Struggling with debt? Ask a debt advisor a question

StepChange_Pavan

kat86 wrote: »

Hey I have two loans with two different banks and a large overdraft all adding up to 10000 and paying interest on all these seperately is adding up. I was wanting to combine these into one loan but I have a bad credit rating even though i have never missed a payment, even on small stuff like phone bills etc. What would be the best thing to do to save cash?

Thanks

Hi kat86 and thanks for your post.

We’d usually recommend offering reduced payments to your creditors if you can’t afford the minimum payments but I can see from your other posts that you’re trying to save as well as pay your debts.

In your case it’s best to pay the largest amounts to the most expensive debts to try and reduce your debts quicker – you can’t offer reduced payments to your creditors if you can afford the minimum payments.

It’s also a good idea to put together a realistic budget so that you can see exactly where your money’s going and if you can make any savings by cutting back in certain areas.

I hope this helps.

Kind regards,
Pavan

k_moor25

Hi is their a problem with the cccs website?

paulyb2912

Hi.

I have been struggling with debt over the last 5 years, i have failedo a DMP with cccs and recently i have just failed on a IVA.

I'm clueless from here...i only work 16 hours per week and cannot afford anything other than living expenses.

Hope someone can help.

Paul.

maccymum

CCCS_Pavan wrote: »

Hi M and welcome to the forum.
We don’t usually recommend taking out consolidation loans as they can often make the situation worse in the long term. You can read more about why we say this in our blogpost: http://moneyaware.co.uk/2011/04/to-debt-consolidate-or-not-to-debt-consolidate/

The amount you’re spending on groceries etc sounds about right for a family of your size but there could be other areas in your budget that could be adjusted to help.

You’re right that there are lots of different debt solutions available and we’d need to look at your situation in a bit more detail to be able to advise you on what’s best for you.

If you’d like some free and impartial advice 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,
Pavan

thanks so much 4 taking the time 2 respond....have done cccs and taking the steps 2 help us positively
again many:A thanks xx

StepChange_Pavan

visualaid wrote: »

I’ve struggled with managing my personal finances for some time, and have been pretty irresponsible with money in the past. The main problem that I have at the moment is that I have serious trouble getting to the end of each month with any money left.

I’m currently paying off three separate debts, £50 to a debt collection for my failed MSc fees, £100 to my parents and £200 to repay company credit card debt. The company credit card debt arose when I lost my personal card whilst training in the US, and I ended up using that, which didn’t have a limit on and I ended up racking up over £2000 in spending in the time I was there.

I got scared about the debt when I got back to the UK and didn’t open any post or answer calls regarding it, which result in it being passed to the County Court. They now deduct £200 from my pay check directly each month and its really making me struggle. I wanted to ask whether or not it would be possible to arrange with them to get this amount lowered? As I can’t reduce my other debt repayments.

I recently got my credit report through Experian and the amount relating to the debt quoted in the Public Record section is £2,454. Is this the outstanding amount or the amount that is left to pay? As the payments started in last September, so is it possible for court fees etc to amount to over £2000 pounds?

I’m all a bit lost with it all, and have spent far too long with my head in the sand, and really want to get myself out of this mess.


Any advice would be greatly appreciated.

Hi visualaid and thanks for your post.

If you can’t afford the £200 for the attachment of earnings but you would need to show why you can no longer afford it by filling out an N244 form. If you’re unable to reduce it, you could write to the debt collection agency for your MSc fees and explain your situation – you can’t pay them money that you can’t afford so if you send them a budget showing how much you have available you can start paying that instead.

If your credit file is showing £2454 outstanding, that will be how much you have left to pay. You can contact the courts for a breakdown of the fees and to check that this is how much you owe.

If you need some more detailed advice, I’d really recommend that you give us a call so that we can go through your options with you. 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,
Pavan

StepChange_Pavan

k_moor25 wrote: »

Hi is their a problem with the cccs website?

Hi k_moor25,

Yes, unfortunately we’re experiencing some issues with the website at the moment and they’re trying to fix it as we speak.

If you’ve got any urgent questions, please give us a call or send me your client reference number in a private message and I can get someone to contact you. I’m sorry for any inconvenience.

Kind regards,
Pavan

StepChange_Pavan

paulyb2912 wrote: »

Hi.

I have been struggling with debt over the last 5 years, i have failedo a DMP with cccs and recently i have just failed on a IVA.

I'm clueless from here...i only work 16 hours per week and cannot afford anything other than living expenses.

Hope someone can help.

Paul.

Hi Paul and welcome to the forum.

If your IVA has failed, we’d need to look at your situation again to see what options are available to you.

You can call our helpline on 0800 138 1111 (free including from mobiles) and we’ll be able to advise you. We’re open Monday to Friday 8am - 8pm and Saturdays 9am – 3pm.

Kind regards,
Pavan

visualaid

CCCS_Pavan wrote: »

Hi visualaid and thanks for your post.

If you can’t afford the £200 for the attachment of earnings but you would need to show why you can no longer afford it by filling out an N244 form. If you’re unable to reduce it, you could write to the debt collection agency for your MSc fees and explain your situation – you can’t pay them money that you can’t afford so if you send them a budget showing how much you have available you can start paying that instead.

If your credit file is showing £2454 outstanding, that will be how much you have left to pay. You can contact the courts for a breakdown of the fees and to check that this is how much you owe.

If you need some more detailed advice, I’d really recommend that you give us a call so that we can go through your options with you. 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,
Pavan

Thanks Pavan, I'll give you guys a call I think as I just looked at the form and it was a bit confusing. I appreciate your timely response.

:A

shelovestobuystuff

I have just been told by a financial advisor that although I am on a DMP with interest and charges voluntarily frozen(been on it for 2 years and its another 4 years until all my debt is clear) the people I owe money to can ask still me for all the interest and charges they would have charged over the years I am repaying at the end of the DMP ,is this true or they just trying to frighten me into agreeing to a trust deed with them?

StepChange_Pavan

shelovestobuystuff wrote: »

I have just been told by a financial advisor that although I am on a DMP with interest and charges voluntarily frozen(been on it for 2 years and its another 4 years until all my debt is clear) the people I owe money to can ask still me for all the interest and charges they would have charged over the years I am repaying at the end of the DMP ,is this true or they just trying to frighten me into agreeing to a trust deed with them?

Hi shelovestobuystuff and thanks for your question.

If you’re with a free debt management provider they should be able to advise you on all your options and discuss whether or not a trust deed is the best solution for you.

Unfortunately creditors can add interest and charges on a DMP as it’s not a legally binding solution.

If you’d like some more detailed free and impartial advice, you can give us a call even if your DMP isn’t with us (0800 138 1111).

I hope this helps.

Kind regards,
Pavan