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Struggling with debt? Ask a debt advisor a question
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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.
Hi maidth62 and welcome to the forum.
We’d need to look at your situation in a bit more detail to be able to advise you properly but one option could be to offer your creditors reduced payments until the house sells.
If you’d like some more detailed free and impartial advice, we can help. You can use 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. If you’d prefer you can call our Helpline on 0800 138 1111 (free including from mobiles). We’re open Monday to Friday 8am - 8pm and Saturdays 9am – 3pm.
Kind regards,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
Hi i'm wondering if you could help. Myself & my husband completed the form on the cccs website and it said we are able to meet our payments with the figures we entered however in reality this isn't happening, we are struggling at the moment. We have a payment plan set up with Capquest to pay a Natwest loan at £50.00 per month but all our other debts are beginning to be unmanagable. Would we be best letting all the debts going to a dca and then set up payment plans this way. I just can't see a way out at the moment. What would you suggest?? Thanks0
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sorry to ask I took some advice about 12 months ago from yourselves (CCCS), but managed to set myself up on self managed dmp - done that for 12 months, now hot sticky patch again, some of my debts are on agreements, (verbal not signed by me), the others there saying i've paid the amount and what I offered a few quid extra (gone upto £20) has taken back to normal, ie they say I can have the cards) and have stuck the interest back up, my one card wanted £60 payment, and est interest is £53.
With all the new figures ust at breaking point my debts are 23k - when I filled in CCCS before 1st option bankruptcy, as take too long on dmp to pay, I'm scared of what is involved with bankkruptcy.
I know I can't afford this months payments, I'm in ESA, its unlikely that I will be fit enough to return to work in the near or distant future,
I'm planning on getting new bank account this month going to try co-op cashminder got no debts with them.
What happens to any money that is in my daughters accounts as I'm her trustee, and its money that is hers (shes 9).
Apologies for all questions, just got to the point where i need to admit that i need help.
Thank you in advance xxx rip dad... we had our ups and downs but we’re always be family xx0 -
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
Hi Pinkylds and welcome to the forum.
If he’s fallen behind on the mortgage repayments they can start court proceedings but they should have given you some warning.
Your boyfriend’s credit rating will be affected already if he has missed mortgage payments and it’s much more important to maintain mortgage payments than credit card debts – there’s a risk of losing the house if you don’t pay the mortgage but if you offer reduced payments to unsecure debts the consequences are less severe, which is why we call them non-priorities
I’d recommend that he gets some free and impartial advice to see what his options are. He can get in touch with us if he’d like some more detailed advice.
I hope this helps.
Kind regards,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
lestatanne wrote: »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.
Hi there and welcome to the forum.
Could you let us know which email address you sent your query to so we can chase it up to check what happened?
We would need to look at your situation in a lot more detail to give thorough advice but from what you’ve mentioned a lot depends on whether you will get a better paid job. In the mean time you can offer them as much or as little as you can afford – even if this is £1 per month. You can explain your situation in writing and attach a copy of your budget as proof of your situation.
Obviously this isn’t a long term solution but if you find a job you will then be able to increase the payments when you can afford it. If you’d like some help in putting together your budget and making offers of payment you can use our online debt advice service Debt Remedy (http://www.cccs.co.uk/ref/drcu. Or if you’d prefer you can ring 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,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
Hi,
I'm about to start the process of a DMP and have 2 pets - one is a horse and one a greyhound. Will they try and make me get rid of my pets? Unable to sell horse as its got a fractured leg atm so it is worthless but obv costs money per month. Will they make me send the dog back to the rescue centre?
Thanks
Hi leflynn and thanks for your post.
No one can force you to get rid of your pets so don’t worry. It is worth looking at your expenditure to see if there are any areas you can try and cut back on to show willing but ultimately you can only pay your creditors what you can afford.
If you’re already in the process of going through a DMP, your provider should have been through your budget to see what changes you can make and explained the process that you will go through in terms of what your creditors can and can’t do. This blogpost may give you a bit more information too: http://moneyaware.co.uk/2011/08/you%E2%80%99re-in-debt-but-what-can-your-creditors-actually-do/.
I hope this helps.
Kind regards,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
brokecapricorn wrote: »Hi there, I wondered if you can advise me please? I am currently paying less than the minimum payment on three credit cards, simply because I cannot afford to pay more currently. I wrote to all three and made an offer to pay less than the minimum amount, which they accepted, and I have now been passed over to their various debt collections teams respectively. I have been doing this now for about 6 months. I have not missed a payment and always pay on time, albeit the lower amount. Does this mean I will have defaults registered against me; and if I am continuing to pay could I dumpsite them? I can't seem to find a clear answer on this anywhere and would appreciate some advice!
many thanks!
Hi there and welcome to the forum.
If you’re paying less than the minimum amounts you’ve broken the terms and conditions of the agreement so they can default you at any time.
I hope this helps.
Kind regards,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
oneloanleft wrote: »My situation is that i have a loan i got in 2005/2006 and i now have £7000 left to pay. I am about to finish my current job (in OCT) and after that i am starting my own company of which i envisage not producing money for many months. By Oct i want to be debt free so im confident about my future. I will have about 60% of my final loan amount saved by Oct so My question is...Is there any way of dropping the final amount so i can get it all payed off with that 60% ish amount i will have saved? Is there any way of contacting the bank and seeing what they can do? Its Barclays bank.
Any advice would be amazing...
Hi there and thanks for your question.
You can offer them a ‘full and final settlement’ for less than the amount that is remaining but there’s no guarantee that they will accept it. Put your offer in writing and explain your circumstances in more detail - eg you won't be able to maintain the payments if they don't accept.
It’s best to get written acceptance of your full and final offer before you send any money and you may have to negotiate with them so it’s best to start at a lower amount than you can afford.
If you’d like some help with offering a settlement figure 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,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
Hi
I have recently entered into a DMP with CCCS to deal with my debt problem. I have informed my debtors of my situation. I am being constantly pursued by one particular payday lender whom I find particularly threatening. They call constantly (I no longer answer the phone to them) and text and email constantly I have today received another email from them as follows:
Dear XXXXXXXXX
Loan Ref : XXXXXXXXXXXXX
We have not received an offer we consider reasonable from your debt management company/advisor.
As per the OFT guidelines on Debt Management we are now entitled to, and will, pursue you directly for payment of your outstanding debt.
You need to contact us within 24 hours to come to an arrangement directly with us or we will pass your file onto Bailiffs to pursue.
We will seek a Court Judgment against you followed by a Warrant of Execution to seize goods and/or obtain an attachment of earnings.
We will shortly be registering a "default" on your national credit file which is shared between lenders. This will hinder obtaining any future credit.
We recommend you call us within 24 hours so we can come to an arrangement based on your circumstances.
WARNING: If you do not contact us this WILL be pursued by Bailiffs.
Yours sincerely,
Can you tell me how I should deal with this. Thank you.0 -
Hi,
I'm new to this forum and hoping someone can point me in the right direction. I'm overwhelmed with financial difficulties and just don't know what to do.
I have been struggling for some time yet coped by using overdraft and credit cards but overdraft and credit has now run out. I tried a consolidation loan a couple of months back but this was turned down.
I don't have an excessive life, all my income goes on bills and debts but its now got to the point where I don't know how I'm going to eat this month and as for next month, bills won't be able to get paid!
I just don't know what to do! I'm thinking of going to CAB next week but came across this forum and maybe someone can give me a glimmer of hope. I'm looking for solutions that do not affect my credit rating, I've worked hard to keep this healthy, and worry if debt crisis plans will affect this? Saying that I don't want to borrow anymore so maybe a healthy credit rating should be the least of my problems...
Any advice greatly appreciated...
Thank you.
Hi Luluz and welcome to the forum.
It’s a good idea to focus on reducing the debt rather than maintaining a good credit file – like you say you probably won’t want to borrow any more in the near future in any case and it may already have been affected in some way of you were turned down for a consolidation loan.
I’d recommend that you start by putting together a budget so that you can see exactly where your money goes each month. If you’re relying on credit to help you get by you might need to make some adjustments to be able to balance your budget.
If you’d like us to look at your situation in a bit more detail to see what options are available to you, you can 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.
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,
PavanI work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0
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