Struggling with debt? Ask a debt advisor a question

Ellabelle

I am running my own DMP at the moment. I started it on the 1st June by writing to all 4 of my creditors to make an offer of repayment that I can afford.

I have a Career Development Loan (CDL) (a loan for a course not eligible for normal student funding - You pay nothing whilst studying and then make repayments afterwards. Whilst studying the goverment pays the interest.) The CDL is with the Cooperative bank.

On the 17th June I recieved a letter from the Cooperative bank that states -

"I would take this opportunity to advise you that under the indemnity we hold with the Learning Skills Council, we are unable to accept any offers of reduced repayments to Career Development Loans".

"We are unable to accept payments directly into a CDL account and any payments you wish to continue to make must be directly to your current account". This seems pointless to me as payments would not be reducing my debt so I have witheld the reduced monthly payment that I have offered them.

My loan account and current account at the cooperative bank have the same account number so any internet banking payments that I make go into my current account with them. When I was making full repayments I paid the money into my current account and it was automatically transfered to the loan each month on the same date each month.

I was under the impression that a creditor had to credit reduced payments to an account by law, even if they did not 'accept' these reduced payments. Am I correct in my thinking here?

What should I do about this??

Thank you very much for your assistance in advance.

Ellabelle

CCCS_Sue

jackies41 wrote: »

Hi Sue

All my creditors have been written to with an offer of payment just waiting now for replys. Can you tell me if you have any experience with Vanquis they are constantly calling me. I have ignored the phone calls all day but am becoming annoyed with them as dont seem to be listening to me.

If I send them a letter requesting take my number of databas should this do the trick or are they difficult?

Thanks Jackie

Hi Jackie

Thank you for your message

It can be very frustrating when you are being called constantly by creditors especially when they don’t seem to listen!
I have a copy of a letter you can use to ask the creditors to remove you from their database and correspond with you in writing only.


To whom it may concern

Dear Sir/Madam

I am writing to ask that you no longer contact me by telephone as your calls are causing me considerable stress due to the frequency, and that they are being made at inappropriate times. Please remove my telephone number from your database and send all future communication in writing to my home address.

I have provided the most recent copy of my income and expenditure to make you aware of my current financial situation. I will continue to make my payment of x on the x of every month and will keep you informed of any changes in my circumstances as I am keen to resolve this issue as soon as possible.

I understand that following this request if you continue to call I can contact the Office of Fair Trading to make a formal complaint.

Please confirm in writing that your records have been amended.

Yours sincerely

Hope this helps!:)

Regards
Sue

CCCS_Sue

ukjs1976 wrote: »

Just to say... I am in a big mess with debt and have discussed my
situation on this website over the last few weeks...

I have a debt management plan ready to start on 1st Sept 2010 through the CCCS.

My experience of setting this up with the CCCS has so far been nothing short of brilliant.

These people are real experts. They are understanding, realistic and have time to answer questions and concerns.. and is all free.

I can't overstate how much I appreciate the help of everyone on this website and the staff at CCCS.

I have no idea how I could have coped otherwise.

Thank you.

Hi ukjs

Thank you for taking the time to give feedback on your experience with CCCS.

It is very much appreciated.

Regards
Sue

CCCS_Sue

~evanesco~ wrote: »

Can I Butt in, I've heard nothing from CCCS. They sent me an email on 23rd, or some whereabouts, of July, and nothing since then. My first payment was supposed to be 1st August.

Hi evanesco

Thank you for your message.

Can you email your details and client reference number to [EMAIL="contactus@cccs.co.uk"][EMAIL="contactus@cccs.co.uk"]contactus@cccs.co.uk[/email][/EMAIL]
and we will look into this for.

Thanks
Sue

CCCS_Sue

Ellabelle wrote: »

I am running my own DMP at the moment. I started it on the 1st June by writing to all 4 of my creditors to make an offer of repayment that I can afford.

I have a Career Development Loan (CDL) (a loan for a course not eligible for normal student funding - You pay nothing whilst studying and then make repayments afterwards. Whilst studying the goverment pays the interest.) The CDL is with the Cooperative bank.

On the 17th June I recieved a letter from the Cooperative bank that states -

"I would take this opportunity to advise you that under the indemnity we hold with the Learning Skills Council, we are unable to accept any offers of reduced repayments to Career Development Loans".

"We are unable to accept payments directly into a CDL account and any payments you wish to continue to make must be directly to your current account". This seems pointless to me as payments would not be reducing my debt so I have witheld the reduced monthly payment that I have offered them.

My loan account and current account at the cooperative bank have the same account number so any internet banking payments that I make go into my current account with them. When I was making full repayments I paid the money into my current account and it was automatically transfered to the loan each month on the same date each month.

I was under the impression that a creditor had to credit reduced payments to an account by law, even if they did not 'accept' these reduced payments. Am I correct in my thinking here?

What should I do about this??

Thank you very much for your assistance in advance.

Ellabelle

Hi ellabelle and thank you for your message

You need to check the terms and conditions of your original contract.

However, if you are only able to make reduced payments, then send what you can afford. You cannot give them money you do not have.
Stick to your offer and back it up with a copy of your income and expenditure.
You could change to a basic bank account elsewhere and have your money paid into this account. Then you can make arrangements to pay back the overdraft and loan at an amount you can realistically afford.
You say you are doing your DMP yourself, but if you do need any further help, you can call for an appointment to speak to one of our debt counsellors on 0800 138 1111.

Regards
Sue

~evanesco~

CCCS_Sue wrote: »

Hi evanesco

Thank you for your message.

Can you email your details and client reference number to [EMAIL="contactus@cccs.co.uk"][EMAIL="contactus@cccs.co.uk"]contactus@cccs.co.uk[/email][/EMAIL]
and we will look into this for.

Thanks
Sue

I'm sorted, I gave them a call this morning.

StepChange_Pavan

~evanesco~ wrote: »

I'm sorted, I gave them a call this morning.

Hi Evanesco,

I'm pleased to hear that you've sorted it. Let us know if you need any further help

Regards,
Pavan

DefinitelyMaybe_2

Hi,

I have no one else to blame for my debt other than myself but i realise that it needs to be addressed but i just don't know how! I've looked online but feel slightly nervous about some of the Debt Free companies.

Basically i owe around £7750.00 on a Personal Loan and £9000.00 on Credit Cards. I can afford the monthly repayments (just) but i see no end to the debt - it will take me years to repay the credit cards!

I know my situation is nothing compared to some that i have read but it is affecting me and i just need to see some light at the end of the tunnell.....any help would be GREATLY appreciated.

DM

lyndareid

MSE_Wendy wrote: »

The Consumer Credit Counselling Service (CCCS) has several counsellors answering questions in our forum. There are three ways to contact them:

1 - To ask them a question please post it below and someone will post a reply here.

2 - If you would prefer to ask a question in private you can send a private message to CCCS Private Messages, and one of the Counsellors (Sue or Pavan) will get back you.

3 - CCCS's Debt Remedy is an online tool where you can chat to a counsellor anonymously and ask questions as you work through a budget plan.

This is dicussion thread part two, if you asked a question at the end of the previous thread, see part one

Please help me. My daughter has got herself into a huge financial mess. I need to give her the best advice as to who to contact to help her. This has gone beyond court etc. She has now contacted a company called KMG (?) who are apparently 'dealing with her case' and talking about sequestration. I cant find any info on this company or what they may charge for this service We live in the Falkirk area of Scotland. Please help me to advise her. Thanks

lyndareid

Please help me. My daughter has got herself into a huge financial mess. I need to give her the best advice as to who to contact to help her. This has gone beyond court etc. She has now contacted a company called KMG (?) who are apparently 'dealing with her case' and talking about sequestration. I cant find any info on this company or what they may charge for this service We live in the Falkirk area of Scotland. Please help me to advise her. Thanks