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beeboo5791 wrote: »

Hi

I am new to forums so apologies if I ask something that has already been answered and am also not really up to speed with lots of the financial jargon so again I may be a little slow!

My question is this...

I currently have a debt of 11517 with HSBC which is currently being pursued with Moorcroft. However, this debt probably dates back about 8-9 years from when I defaulted I think.
I also owe 2500 to HSBC credit cards which is being pursued by Keynes Collections. Again the default would have been back in 2005-06.
The other debt I have is about 550 originally from Barclaycard which I have not received any correspondence from recently.

All of these I am trying to sort out repayment plans. I have had plans in the past and have been unable to maintain and really need to sort things out now. They are all threatening legal action now.

I have been and looked at all 3 credit reference agency files today and the only debt that appears on there is the Barclaycard which shows as a default in 02/2009 and then the MKDP who I presume originally bought the debt from Barclaycard which shows as defaulted again 02/2009.

My question is why do the big debts not show on my report anymore? Do I have any chance of lowering the balance of these debts and I presume they can still take me to court to obtain the money from the debts that don't show on my credit report? These debts were accrued from the break up of a relationship and I got left with it all as was all in my name. I just want to get things sorted though.

Any advice would be appreciated. I just want to be able to maybe try and get a shared ownership property and want to increase my potential for being able to get a mortgage and sort my life out and give my children and secure and happy future and not have to worry so much about this financial situation any more.

Thank you for any advice and kind regards

Hi,

The debts won’t show on your credit file if it’s been 6 years since your last payment and there has been no county court judgment (CCJ) registered. I don’t know enough about your situation to say for certain but the debts could be statute barred – meaning they are non-enforceable.

You need to check if the debts are enforceable. Here is an article fully explaining statute barred debt with template letters to send to creditors http://moneyaware.co.uk/2013/10/statute-barred-debt/

If the debt is enforceable, just because the creditors are threatening legal action that does not mean you have to pay more than you can afford. We can give you free debt advice and recommend the best way to deal with your situation.

Use our online Debt Remedy advice tool or give us a call to speak to an advisor.

Take care,
Jess

77blondie

Whats the best way to go? I am happy to deal with creditors directly and have already spoken to some and got some agreements in place. Should I get help from a debt management company or go it alone?

I have £20k unsecured and £70k negative equity which I will need to deal with

Help / advice please

StepChange_Private_Messages

77blondie wrote: »

Whats the best way to go? I am happy to deal with creditors directly and have already spoken to some and got some agreements in place. Should I get help from a debt management company or go it alone?

I have £20k unsecured and £70k negative equity which I will need to deal with

Help / advice please

Hi 77blonde,

We can provide free, impartial debt advice and recommend the best way to deal with your debts. We’d go through a budget and see what your options are.

After, you’d be fully aware of your options and be in the best position to decide what to do next. I wouldn't recommend going with a fee-charging debt management company – some (not all) look to ‘sell’ you a solution rather than advise what is best.

Give us a call on 0800 138 1111 or alternatively use our confidential online Debt Remedy advice tool. You’ll get a tailored budget and personal action plan.

I hope this helps.

Thanks,
Jess

77blondie

Quite a few of my creditors have agreed directly with me regarding payments as I have used the CAB calculator online for budgeting and allocation of payments. They have also agreed directly to freeze interest and charges, Payplan are due to ring me tomorrow and I don't know whether to tell them to proceed or to leave the agreements I have already in place myself?

Family_finance

Credit card debt advice appreciated
I would really appreciate some advice on how to manage my current debt.

The problem being I have a loan and 3 credit cards and each of the cards 0% terms are soon to run out. I am worried that due to my amount of borrowing I will be rejected when applying for a 0% deal and/or will not be able to transfer the total I owe on cards to a 0% deal. My credit score is excellent. Here are the horrible debt facts;
I
M&S loan = £8000 at 8%
Barclaycard = £6800 runs out in Oct
Tesco = £4700 runs out in Aug
Lloyds = £1500 runs out in July

I'm currently repaying £420 a month, this is manageable but anymore would make things tight.

Many thanks

Family_finance

Credit card debt advice appreciated
I would really appreciate some advice on how to manage my current debt.

The problem being I have a loan and 3 credit cards and each of the cards 0% terms are soon to run out. I am worried that due to my amount of borrowing I will be rejected when applying for a 0% deal and/or will not be able to transfer the total I owe on cards to a 0% deal. My credit score is excellent. Here are the horrible debt facts;

M&S loan = £8000 at 8%
Barclaycard = £6800 runs out in Oct
Tesco = £4700 runs out in Aug
Lloyds = £1500 runs out in July

I'm currently repaying £420 a month, this is manageable but anymore would make things tight.

Many thanks

emma_1312

Hi,
I am currently on maternity leave and am about to go onto the 3 months of SMP, one of which is a 5 week month so I will get an extra £136.78.
For 2 of the months I will be £400 short on my monthly spend and £300 on the other. A total shortfall of £1100.
We have saved £1700 so have enough to cover this, however I am wondering what is best to do with the extra as I have also got a £600 overdraft which I am fully using, and £1900 on a lloyds duo credit card.
Is it better for me to clear my overdraft, pay the minimum on my card for the next 3 months and then when I am back to full pay then pay what I was saving before off each month to clear it quicker...
Or, shall I pay that chunk off my credit card balance and then continue to pay it off and try to clear my overdraft too once I am back on full pay?
Thank you in advance!

StepChange_Pavan

77blondie wrote: »

Quite a few of my creditors have agreed directly with me regarding payments as I have used the CAB calculator online for budgeting and allocation of payments. They have also agreed directly to freeze interest and charges, Payplan are due to ring me tomorrow and I don't know whether to tell them to proceed or to leave the agreements I have already in place myself?

Hi again,

If you’re happy to deal with your creditors directly and they've already agreed to your plan, then there’s no reason for you to sign up to a DMP with a free organisation.

If you start to struggle or you need some extra advice you know where we are

Thanks,
Pavan

StepChange_Pavan

Family_finance wrote: »

Credit card debt advice appreciated
I would really appreciate some advice on how to manage my current debt.

The problem being I have a loan and 3 credit cards and each of the cards 0% terms are soon to run out. I am worried that due to my amount of borrowing I will be rejected when applying for a 0% deal and/or will not be able to transfer the total I owe on cards to a 0% deal. My credit score is excellent. Here are the horrible debt facts;
I
M&S loan = £8000 at 8%
Barclaycard = £6800 runs out in Oct
Tesco = £4700 runs out in Aug
Lloyds = £1500 runs out in July

I'm currently repaying £420 a month, this is manageable but anymore would make things tight.

Many thanks

Hi there and welcome to the forum.

I can see that you’ve already had some really useful advice from Tixy on another thread. Whether you decide to try for another card or not, the most important thing to do is cut the cards up to resist any temptation of spending on them in the future.

If you can’t get another 0% card I’d recommend that you come to us for some free advice. We can look at your situation in more detail to see what options are available to you. You can use our online debt advice service Debt Remedy (http://www.stepchange.org/msehelp) or call our Helpline on 0800 138 1111 (free including from mobiles). We’re open Monday to Friday 8am - 8pm and Saturdays 8am – 4pm.

I hope this helps,
Pavan

StepChange_Pavan

emma_1312 wrote: »

Hi,
I am currently on maternity leave and am about to go onto the 3 months of SMP, one of which is a 5 week month so I will get an extra £136.78.
For 2 of the months I will be £400 short on my monthly spend and £300 on the other. A total shortfall of £1100.
We have saved £1700 so have enough to cover this, however I am wondering what is best to do with the extra as I have also got a £600 overdraft which I am fully using, and £1900 on a lloyds duo credit card.
Is it better for me to clear my overdraft, pay the minimum on my card for the next 3 months and then when I am back to full pay then pay what I was saving before off each month to clear it quicker...
Or, shall I pay that chunk off my credit card balance and then continue to pay it off and try to clear my overdraft too once I am back on full pay?
Thank you in advance!

Hi Emma and thanks for your question.

Firstly it sounds as though you’ve planned really well for your maternity which is great – and I know how difficult it can be to make the savings stretch especially with the extra expense of a little one!

It depends which one is costing you the most in interest each month. It's best to try and clear that one first.

If there’s not much difference you might feel more satisfaction in clearing the overdraft completely so you won’t be living in it anymore. It could be a good idea to remove or at least reduce the facility so there’s no temptation to dip into it again. Then, like you say, make a plan to clear the rest of the debt once you’re back on full pay.

I hope this helps,
Pavan