Struggling with debt? Ask a debt advisor a question

jeremyaronson

Hey im 24 years old and from the age of 21 i got my self into around £8k of debt i have been working hard to pay this all off and i reached settlements with most of the companies i owed too i currently still owe £1300 to several companies one of them being T mobile (everything & everywhere) i have been in contact with them i owe £400 to them and they advised me that they have counted this money as a loss to there company already and are not planing on chasing it anymore - they said if i pay it off it is a bonus for them but i don't need to - they advised if i pay it off it has to be the full amount and they arnt willing to make a settlement figure or set up a direct debit? is it really worth me paying it off? if it is not chased anymore and they have counted it as a loss to there company does it not clear of my credit report anyway after a few years?

StepChange_Pavan

wigglers wrote: »

Hi I have a fiancee and 7month old daughter I get paid £1280 a month but have a £1200 overdraft we live in and also a HSBC.card with 950 on it a.capital one card with 200 outstanding and a barclaycard with 1000 I pay a consolidation loan at £250 a month and we have an option to put all the debt of the cards
onto a 5% balance transfer with virgin 0% for a year. The bills without the cards now.add up to 1180 but we want to start saving for a deposit for a house also I have.£200 given for our daughters christening is it worth paying some.of my overdraft with that or should I just put it into her account? I don't know weather to do a.balamce transfer or what to do to get out of this please help!!!

Hi wigglers and thanks for your post.

If you’re considering the 0% transfer, it’s really important that you try and pay it off within the offer period and cut up the old cards, as it could make your situation worse in the long term if you don’t.

With the bank account, I’d recommend that you open up a basic bank account away from any existing debts and have your income and any direct debits set up from there. This way you can pay towards your overdraft like your other debts and it won’t feel like it swallows your income every month.

It’s really up to you what you decide to do with the Christening money – I can’t advise on what you should do so you could weigh up the pros and cons of each option.

If you’d like some more detailed advice on your options you can use our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu) or call our Helpline on 0800 138 1111 (free including from mobiles). We’re open Monday to Friday 8am - 8pm and Saturdays 9am – 3pm.

I hope this helps.

Kind regards,
Pavan

streetangel1975

I am need of help with a few debts, because I dont want to keep my catalogues anymore, and pay off credit card and loans, so I went on experian website and a company called DFH came up.
They went through all the steps and said they could help by putting me on a DMP where I would pay them £309 per month but it would take 36 months, I received all paperwork and still wondering wether to put info on it of my account details. As I looked on the internet at their site and it came up unsafe!!!! do you know if this company is genuine, as I have my worries.

StepChange_Pavan

jeremyaronson wrote: »

Hey im 24 years old and from the age of 21 i got my self into around £8k of debt i have been working hard to pay this all off and i reached settlements with most of the companies i owed too i currently still owe £1300 to several companies one of them being T mobile (everything & everywhere) i have been in contact with them i owe £400 to them and they advised me that they have counted this money as a loss to there company already and are not planing on chasing it anymore - they said if i pay it off it is a bonus for them but i don't need to - they advised if i pay it off it has to be the full amount and they arnt willing to make a settlement figure or set up a direct debit? is it really worth me paying it off? if it is not chased anymore and they have counted it as a loss to there company does it not clear of my credit report anyway after a few years?

Hi jeremyaronson and thanks you for your post.

This is a tricky situation as there’s no guarantee that they won’t chase you for the money further down the line. You’re right that it will drop off your credit file after 6 years but technically they could still chase you for the debt if it still exists.

It’s up to you whether you decide to pay it –provided they don’t chase the you for debt again it will just drop off your file.

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan

streetangel1975 wrote: »

I am need of help with a few debts, because I dont want to keep my catalogues anymore, and pay off credit card and loans, so I went on experian website and a company called DFH came up.
They went through all the steps and said they could help by putting me on a DMP where I would pay them £309 per month but it would take 36 months, I received all paperwork and still wondering wether to put info on it of my account details. As I looked on the internet at their site and it came up unsafe!!!! do you know if this company is genuine, as I have my worries.

Hi streetangel1975 and welcome to the forum.

It’s important to remember that you shouldn’t have to pay for debt advice or for a debt management plan as we can provide this completely free of charge.

If you’d like us to look at your situation in more detail you can
visit our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu)or call 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.

You’ve taken the first step to sorting out your money worries and we can support you with free and impartial advice along the way.
I hope this helps.

Kind regards,
Pavan

huskyFindlay

I have a £17k deafult on my credit history, that I have been paying £110pm for since last september.

I have just negotiated a partial settlement figure that I can afford. Its been agreed and will stop any furher chases from them & other parties (confirmed in writing).

However I just checked my credit rating and its gone up to excellent, with me working on my credit cards etc..

Now im really confused with what to do, is it better to settle, or keep on at the monthly payments. I fear that although I really want to get this behind me, it may adversely effect my rating by paying the partial payment !

Please, any advice very greatly appreciated ?

lxpeanut

Hi

Wonder if you can help. I started on a debt management plan in 2006 at first with CCCS and then self managed. My credit card accepted the debt management plan and stopped interest and fees for a year. They then started adding them again and added nearly £800 before defaulting the account and passing it to Apex. Now I only have this debt left to pay off and have £2600 left to pay which I have been paying at £100 a month. I have received £1200 from an inheritance and have offered this to them in settlement of the account but they will not accept it. I have asked them what they will accept as I may be able to raise more but they will not make me an offer. Where do I stand and what can I do to get them to make me an offer to settle the account?

maidth62

I would be so very grateful if anyone could point us in the right direction.
We have a house in Skye which is the family home , and we rent from the
local council in another area some 200 miles away for work.
My husband earns 1750 per month and I have 1000 per month.( Take home )
We have the house in Skye up for sale, its now nearing 2 years. I am trying to run two houses and have fallen behind with a number of debts we have.
We have no arrears on the mortgage , indeed we have almost 50000 in equity. Due to our poor credit rating we cant borrow from the banks.
All we want is to pay off debts , freeing up some cash , whilst we wait for the house to sell. Can anyone advise us please ? Thank you.

Pinkylds

Hi,

Just a quick question or two. My bf has just received a court order regarding his mortgage although we have written to them with an offer to pay them. We have paid the monthly mortgage and paid some extra each month so not sure why they have issued a court order. What can we do next?
Also my bf won't go into a DMP as he doesnt want his credit rating afffected but surely it looks better to show regular payments rather then keep missing them?
Thanks

lestatanne

Hi Newbie here

I'm 22, and just coming to the end of my MA Course and struggling by on my job which gives me around £600 - 50 or so a month to pay rent and bills and such.

I'll hold my hands up and admit when companies threw money at me as a younger student I took it stupidy with both hands and now it's becoming difficult to pay back. I'm more than concerned that if I don't find a well paying job, come November I begin paying back my CDL at £206 a month, and can't fathom not paying that, and really need to sort out my finances as at the moment it's as if I'm having to borrow from one to pay the other.

I currently have a Aqua Card at -£1758 (unable to make minimum payments meaning more charges, I'm making payments but can't afford £60+), and a Capital One Card at -£598 (similiar situation), as well as a Halifax Account with an overdraft of -£198 (thanks to charges and such and it's only going to get bigger as I can't make it into credit), and a student overdraft of -£1225. I did ask Aqua if they could hold any charges or such to help or any interest and they seemingly laughed at the question and have been unhelpful in that regard. I've emailed the CCCS but have received no reply and I'm very worried as I'd rather manage this now and try and consolidate/lower payments and pay what I can rather than causing more and more debt.

Any help would be gracefully appreciated

L.