Struggling with debt? Ask a debt advisor a question

CCCS_Sue

nda1 wrote: »

I'm on a DMP with Payplan. I've been approached by Money Expert, who cliam to be able to write off 70% of my debt and half the time of Payplan.

Sounds too good to be true. Is it?
Neil

Hi Neil

Have answered this one for you in previous post.

Regards
Sue

CCCS_Sue

lucasrose wrote: »

Hi,can someone help please,i started my dmp this month and my first payment went out 1st sept but none of my creditors have been paid yet! Doe's this sound right i am worried as my next payment is due soon and i'm scared i'll be in trouble for not making payments.Thanks for your help.

Hi lucasrose and thank you for your message

Although the money is collected from you at the beginning of the month, it is actually disbursed to your creditors around the 25th of the month. There is nothing to worry about!
If you need any further clarification regarding this, then please contact our client support team who will be happy to help.

Regards
Sue

lucasrose

movingonup wrote: »

While a payment is taken at the beginning of the month, the banks aren't paid until the end of the month. Some of mine went in today and some will go in Monday or Tuesday. Should be nothing to worry about

Thankyou for your reply as put my mind at ease.:)

lucasrose

CCCS_Sue wrote: »

Hi lucasrose and thank you for your message

Although the money is collected from you at the beginning of the month, it is actually disbursed to your creditors around the 25th of the month. There is nothing to worry about!
If you need any further clarification regarding this, then please contact our client support team who will be happy to help.

Regards
Sue

Thankyou sue.:)

arteta1878

Could anybody please offer any advice?

I have been speaking with the CCCS and they have been brilliant thus far in the information that they have offered.

However, I am thinking of sending a letter to the bank, along with a copy of my income and expenditure to expain my situation and offer them a monthly payment plan once my accounts and interest are frozen, as I simply cannot continue to service my debts at the current rates I am on.

Would this be something that they are likely to turn down? And does going throught the CCCS add more weight to the validity?

Many thanks

CCCS_Sue

arteta1878 wrote: »

Could anybody please offer any advice?

I have been speaking with the CCCS and they have been brilliant thus far in the information that they have offered.

However, I am thinking of sending a letter to the bank, along with a copy of my income and expenditure to expain my situation and offer them a monthly payment plan once my accounts and interest are frozen, as I simply cannot continue to service my debts at the current rates I am on.

Would this be something that they are likely to turn down? And does going throught the CCCS add more weight to the validity?

Many thanks

Hi arteta and thank you for your message.

The creditors do not have to stop interest and charges and they do not have to agree to accept the payments. but you should continue to send your money anyway. You cannot pay them money you do not have! The main thing is to back up your offer with a copy of the budget you put together with the help of CCCS.

If if this is relating to a bank where you are paying money into a current account, then it is advisable to change your account to a basic account elsewhere, where you have no debts. This puts you back in charge of your finances and stops the bank taking money from your account to pay their debts first without your permission.
I have attached a link to a booklet which explains about basic bank accounts and also has a list of banks you could use.
http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf

Once you have changed your account, you can make a realistic offer to repay the debt at the bank.

Regards
Sue

arteta1878

CCCS_Sue wrote: »

Hi arteta and thank you for your message.

The creditors do not have to stop interest and charges and they do not have to agree to accept the payments. but you should continue to send your money anyway. You cannot pay them money you do not have! The main thing is to back up your offer with a copy of the budget you put together with the help of CCCS.

If if this is relating to a bank where you are paying money into a current account, then it is advisable to change your account to a basic account elsewhere, where you have no debts. This puts you back in charge of your finances and stops the bank taking money from your account to pay their debts first without your permission.
I have attached a link to a booklet which explains about basic bank accounts and also has a list of banks you could use.
http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf

Once you have changed your account, you can make a realistic offer to repay the debt at the bank.

Regards
Sue

Thanks for replying Sue,

I have already transferred all of my general living costs and direct debits over to another bank and am having my salary paid into there now.
I know the bank will not act until my account goes overdrawn or payments are not met, but that is due to happen any day now.

I took out a loan for 25k 2 years ago and have already paid over 11K back, but I cannot afford the repayments anymore, and my overdraft is now at it's limit of £1350.

I am writing to offer them £100 a month for my loan and £25 a month for my overdraft, so would you consider that a reasonable offer under the circumstances? I have broken my income and expenditure down completely for them, so they will be able to see that I am just using my overdraft every month and living in that!

I need to start afresh, but I cannot do it on the terms that we originally agreed, and without wishing to sound blaise, it is the RBS we are talking about here, so they can hardly take the moral high ground on my situation!

stubbyeggy

Hi
I am considering a DRO but work for the Police .Will my employer be informed as I would almost certainly loose my job .
regards

Somnium

Hi I'm looking for some advice. I currently have an IVA which was set up shortly before I found out I was pregnant and at the time I was working a 40hr week so earning a full time income. The IVA has been suspended for 9 months while I am currently on Maternity leave. I am due to return to work in late November but obviously wont be able to return to full time work due to a lack of childcare so therefore my income will be dropping (I could use a child minder/nursery but dont earn much and so would still be dropping income due to paying out for this). What would happen now as I wont be able to keep up with the payments that were previously arranged?

CCCS_Sue

stubbyeggy wrote: »

Hi
I am considering a DRO but work for the Police .Will my employer be informed as I would almost certainly loose my job .
regards

Hi stubbyeggy

Thank you for your message

I would recommend that you check your contract of employment and or speak with your personnel manager/employment welfare officer who has a legal obligation to keep the matter confidential, regarding a DRO and whether it could affect your job.
Although there may be no reason for anyone to contact your employer, if they were to find out, you might lose your job.

There is certain criteria you have to meet before looking at a DRO.
For example, your debts should be no more than £15000 in total, any surplus in your budget should not exceed £50, and you should have no assets above £300. Any pension provision you had over £300 could also affect you getting a DRO.
If you would like to discuss a DRO further with one of our counsellors, you can call free on 0800 138 1111. CCCS are one of the few approved organisations who can submit a debt relief order application.

Regards
Sue