Struggling with debt? Ask a debt advisor a question

kjmawdsley

I'm in trouble. I don't know what to do.
I don't have much debt but it's beyond what I can pay each month. I can't get a loan because my credit score is so bad. I was struggling to make payments so I went for some payday loands and now my situation is so bad I owe pretty much all of my wage next month.
I never meant to get into this situation. I only owe about £4000 in total but it was just so easy to get into the debt and nobody tells you the consequences. I don't know what to do.

markysparx

Hi there,

Me and my wife currently have 40k approx in debt (15k on cc, 11k loan, Overdrafts and other cards) we manage to pay our minimum payments and have been plodding along like this for a while. The times that we have managed to pay more, the car has broke or the computer has been corrupted etc etc, last month we managed to throw £900 into the cc and then had to spend £400 on the car and £500 on trying to get the computer fixed and then eventually buying a new one) I earn approx 26000 per annum. The problem we have is my wife is self employed and we rely on her bookings to cover the debt payments. We have always been meeting the minimum payments but her business has now slowed down, and from bookings in place we can only continue to meet the minimum payments till November this year. We have 2 children and one currently on the way so her getting another job at the moment is out of the question, we have no assets, we are private tenants, we have a car which is only worth approx £2000 and to be fair, on its last legs. We need a car for her business though, there is no way her business would continue without this car. Can someone please advise on what we should do. I phoned MBNA today as they are the biggest creditor (15k on cc) to ask them if they could possibly freeze my interest for a few months so i could lower my balance, they basically said no, and have stopped all use on the card. They were quite rude to be fair. Any ideas welcome, please help....

mikee31

Hi,

I am in the procedure of setting up a DMP with CCCS, having undertaken the debt remedy online and received the initial correspondence from yourselves. I will shortly be returning the forms with wage slips, creditor statements, etc.

I have sent off the initial letter to my 2 creditors who have acknowledged receipt however they are now asking for details of income and expenditure to be provided to them.

I am worried that my 2 creditors will contest the amount I can legitimately pay back, as it is someway short of how much they would like me to pay.

Should I just ignore their requests for now as presumably you will be sending this information on once received from me?

Thanks in advance for your assistance.

kingston_2730

My OH and I are in huge credit card debt. We both have a good income but are struggling now to meet minimum payments on ccs and are having to shuffle money about. We haven't missed any payments or anything but I have looked at the whole situation and we just aren't ever going to get out of debt the way we are going! The thing is, from what I am reading, a good lot of the cc companies are not freezing interest while on a DMP anyway so what would be the point? Why not just keep shuffling the money about to make the minimum payments but keep credit rating intact if interest isn't going to be frozen on DMP anyway? Am I missing something? Thanks for reading.

ljcraigboy

Could someone read my misplaced post on main site called money worries

miserablemum

Dear CCS, how long does the DMP take to arrive in the post please ?

I have filled the form out on the 30 th June and still waiting, I am getting really worried now.

ljcraigboy

My wife is leaving me as i have messed up finances. Been contacted by money worries see other thread but can still claim back money paid as am within 14 days. Do they repay quickly. Also need a figure for a DPM for
MBNa card 14500
M&S card 11000
Cahoot account 9500
no equity in house, outgoings are 3800pm
income is 5100 pm
any advice would help me

bumblebee41

Hi, I'm in the process of setting up a DMP with CCCS but I'm really scared that HSBC are not going to like it and are going to harrass me, particularly as I owe the majority of my debt to them (£10,000 loan, £700 overdraft, and £1500 credit card). At first I was really enthusiastic about it as I feel they are legalised loan sharks and have forced me into this situation. They claim they are responsible lenders yet they continually let me extend my loan (on average yearly over last 6 years) and they must have realised I could not afford to pay the whole loan off without extending again. I even offered last year to pay off £5000 of my loan last year but they said that I couldn't do this. HSBC are also my bank (tho not for long as I have set up a basic bank account with a bank I don't owe money to. I am constantly borrowing just to cover my living expenses and have started claims to get back PPI and unfair banking charges (again from HSBC). I'm really worried they are going to get nasty, I already suffer from depression and wouldn't be able to cope with harrassment on top of my debts, would you be able to advise me on how sympathetic HSBC have been previously to customers who have taken out DMP's?

Thankyou.

3431Anna

I recently set up a DMP with Payplan, I didn't have HSBC as one of my creditors but was worried about my creditors starting to harrass me but it has gone quite smoothly and non of them have, try not to get too worried, I'm sure someone with more experience of this than me will be along soon and give you some good advice, i've found lots of people's advice on this site very helpful, good luck

3431Anna

My husband has a DMP and has today had a statement from Marbles card which is one of his creditors, although they have reduced his interest rate still when he makes a payment only 50.00 is going off the balance and the rest is in interest he has had his DMP for about 1 year does anyone no if marbles would transfer his account to DCA because then i don;t think the interest would be so high I know this wouldn't help his credit score but that's completely shot anyway