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GIBMSY

Hi, Cutbacks are not really possible. My SOA is as follows:

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1550

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 32
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 8
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 229


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 500
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Barclays OD....................2350......30........NaN
Barclaycard....................1900......45....... .30
Capital one....................1100......55........30
Pounds to pocket...............1200......187.......1500
Lending Stream.................700.......270.......1500
Peachy.........................300.......60....... .1500
Payday Express.................700.......140.......1500
Payday UK......................770.......155.......1500
Wonga..........................1200......220...... .1500
Quick Quid.....................1150......200.......1500
Natwest........................250.......5........ .10
Total unsecured debts..........11620.....1367......-


Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 229
Available for debt repayments........... 1,321
Monthly UNsecured debt repayments....... 1,367
Amount short for making debt repayments. -46

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,620
Net Assets.............................. -10,120

I am very lucky that my food and housing is all taken out of my wages before getting (hence why they are at zero).

With contacting the lenders for a repayment schedule, is that possible before i have defaulted? And what impact would that have on my record? thanks

**Also i have just completed a CCCS DEBT REMEDY thing, and it recommends a DMP, is that better than contacting the creditors myself?

mum2one

GIBMSY wrote: »

Hi, Cutbacks are not really possible. My SOA is as follows:



No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Barclays OD....................2350......30........NaN
Barclaycard....................1900......45....... .30
Capital one....................1100......55........30
Pounds to pocket...............1200......187.......1500
Lending Stream.................700.......270.......1500
Peachy.........................300.......60....... .1500
Payday Express.................700.......140.......1500
Payday UK......................770.......155.......1500
Wonga..........................1200......220...... .1500
Quick Quid.....................1150......200.......1500
Natwest........................250.......5........ .10
Total unsecured debts..........11620.....1367......-


Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 229
Available for debt repayments........... 1,321
Monthly UNsecured debt repayments....... 1,367
Amount short for making debt repayments. -46

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,620
Net Assets.............................. -10,120

I am very lucky that my food and housing is all taken out of my wages before getting (hence why they are at zero).

With contacting the lenders for a repayment schedule, is that possible before i have defaulted? And what impact would that have on my record? thanks

**Also i have just completed a CCCS DEBT REMEDY thing, and it recommends a DMP, is that better than contacting the creditors myself?

In a way thats gd re food and housing, but the question would ask (even ask yourself), is there a reason as to why so many payday loans, i think that maybe if there was a problem it would also be something you'd need to take time to look at.

This is my story -
Made mistakes, took consolidation loan out, didn't cover everything, then I respent, last yr I managed to negoiate a self mangaged schedule, but once that happends it immediaitly efffects your credit rating, as your paying the full amount.
I had a default notices.
12 mths later, I appear to have paid so well, the companies started taking me off repayment plans and back to normal payments expected, - i can't do
So now I have contacted CCCS and like yourself it recommend a DMP - I have 10 creditors, I have spoke to one so far, and as soon as I mentioned i'm seeking help from CCCS wow was not the word, not a problem ring with a reference number.
If you tried to self manage - some companies won't care about what the others are getting there going to want the biggest share of the money, and
will say you need to pay us £ xx were more important than company Y.
Where as with CCCS the money you pay on your DMP will get distrubuted properly, everyone will have the right amount.

I wish i hadn't been a stubborn mule for the last 12 months, and asked CCCS before hand.

Your money owing is less than mine, and obviosuly your estimated payback time will be a shorter period.

I ramble sorry, but its better for an agency who knows what there doing to deal with your debts at there have more clout than you or me as an individual.

I know you said you wanted a mortgage in couple of yrs, but even with the debts now if your not meeting your payments, then the likelyhood is that your credit rateing may not be good.

But look at CCCS and sleep on it, someone from CCCS reply, Pavern, shes really helpful and Matt, i've asked the daftest of questions, but they've been brilliant. x

GIBMSY

No, rambling is all good lots of info. thank you.

Do you think PDL companies would be as understanding? sorry to ask but who was the lender that was so reasonable?

mum2one

GIBMSY wrote: »

No, rambling is all good lots of info. thank you.

Do you think PDL companies would be as understanding? sorry to ask but who was the lender that was so reasonable?

No probs, for me it was Capital One, with the PDL, you won't be the 1st you won't be the last, like most companies they may throw the toys of the pram, but thats just the way some of the companies work, but if you haven't got the money, they can't get blood out of a stone.

I was talking to a friend earlier, shes bailed her brother out about 3 times over last 10 yrs, she was in debt before but now all sorted, (age wise were 41), we were the generation where credit cards, banks loans, HP, etc was the norm to us, everything was thrown at you, with no real consoderation as to whether you could afford it, there was people who were sensible those who weren't, where as now (I sound old!!), the generation now payday loans are the new thing, have the money pay it back, borrow some more, but because its meant as small tide you over amounts, it isn't till theres a bit debt of them that the problem becomes apparent.

My debts are credit cards, store cards, overdraft and not so nice loan. I don't know whether there be favourable and drop interest, but its a chance I have to try, x

Mad4Life

Hi I've been paying off debts for over eight years now. I had my own business and became ill. I managed to get most of my debtors to freeze the interest but I now find myself in trouble again. One particular company keeps raising my direct debit and I just had another letter saying they are raising it again. I've looked through the forum and can only see answers for people who haven't acknowledged their debts. I used to be on the ball with all of this stuff but my illness makes it difficult for me to deal with anything stressful. Thanks to the present government reducing the benefis I was getting I have realised that pride can no longer get me out of debt. I could really do with talking to someone or even better one of you talking to somebody that helps me out day to day already. My focus isn't the best.

Thanks

StepChange_Pavan

Dga1982 wrote: »

Hi
My wife and i have unsecured debts of around £16,000.
We had been on a debt management plan for around a year but due to a few problems (work, relationship issues and major car problems) we fell behind with our payments not only with the plan but also utility bills.
We have managed to just about get ourselves back on track but we are still massively behind on utility bills e.g. £700 on gas and electric. need to get the DMP set up again because we have debt collectors on the phone and writng letters non stop. know that when i speak to cccs they are going to say i am in deficit and wont be able to set it up. So the only thing i can thnk of doing is to lie a little and try and chip away at the gas and electricity debt every month.
Please advice, should i think about bankruptcy or DRO or can something be done wth the DMP
Thanks for any advice

Hi Dga1982 and welcome to the forum.

It’s best to be as accurate as possible with your figures – otherwise you will struggle and it will take its toll later on. Your utilities are more important than your creditors so it’s important that you make an arrangement to get them back up to date as quickly as possible.

I can’t say whether bankruptcy or a DRO is an option for you without looking at your situation in more detail but if you give our support team a call they will be able to advise you in more detail.

Kind regards,
Pavan

StepChange_Pavan

scotty2010 wrote: »

Hello, Please bear with me I am new to this and this is my first post on this site. I completed a debt remedy on CCCS website and it suggested i took out a DMP. However since filling in the debt remedy there are other debts that need to go on it and also add some monies to my outgoings. Therefore the figure i can afford to pay back every month on the DMP has now changed. :mad:

What is the best way to go about this?
- Complete a new debt remedy with correct figures
- contact CCCS and ask them to amend it and get everything straight?

Any help or advice would be good.

Thanks

Hi scotty2010 and welcome to the forum.

Rather than setting up a new one, it’s best to get in touch with us and amend your figures. Our contact details are in the advice booklet.

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan

GIBMSY wrote: »

Hi,

I have been looking around the website and would just like some straight advice please.

I have got myself in a PDL nightmare ive seen the signs for ages and have just got caught fully in the trap now. All i seem to be doing is paying off the interest every month, which has now accumulated so that i am going to be falling behind on my normal direct debits.

I was wondering what the best route to go is, IVA etc etc...

I would like to buy a house'flat in the next 2 years, so id rather not damaged my credit score too much, but do really need to become debt free.

Any help/advice would be greatly appreciated,

Mike

Hi GIBMSY and welcome to the forum.

It looks as though mum2one has already given you lots of useful advice! Hopefully you found Debt Remedy useful and have decided on your best course of action, but like mum2one said just get in touch with us if you’ve got any queries. There will also be some contact details in your advice booklet – our support team will have access to your information and will be able to advise you in more detail.

Kind regards,
Pavan

StepChange_Pavan

Mad4Life wrote: »

Hi I've been paying off debts for over eight years now. I had my own business and became ill. I managed to get most of my debtors to freeze the interest but I now find myself in trouble again. One particular company keeps raising my direct debit and I just had another letter saying they are raising it again. I've looked through the forum and can only see answers for people who haven't acknowledged their debts. I used to be on the ball with all of this stuff but my illness makes it difficult for me to deal with anything stressful. Thanks to the present government reducing the benefis I was getting I have realised that pride can no longer get me out of debt. I could really do with talking to someone or even better one of you talking to somebody that helps me out day to day already. My focus isn't the best.

Thanks

Hi there and welcome to the forum.

You’ve certainly come to the right place for advice and we can help you get your finances back on track.

We can speak to you or someone else if you prefer – we would just need your authority to speak to them. You can call us on 0800 138 1111 (free including from mobiles) and 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.

Kind regards,
Pavan

tomneedinghelp

Hi all.
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I have been in a DMP with Gregory Pennington for the last few years and have managed to reduce my debts from around £35k to around £20K. My payments are now £500 per month, 15% of which is a fee to Gregory Pennington. I have always complained that this fee is too high but nothing has ever been done about it. I received a call this morning from them advising me that within 30 days the fee will be increasing to 17.5%!! This is a major step back for me and I am worried that the plan is now going to take longer and cost me more money that I can't afford. I have been very happy with everything GP have done for me but this fee is getting out of order. The more I try and pay off, the more they take from me as a fee. I have about 4.5 years left of my plan which could be reduced to 3.5 years if there was no fee.

My creditors are as follows:
Equidebt (£2937)
Experto Credit (£4211)
Lloyds TSB Credit Card (£1971)
Lloyds TSB Overdraft (£1625)
Zopa Ltd (£8140)
Zopa Ltd (£1935)
Total (£20820 approx)

GP have arrangements in place with all of the above.

I got into debt when my partner and myself bought our first house which needed quite a lot of money spending on it. The borrowing soon got out of hand and we were having to use credit cards to pay for everything. The last few years whilst been on a DMP has been fantastic. I have had little contact from lenders, and the figure is slowly reducing.

I have now got to the point where I either stay where I am with GP and pay the 17.5% monthly fee or change companies (will all the initial hassle start again?) or try and agree arrangements myself with lenders? I have written to Lloyds TSB before and managed to get part of the debt wrote off due to interest and charges been added in the early stages of the DMP. This was because I wrote them an honest letter explaining my situation and they kindly were willing to help out and reduce my debts. I am in the process of writing a similar letter to all other lenders.

We have just moved out of our house and back in with parents temporarily and we move into a new house (which we will be renting from family) in March 2013. If I start messing about moving DM Companies now, will my parents credit be affected as we now live at their home? We will be renting out our old home which covers the mortgage and any outgoings attached to that propertly, in simple terms, breaking even so. The money we are saving in bills etc. from not living in our own property until march, will be used to pay board at parents, and also try and save a little for when we move into our new property.

I would appreciate any advise whatsoever

Thanks

Tom
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