Struggling with debt? Ask a debt advisor a question

doorstep54

StepChange_Private_Messages wrote: »

Hi Doorstep,

Thanks for coming back to post. It sounds like things are moving forward even if there's now this issue with your tenancy agreement to resolve.

I'd suggest getting in touch with someone from your housing association and explaining the situation to them. The wording above suggests they could ask you to leave but it doesn't mean they will.

If you're up to date with your rent then it could be that they've got no interest in getting rid of you. The only way to know for sure is to talk to someone there and ask them.

Most housing associations are sympathetic to their tenants when they're having difficulty, so I'd be very surprised if they weren't helpful and understanding.

If you've got any questions after speaking to them then please give us a call and we'll do what we can to help.

All the best.

James

thank you so james I will get back to you as soon as I hear from my housing I went to speak to some one there, they said they need to speak to there lawyer! and would get back to me xx

doorstep54

blueben1 wrote: »

Hi I'm after some advice I have debts of £26500 in which I pay roughly £800 PCM minimum payments it's got to the point now that I just can't carry on but I'm so ashamed and embarrassed the situation I've got myself in just don't no where to turn or who to trust .. 2mths ago I plucked up the courage and went into my local CAB who seen me but there was a 4week wait to see the debt advisor they gave me 3 numbers of companies that offer free advice .... So the same day I decided to phone payplan spoke to advisors who got back to me the next week said they'd worked out a payment of £152 per mth dmp over 15years or an Iva the Iva sounded right for me as I'm 38 I didn't want the dmp hanging round my neck . But over the next week or two I started reading reviews on payplan and cosquenceses of an Iva and I got cold feet I worked out that if the payments stayed at £152 I would of paid £9120 back then read that the ip charge on average between 5kand7.5k to set up an Iva I just can't get my head round it I feel like scum of the earth I've tried releasing equity they won't lend it I've spoke to the card companies if they could reduce the interest rate they don't want to no ... Have any of you used payplan or other company I really just don't no what to do any advice or experiences would be gratefull thanks

phone stepchange they will help you they are really understanding people I was at my wits end till I rang them, good luck I know just how you are feeling

StepChange_Pavan

Andad wrote: »

Hello, I am after some advice please.

I've managed to get myself into a financial mess due despite the warnings to investing in margined products on the stock market, these positions went wrong and I funded the positions via my credit cards.

I can no longer maintain the repayments on the credit cards due to the number of them and the high interest rates, but could do 'fairly' comfortably if I could consolidate them into one payment.

I already have a loan with circa £7k outstanding with my bank for a car and some house repairs, I approached them to increase the loan to £25k
over 7 years to consolidate all my debts into one, they advised that before going through with the application that it would likely be rejected due to going over my overdraft limit once in a recent month.

So I googled my options and discovered that Nationwide do a 'soft check' for loans, I did this and received a favourable response, so I went through with the application only to be declined.

I'm now stuck as to where to go next. I've had a look at a DMP online, which looks good, but ideally I'd like to pay my own way rather than asking for interest freezes and extensions etc. It's my bed i'll lie in it.
Also the DMP plan I looked at leaves me with virtually no disposable income, which admittedly is better than where I am now, but with two young girls is not my ideal plan.

Essentially what I am asking is, are there any reputable companies that would lend a consolidation loan in my current situation, or is a DMP my only option.
I am a homeowner, but with very little equity.

Thanks

Hi there and thanks for your question.

We don’t usually recommend consolidation loans as a debt solution as it can often make your situation worse. You can read a bit more about why this is on our blog: http://moneyaware.co.uk/2013/01/to-debt-consolidate-or-not-to-debt-consolidate/.

It’s difficult to say what your best option is without looking at your circumstances in more detail. You mentioned that you looked at DMPs online but not whether this was recommended as your best solution. Have you tried our online advice tool Debt Remedy (http://www.stepchange.org/msehelp) as this will tailor the advice to suit your situation?

There’s no guarantee that a DMP would freeze interest and charges in the same way that there’s no guarantee that any lender will offer you a consolidation loan. Although you mention you won’t have any disposable income, a DMP will allow for all your essential expenditure including whatever is needed for your girls. A loan is likely to leave you with more debt and just as little, if not less money available for your expenditure but a DMP means that your outgoings are prioritised over your debts.

I hope this helps. If you’d prefer to speak to one of our advisors you can ring our Helpline on 0800 138 1111 (free including from mobiles). We’re open Monday to Friday 8am - 8pm and Saturdays 8am – 4pm.

Kind regards,
Pavan

StepChange_Pavan

blueben1 wrote: »

Hi I'm after some advice I have debts of £26500 in which I pay roughly £800 PCM minimum payments it's got to the point now that I just can't carry on but I'm so ashamed and embarrassed the situation I've got myself in just don't no where to turn or who to trust .. 2mths ago I plucked up the courage and went into my local CAB who seen me but there was a 4week wait to see the debt advisor they gave me 3 numbers of companies that offer free advice .... So the same day I decided to phone payplan spoke to advisors who got back to me the next week said they'd worked out a payment of £152 per mth dmp over 15years or an Iva the Iva sounded right for me as I'm 38 I didn't want the dmp hanging round my neck . But over the next week or two I started reading reviews on payplan and cosquenceses of an Iva and I got cold feet I worked out that if the payments stayed at £152 I would of paid £9120 back then read that the ip charge on average between 5kand7.5k to set up an Iva I just can't get my head round it I feel like scum of the earth I've tried releasing equity they won't lend it I've spoke to the card companies if they could reduce the interest rate they don't want to no ... Have any of you used payplan or other company I really just don't no what to do any advice or experiences would be gratefull thanks

Hi there,

Please don’t feel ashamed as you’re certainly not alone and you’ve come to the right place for help. As Doorstep54 mentioned, we're not here to judge and we can provide you with free and impartial advice that’s tailored to suit your situation.

I can’t say whether an IVA or DMP is best for you without looking at your circumstances in more detail but please be reassured that there will be a solution available to you.

I’d recommend that you visit our online debt advice service Debt Remedy (http://www.stepchange.org/msehelp) to help you find a solution to your debt problem quickly. It’s completely anonymous and will take you through step by step within around 20 minutes. Or if you’d prefer to speak to someone, you can ring 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 to put your mind at ease,
Pavan

Lilacbreeze71

hello guys
heres my story !! 17 months ago i took out my first PAYDAY LOAN! my daughter needed help with her accommodation fees for uni as the process was taking a while to come through she goes to uni in France ! at the time had no money spare and saw an advert for a payday loan and went for it no problems ! i am usually a very sensible person but at the time i wasn't due to fact my partner had suffered an injury so could not work for 8 months ,paid back following month no problem then month after i was advised at work overtime payments stopped and the overtime you work is used as flex ! ie not paid just time off !! after this i had to take out more and more payday loans just small amounts to cover the costs of the exiting payday loans ...... to cut a long story short I am now in debt over 7000 pounds in payday loans (over half being interest and charges for rolling over )PLEASE PEOPLE READING THIS DO NOT DO IT !!! get help financially from family or friends or even your bank if poss !!
My partner recovered and back at work now but i did not tell him of my financial problem I cant !!
Now we have split after 17 years together and a daughter and basically I am in major financial difficulty , I have set up a DMP with a reputable firm but even now after 3 months out of 9 creditors only 4 have accepted so interest still accruing !! I am not a frivolous person i don't go out getting drunk or spend loads on clothes I just spend to get by food school trips uniforms etc !! some days I just live on soups i make so I can make sure my youngest daughter can have money and the things she needs !
I have a lovely moment every morning when I wake up and for 2 minutes the world feels great !! then reality checks in!!go to work everyday always happy and optimistic on the outside !!!
the hardest thing to me is I bought on this problem myself and to think the smallest mount of £7-8,000 would change it all !!
my salary is not the greatest and I have even thought about another job but cannot because of childcare !!! 1 split second i thought about an escort agency !!! that's how low it has become!! I need to sty positive and try to get through this but it is so hard !!! I have my health and so do my 2 daughters and that is what keeps me ticking over ! ANYONE READING THIS DO NOT USE PAYDAY LOANS AND ASK FOR HELP I WISH I HAD !!

blueben1

doorstep54 wrote: »

phone stepchange they will help you they are really understanding people I was at my wits end till I rang them, good luck I know just how you are feeling

Thanks I will do just scared

mum2one

blueben1 wrote: »

Thanks I will do just scared

I second this, stepchange are really helpful, understanding, and most importantly dont judge, I really dont know how I would have done it without stepchange, took me about 1 month to pick up the courage to make that phone call, I'd even dialed the debt rememdy, dialed the number then went into panic mode, but when I finally plucked up the courage, I remember thinking why didn't I do this sooner, xx

bpm91

Hi there new here !

I have a dmp with stepchange but last few months i've been making min payments to stepchange due to losing my job, car been repossessed now next month i'll be back to making my normal monthly payments but i had a catalogue from a while ago and i was just paying the balance off monthly like normal but i missed a payment and now i received a email/letter saying i need to pay £250 by the 18th july which is something i can't afford.

Now i don't want to add this to my stepchange dmp cause i feel like i've been messing them about with min payments and have a fear they will cancel my dmp then i will be in serious problems i just don't know what to do

Any help ?

StepChange_James

Lilacbreeze71 wrote: »

hello guys
heres my story !! 17 months ago i took out my first PAYDAY LOAN! my daughter needed help with her accommodation fees for uni as the process was taking a while to come through she goes to uni in France ! at the time had no money spare and saw an advert for a payday loan and went for it no problems ! i am usually a very sensible person but at the time i wasn't due to fact my partner had suffered an injury so could not work for 8 months ,paid back following month no problem then month after i was advised at work overtime payments stopped and the overtime you work is used as flex ! ie not paid just time off !! after this i had to take out more and more payday loans just small amounts to cover the costs of the exiting payday loans ...... to cut a long story short I am now in debt over 7000 pounds in payday loans (over half being interest and charges for rolling over )PLEASE PEOPLE READING THIS DO NOT DO IT !!! get help financially from family or friends or even your bank if poss !!
My partner recovered and back at work now but i did not tell him of my financial problem I cant !!
Now we have split after 17 years together and a daughter and basically I am in major financial difficulty , I have set up a DMP with a reputable firm but even now after 3 months out of 9 creditors only 4 have accepted so interest still accruing !! I am not a frivolous person i don't go out getting drunk or spend loads on clothes I just spend to get by food school trips uniforms etc !! some days I just live on soups i make so I can make sure my youngest daughter can have money and the things she needs !
I have a lovely moment every morning when I wake up and for 2 minutes the world feels great !! then reality checks in!!go to work everyday always happy and optimistic on the outside !!!
the hardest thing to me is I bought on this problem myself and to think the smallest mount of £7-8,000 would change it all !!
my salary is not the greatest and I have even thought about another job but cannot because of childcare !!! 1 split second i thought about an escort agency !!! that's how low it has become!! I need to sty positive and try to get through this but it is so hard !!! I have my health and so do my 2 daughters and that is what keeps me ticking over ! ANYONE READING THIS DO NOT USE PAYDAY LOANS AND ASK FOR HELP I WISH I HAD !!

Hi Lilacbreeze,

Thanks for posting, I think your story is a good example of how easy it can be to get into difficulty with payday loans. Hopefully anyone who reads it will take it as a warning.

It's good that you've arranged a DMP, as this should give you a chance to pay what you can afford to your debts. It can take a little while for DMPs to bed in. Creditors that continue adding interest and charges will often pass debts to debt collection agencies after a while. This might sound bad, but it means another chance to get payments arranged and charges stopped.

From what you've said it sounds like you're trying very hard to stay positive at the moment, which is always a good thing. I know that dealing with debt can be very stressful, so if ever you feel like you're struggling to deal with the emotional impact then it can help to talk to your GP.

I hope things start to improve for you very soon and thank you again for sharing your story.

Kind regards

James

StepChange_James

bpm91 wrote: »

Hi there new here !

I have a dmp with stepchange but last few months i've been making min payments to stepchange due to losing my job, car been repossessed now next month i'll be back to making my normal monthly payments but i had a catalogue from a while ago and i was just paying the balance off monthly like normal but i missed a payment and now i received a email/letter saying i need to pay £250 by the 18th july which is something i can't afford.

Now i don't want to add this to my stepchange dmp cause i feel like i've been messing them about with min payments and have a fear they will cancel my dmp then i will be in serious problems i just don't know what to do

Any help ?

Hi BPM,

I work for StepChange, so my advice would be to get in touch with us. Trying to pay off debts outside of a DMP puts a lot of extra strain on your finances, as your budget probably won't have enough wiggle room in it to afford the extra payments.

If you give us a call we'll be able to talk you through your options.

This thread tends to be mostly questions and answers for us StepChange advisors, so if you'd like to chat with people on StepChange DMPs then I'd suggest copying your post over to this thread: https://forums.moneysavingexpert.com/discussion/4988866. It's the DMP mutual support thread.

Cheers

James