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Struggling with debt? Ask a debt advisor a question

edited 18 November 2016 at 2:10PM in Debt-Free Wannabe
3.3K replies 1.4M views
Former_MSE_AndreaFormer_MSE_Andrea Forum ManagerFormer MSE
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edited 18 November 2016 at 2:10PM in Debt-Free Wannabe
MSE Update 18 November 2016

Hi everyone! After four years on this discussion we've started a new one to keep it fresh and so you can see the latest information.

Please use the new discussion to ask your questions.

Back to the original discussion:


If you need help with your debts, this is the thread for you.

Trained advisors from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. They’re a friendly bunch so please don’t be shy!

There are three ways to get in touch:

1 - Simply post your question below and Richard, Allen, Rachael, Linsi or Kirsty will reply. If your question is about bankruptcy, then pop over to the Bankruptcy board.

2 - If you would prefer to ask a question in private, feel free to send a message to StepChange Private Messages.

3 – StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an advisor through online chat.

If you're a StepChange Debt Charity client already, please contact its Aftercare team rather than posting in this thread (their contact details are in your Welcome Pack).

This is discussion thread part three, see parts one and two.



Finally, follow @MSE_Forum on twitter for debate and discussion on all things MoneySaving and more.
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Replies

  • edited 5 November 2012 at 11:00PM
    one_day_roddersone_day_rodders Forumite
    6 posts
    edited 5 November 2012 at 11:00PM
    Hi,

    Have DMP in place & running for unsecured debts (c/cards + o'draft) - everyone paid on time in full each & every month without fail. All appear "happy" with plan with the exception of the Halifax who
    a) charge more interest than any other creditor
    b) continuously get things wrong
    &
    c) insist on using the most threatening terminology in their correspondence.
    What are others experiences of the Halifax's uncooperative nature & threatening verbiage? Is there anything I can do with these guys or do I have to just take it on the chin?

    (ps - the lender that in my experience should be praised to date is Barclaycard as everything has been handled without fuss or threatening correspondence.)

    Anyway to my main point. Everything was in control until my partner has now decided that she has had enough & wants to leave + be taken off the mortgage.

    As I believe I am in a "default situation" with the unsecured debt I believe my credit rating is shot. Should this be the case can anyone confirm ( I thought that one of the "benefits" of putting a DMP in place was that this could actually go some way to improving ones credit rating if kept up to date)?

    Our joint mortgage is with the Halifex & saw them today to see if the mortgage could be put in my name only - however that application failed the credit check.

    So the situation for really both myself & my partner is unless she is prepared to leave her name on the mortgage then I will be forced to sell the house & face the prospect of never being able to own another property as I am now 45 & my DMP will potentially run for another 6+yrs.

    I have carried out limited research into govt mortgage help via local councils but it appears that because I do not have any children, disabled or elderley/infirm co-dependants then I will not qualify for assistance. Oh the joys of being a White Single "Healthy" British Male that has always paid his way.

    I would be really grateful if anyone could advise / point me in the right direction - in the mean time I will continue to hope & pray the other half will see some sense in remaining on the mortgage at least short term until the financial situation improves but I don't really hold much hope there.

    The sooner I have no further dealing with the Halifux the better!!!

    Whilst I was "happy" with the DMP situation & the debt being a problem but under control this took away the immediate pressure / worry - but with this now looming even though I could pay everything as would take a lodger in to make up the shortfall, + possibly take on additional work / whilst continuing the job search to improve income anyways - it would all be to no avail as I would not get the mortgage approval due to credit ratings.........

    Is there no end to this madness?

    It's enough to drive you into a mental institution!
  • Totally agree with you about Halifax, at present not even acknowledging that I have contacted them about the DMP!

    MBNA and Barclays, I have nothing but praise for at the moment!

    Guess which company I owe the most too though! :mad:
  • Walaboobah - lol at tag ;o]

    Halifux (deliberate spelling!) are truly awful with their incompetence & language on their correspodence - although when you get to speak with them they tend to be as helpful as they can - nevertheless state they can't do anything about the charges as they are their policies.
    £6k owed to B/card v £6k to Halifux - 2012 projection b/card pay off £675 - Halifux £250 even though monthly payments same - go figure!
    Isn't the purpose of the DMP aimed at reducing the debt pile??? - isn't that what both parties want???

    I must say all my creditors barring Halifex & Natwest (who are a v close 2nd in the whose the most obnoxious unhelpful category) have been exceptionally fair over the whole matter - (hope I haven't spoken too soon lol)
  • Can you give me any advice on HSBC managed loans? How can they be fair and how can I get out of one, they are killing me and no help at all!
  • SystemSystem
    177.7K posts
    10,000 Posts
    ✭✭✭✭✭✭
    Hi,

    Have DMP in place & running for unsecured debts (c/cards + o'draft) - everyone paid on time in full each & every month without fail. All appear "happy" with plan with the exception of the Halifax who
    a) charge more interest than any other creditor
    b) continuously get things wrong
    &
    c) insist on using the most threatening terminology in their correspondence.
    What are others experiences of the Halifax's uncooperative nature & threatening verbiage? Is there anything I can do with these guys or do I have to just take it on the chin?

    (ps - the lender that in my experience should be praised to date is Barclaycard as everything has been handled without fuss or threatening correspondence.)

    Anyway to my main point. Everything was in control until my partner has now decided that she has had enough & wants to leave + be taken off the mortgage.

    As I believe I am in a "default situation" with the unsecured debt I believe my credit rating is shot. Should this be the case can anyone confirm ( I thought that one of the "benefits" of putting a DMP in place was that this could actually go some way to improving ones credit rating if kept up to date)?

    Our joint mortgage is with the Halifex & saw them today to see if the mortgage could be put in my name only - however that application failed the credit check.

    So the situation for really both myself & my partner is unless she is prepared to leave her name on the mortgage then I will be forced to sell the house & face the prospect of never being able to own another property as I am now 45 & my DMP will potentially run for another 6+yrs.

    I have carried out limited research into govt mortgage help via local councils but it appears that because I do not have any children, disabled or elderley/infirm co-dependants then I will not qualify for assistance. Oh the joys of being a White Single "Healthy" British Male that has always paid his way.

    I would be really grateful if anyone could advise / point me in the right direction - in the mean time I will continue to hope & pray the other half will see some sense in remaining on the mortgage at least short term until the financial situation improves but I don't really hold much hope there.

    The sooner I have no further dealing with the Halifux the better!!!

    Whilst I was "happy" with the DMP situation & the debt being a problem but under control this took away the immediate pressure / worry - but with this now looming even though I could pay everything as would take a lodger in to make up the shortfall, + possibly take on additional work / whilst continuing the job search to improve income anyways - it would all be to no avail as I would not get the mortgage approval due to credit ratings.........

    Is there no end to this madness?

    It's enough to drive you into a mental institution!

    Hi and welcome to the forum:)

    It sounds like you would benefit from some free and impartial advice.

    We don’t really give mortgage advice and I’d recommend that you seek the help of an independent specialist in this area. You are correct in thinking that your credit rating may limit the availability of mortgage products.

    The first thing to do is look at what the situation will be like if your partner leaves, you don’t mention the household budget and whether your partner will continue to contribute towards the mortgage (if they did in the first place). You also don’t mention if the property is in negative equity or has equity available.

    Looking at your budget going forward it could be that you may be more suited to looking at other debt solutions. We’d need to know more details before we could suggest which.

    It’s definitely worth calling your DMP provider to discuss this. It’s also worth noting the we offer DMPs free of charge so that all the money you pay into the plan goes towards clearing your debts, we also offer free and impartial advice on a whole range of other debt solutions.

    We’ve written a blogpost regards joint debts which you may also find useful.

    http://moneyaware.co.uk/2011/09/we-got-a-joint-loan-now-weve-split-who-has-to-pay/?dm_t=0,0,0,0,0

    You could also visit our online debt advice service Debt Remedy (http://www.stepchange.org/msehelp) to help you find a solution quickly.

    Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

    To help you fill in the form, it’s best to gather together information about:
    • Your income
    • Your expenditure
    • The creditors you owe money to

    You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

    If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

    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.

    I hope this helps.

    Kind regards,

    Mat
  • Please can you help me I was forced to take out a managed loan with HSBC on the 10/07/2007 due to a split with a violent ex and me taking on all the debt just to get out of it.
    The loan amount was for £23.500.00 and 13.3% variable. Amount owing on 1/09/2012 is still £13.326.00. The loan is over 12 years so I have 7 more years of paying £316 a month. I can't see how this can be fair , they will have had over double what I owed from me by the end.
    I really don't know what to do and find it all upsetting. Is this interest rate allowed?


    Please help
  • StepChange_JamesStepChange_James Has MSE’s permission to post for company Organisation Representatives - Private Messages may not be monitored
    861 posts
    Please can you help me I was forced to take out a managed loan with HSBC on the 10/07/2007 due to a split with a violent ex and me taking on all the debt just to get out of it.
    The loan amount was for £23.500.00 and 13.3% variable. Amount owing on 1/09/2012 is still £13.326.00. The loan is over 12 years so I have 7 more years of paying £316 a month. I can't see how this can be fair , they will have had over double what I owed from me by the end.
    I really don't know what to do and find it all upsetting. Is this interest rate allowed?


    Please help

    Hi,

    Thanks for posting. There isn’t a maximum amount of interest or a maximum timescale for unsecured loans, so HSBC didn't break any laws by giving you this loan.

    HSBC managed loans, though often lasting for longer periods of time, are similar to other types of unsecured loan and we can give you advice on how to deal with them, well just need a bit more information about your finances.

    The first thing to do is visit our online debt advice service Debt Remedy (http://www.stepchange.org/msehelp) to help you find a solution to your debt problem quickly.

    Debt Remedy will assist you in completing a financial statement with information on your household, employment, income, expenditure and debts. From this the service will automatically determine your options.

    To help you fill in the form, it’s best to gather together information about:
    • Your income
    • Your expenditure
    • The creditors you owe money to

    You’ll receive a downloadable advice booklet providing a tailored solution for you based on your current circumstances and advice on ways you may be able to improve your situation.

    If you’re not confident with computers or would like to speak to an advisor then you’re welcome to ring our Helpline on 0800 138 1111 (free including from mobiles). 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.
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy

    If money worries are keeping you awake, read Paul's success story at Need to Sleep

  • Stepchange_Mat

    Thanks for your reply - I have been in touch with Stepchange & they are putting me in touch with Compass Mortgages with whom you are linked who should be able to advise me.

    I pay the mortgage however is in joint names, "C" pays bills most of. "C" wants to be free of everything so no would not be contributing any further to the upkeep of the house or the mortgage.

    There is approx a hole in my budget of £350 - £400 month to fill.
    This could be covered by renting a room out.

    Yes there is equity in the house of approx £15k - split bewteen 2 = £7.5k each.

    My debts total around £30k+
  • StepChange_JamesStepChange_James Has MSE’s permission to post for company Organisation Representatives - Private Messages may not be monitored
    861 posts
    Stepchange_Mat

    Thanks for your reply - I have been in touch with Stepchange & they are putting me in touch with Compass Mortgages with whom you are linked who should be able to advise me.

    I pay the mortgage however is in joint names, "C" pays bills most of. "C" wants to be free of everything so no would not be contributing any further to the upkeep of the house or the mortgage.

    There is approx a hole in my budget of £350 - £400 month to fill.
    This could be covered by renting a room out.

    Yes there is equity in the house of approx £15k - split bewteen 2 = £7.5k each.

    My debts total around £30k+

    Hello,

    Getting a lodger in can be a great way to bring in some extra money. Obviously there are things to consider first, such as getting the right person in and making sure the room you are renting is somewhere that a lodger would want to stay, etc.

    While it may not be a long term option, you can always reduce payments to your unsecured debts if you find you need most of your money to support living costs.

    Hopefully Compass will be able to give you some advice about the mortgage side of things, but we can advise you on how best to deal with your unsecured debts if you need to change your current arrangements.

    All the best.

    James
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy

    If money worries are keeping you awake, read Paul's success story at Need to Sleep

  • Hi

    I wonder if you would be able to help me please? I have been paying HCE Group £150 per month for a debt that was originally with EON. I thought I had just about paid if off but they say I still owe them £527! They say that they are adding interest to the balance. I have been struggling to pay the £150 and this month it will be a real (if not impossible) struggle to pay it. Are they allowed to add interest and can I renegotiate the payments with them - They were very forceful in the first instance and frankly made me agree to £150 per month with the usual bailiff style threats. Any help or advice would be great, thanks.
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