Struggling with debt? Ask a debt advisor a question

Little-pea2010

Hi,

I am just about to enter into a DMP which will help me out greatly as I am currently behind with payments on various loans and credit cards and generally struggling to live. However, part of my debt is made up of various 'payday loans' all in all i owe about £2500-£3000 on these. My question is am I able to include these in the DMP that I am about to enter? The last payday loan was taken out on 19th July, so they were all issued before I considered entering the plan. Your advice on this would be much appreciated...

Many thanks

winner12

Posting here as well as thread
Recieved a default from MBNA they have accepted my DMP and frozen interest and charges already question is do i reply to the default letter
I have relpied to all their corespondance so far and what will be their next step

CCCS_Sue

Little-pea2010 wrote: »

Hi,

I am just about to enter into a DMP which will help me out greatly as I am currently behind with payments on various loans and credit cards and generally struggling to live. However, part of my debt is made up of various 'payday loans' all in all i owe about £2500-£3000 on these. My question is am I able to include these in the DMP that I am about to enter? The last payday loan was taken out on 19th July, so they were all issued before I considered entering the plan. Your advice on this would be much appreciated...

Many thanks

Hi Little-pea2010

Thank you for your message.

At CCCS, we could include payday loans on your DMP.

Regards
Sue

Windchime_2

Hi

First timer, so unsure if I'm doing this right! Recently, I've recieved many calls from companies offering debt management schemes. I'm very sceptical on signing up as I am currently maintaining regular payments, albeit that the interest rates charged are unrealistic. I'm curious as to how they are able to negotiate with creditors to freeze interest when an individual isn't able to do this? Do CCCS offer a DMP scheme? Can I approach creditors to freeze the interest and on what grounds? Also, by entering a DMP does this have a negative effect on ones credit report? Interested to pro's and con's of entering into a DMP scheme.

Windchime!:)

mia1830

Hi,

I am really considering an IVA as I think it is the only way i can sort out my debts, i did the cccs calculator and it advised an IVA. Before I start one I have just a question or two, my husband and I are not living together at the moment because our debts were getting in the way and we couldn't cope together. We have some joint debts and some individual plus we still have a joint bank account as we have a large OD and could not pay it off, so do we have to be living together to go for an IVA? We do love eachother very much and have said will try and work things out when we have our debt problems sorted. At the minute im claiming tax credits as a single parent as at the minute I am but if we get back together would this mess the IVA up as the tax credits will be lower and we would have less money, would it be better for me to claim as a couple until we know what we are doing? The other thing is our car which we share would we loose it, i start at 6am so i would have to get a taxi i can't get a bus at that time but could get one home, my husband would have to get 4 buses a day to and from work it would cost us about £240.00 four weekly, our car is on HP and is £156 per month insurance is £40 per month and tax is £120 yr, do you think we would loose the car? Thanks in advance for any help.

MIW_2

Hi Wendy

I have just returned from holiday to be greeted by a letter from Creation Consumer Finance Ltd advising that my debt (!) has been passed to Lowell Portfolio.

The 'debt' is for £4126.28 from a retailer I had, up until now, never heard of but a google search turns up an East Anglian based electrical retailer.

I have never dealt with them nor have I ever had any account with Creation Consumer Finance.

Smelling a rat I 'phoned Lowell but they refused to discuss unless I revealed personal information.

What's my next step. I have a gold plated credit rating and don't want a scam to spoil it

debtfreein5

Hi

I am currently not in any arrears, but am starting to struggle with making my current payments. I am looking to make a "financial arrangement" with my creditors to rid my debt over a 5 year period or to just reduce my interest. They have agreed to this but said it will be on my credit file for effectively 11 years.

The man a MBNA said that a financial arrangement wont neccesarily have a huge impact on my credit report (he said missed payments are worse) but I could do with help getting to grips with how this will affect me going forward.

There are no immediate plans to apply for credit but to say that I wont need to apply for anything for 11 years seems unrealistic.

Obviously I need to get out of debt somehow but ideally need to do it with least impact on my credit record.

Any help gratefully received

rebsk1309

Hi,

A debt of mine for £1000 was bought by Moorcroft in Nov 2008, I had an arrangement and have been paying £25 a month and now currently owe £600.

I missed a payment in June of £25 due to being out of work (only for a short time but this messed up my finances and I defaulted).I payed July & August as normal.

I called them last night to pay the arrears of £25. At first they refused to take the payment saying I had to pay the whole amount. Then I was told to pay £200 and increase my monthly payments. I can't afford this so I asked then to take the payment of £25 which they did very reluctantly.

I was advised throughout the whole conversation that someone will visit our house and our debt will be sustantially increased due to this home visit. I was told to increase my monthly payments but I just can't I am on a realy tight budget. Paying for childcare for 2 children so that I can work takes a big slice of my salary and I am doing the best I can.

I am supposed to cal them back today with an increased proposal but to be honest I am too scared to ring them back as the woman was quite nasty yesterday.

I don't want someone to visit the house, and worried the debt will be increased. I will continue to ake the £25 payments in the meantime.

Any advise would be greatly appreciated.

Rebecca

needtofightback

Hi
I am trying to get my finances on track & going through my debts prior to contacting a company re a DMP which my son advised as he has recently set one up.

I've only just realised that i can get one free from CCCS (who I will be contacting soon) as my son had paid for his. he was charged £2100, & is paying £700 a mth for 3 mths, I think he's paid 1 or 2. Seems to me he's being ripped off but he was happy as they got his debts down to £270 from around £1500 per mth. My question is could he change to cccs & get same dmp accepted & could he get a refund from the company he went to?

Be grateful for your help.

Turnibull

Hi,

My partner has a credit card with a balance of 10,000.00, over the last 18 months this has been paid through his insurance policy as he has been off work sick. He received a letter from the insurance company this week saying they have paid off the original balance. When he got in touch with the credit card company they say he still owes £4.000.00, He hasn't used the card. how can this be, it appears this is interest charged over the 18 month period, no-body explained he would still have a debt to pay he thought the insurance company paid off the debt on the card. Please help!!!!!!!!