.

Just a thought, can I simply take a note of my account number on a piece of paper and take that into a branch with me?

Sorry for the rambling !x

(Now realised I can sign up to redirect my mail with Royal Mail from now so hopefully I'll get some stuff off my creditirs and be able to change address easier.)

mondovision

Hi,

I have been contacted by one of my debt companies to say they will drop the amount of money I owe by a lot, if I pay it off within the next month.

Would you suggest haggling with them further to get the final amount down further ?

Thanks in advance

Andy

System

rdchick wrote: »

Thanks Mat!

I shall do, on the email it says to call between 8-5 but I am at work then however have seen there are lines open until 8pm is this right?

Hi rdchick and thanks for your reply.

The main helpline is open until 8pm but the team you need to speak to only work until 5.

I hope this helps.

Kind regards,

Mat

rdchick

CCCS_Mat wrote: »

Hi rdchick and thanks for your reply.

The main helpline is open until 8pm but the team you need to speak to only work until 5.

I hope this helps.

Kind regards,

Mat

ahh I see, I'm sadly at work til 5:30

System

Gazza1964 wrote: »

Hi,

After spending a couple of days working out the figures for remortgaging and further debt consolidation I finally realised ( LBM ) that its just not going to help and that a DMP is the only way out of the mess I have created.

I have completed the debt remedy online tool and have been quoted a figure for disposable income - this I will need to amend as I wasn't sure at the time if I was going to go ahead with it and could have been more thorough.

Before I go any further could someone please tell me can I just edit my account and will I get a new figure automatically or should I start again and also is it ok to just have my wages paid into the wifes account ( different bank ) and move the dd's to her account for things like the mortage, insurances.

Thanks for any help -

Hi Gazza1964 and thanks for your post.

Congratulations on the taking the first step

It depends how far you’ve got in the process on Debt Remedy. As long as you haven’t pressed submit at the very end of the process you should be able to go back and edit as much as you want (although editing the figures may bring up different advice and solutions).

It’s fine to have your wages paid into your wife’s account as long as the account is in her sole name.

I hope this helps.

Kind regards,

Mat

Gazza1964

Thanks for you comments Mat.

I will start over again I think with the debt remedy tool.