Struggling with debt? Ask a debt advisor a question

doorstep54

Debt_slave wrote: »

Don't file for bankruptcy make payments, they legally have to except your payments, You cannot be taken to court for paying. Send them some money, any amount. They have to except it. They cannot refuse payment of any kind. You are offering REMEDY on the private side, they will be showing BAD FAITH by not excepting the REMEDY, however SMALL. Just try & pay something, anything & keep paying each week. I have to say this, is very wrong. Don't offer, just send a payment, however little. They can refuse an offer, they cannot refuse a payment. I hope this helps. All the best another debt slave.:sad::sad:

stepchange have set up a token payment plan for me so I will be paying them something, why you saying dnt file for bankruptcy?? I don't really want to go down that road but I owe 26k and I will never be able to pay that back, I still may not be able to go bankrupt if my housing going to evict me, as I don't want to be homeless! its all stress!! not knowing which way to turn, having no family don't help matters so don't have shoulder to cry on its really hard for me

changeforbetter

Hello again,

I have read somewhere that a DMP can be problematic to get if you have a house (with a mortgage).

Please could you advise if that is correct? I jointly own (under mortgage) my house, but am desperate to consider a DMP at present, with large debts and income problems at present.

Many thanks for any advice.

1966harvey

If I have been repaying a debt and I want to ask the debt agency for a copy of the credit agreement... if they are unable to provide this, can I stop repaying the debt to them?

Former_StepChange_Rory

changeforbetter wrote: »

Hello again,

I have read somewhere that a DMP can be problematic to get if you have a house (with a mortgage).

Please could you advise if that is correct? I jointly own (under mortgage) my house, but am desperate to consider a DMP at present, with large debts and income problems at present.

Many thanks for any advice.

Hi Changeforbetter,

With any debt solution we would always look at your full financial situation before making any recommendations. A debt management plan (DMP) is just one of many debt solutions so try not to worry too much about whether this is the best way forward for you at this stage.

We can look at your whole situation first and offer you advice and a solution on the best way forward.

Why not have a chat with us about this? Our advice is free, impartial and confidential.

You can speak to us over the phone or use our on-line Debt Remedy tool by visiting our website www.stepchange.org.

I hope this helps

Rory

Former_StepChange_Rory

1966harvey wrote: »

If I have been repaying a debt and I want to ask the debt agency for a copy of the credit agreement... if they are unable to provide this, can I stop repaying the debt to them?

Hi 1966harvey

The debt collection agency should provide this information if you ask for it and it's useful if you want to know what was in the original agreement, or if interest and charges have been added correctly.

That said, we wouldn't recommend stopping the payments to your debts as it's in your best interests to repay what owe.

Hope this helps you.

Rory

1966harvey

I understand that you say I should continue to repay however, I am wondering if they are unable to prove they have this debt from me, legally do I need to pay and if I have been paying for approx six months, can I suddenly ask the question now of can you show me you have the proper original signed credit agreements.

1966harvey

1966harvey wrote: »

If I have been repaying a debt and I want to ask the debt agency for a copy of the credit agreement... if they are unable to provide this, can I stop repaying the debt to them?

If I would like to see this credit agreement, can I ask for this and if they are unable to provide it, can I stop the payments?

pestcontrol

Hi James, Mat or Rachel,

I have £14K credit card debts on 4 cards. I would like to get a new card (or possibly 2, if 1 lender won't want such a large debt) so that the cards are more affordable to pay off.

I have a limited company which I will be closing within the next month or two (once creditors have paid) & I will be starting in full time employment in August. Last year's turnover for £15,500 (I have 2 years of accounts & am about to do my 3rd year, more or less the same turnover), but after expenses (not tax) the company earnt £11K. My new salary will be £18,500. My partner gives me £800 per month for 'house keeping'.

My credit score is 'exceptionally good', but I'm worried I'm going to start missing pyaments because I haven't had an income since April.

I would like to get it sorted asap, but want to make sure I do it in a way that's most likely to be accepted (& therefore not affect my credit rating).

Having a limited company means I'm not self employed, but effectively I am. Should I wait until I am in employment, & if so, should I wait until I've been there for a while (a few months?)? Or do you think I should try for the card/s now? Also, should I add the 'house keeping' money to my earnings?

Many thanks for any advice!!

Former_StepChange_Rory

1966harvey wrote: »

If I would like to see this credit agreement, can I ask for this and if they are unable to provide it, can I stop the payments?

Hi 1966harvey,

You can ask the creditor for a copy of the agreement if you wish, which they should be able to provide to you.

If they aren't able to provide this then you can make a complaint to them in writing and if you still aren't satisfied with the response you can then escalate this to the Financial Ombudsman.

But if you do recognise the debt as something you owe you should repay the money. If you're finding yourself struggling with the repayments then we can help. You only need to repay the debt at a rate you can afford.

You can use Debt Remedy available on the StepChange website to put together a budget with us and find a solution to help you deal with your debts. If you’d prefer to speak to a debt advisor in confidence you can also contact us

I hope this helps answer your question.

Rory

Former_StepChange_Rory

pestcontrol wrote: »

Hi James, Mat or Rachel,

I have £14K credit card debts on 4 cards. I would like to get a new card (or possibly 2, if 1 lender won't want such a large debt) so that the cards are more affordable to pay off.

I have a limited company which I will be closing within the next month or two (once creditors have paid) & I will be starting in full time employment in August. Last year's turnover for £15,500 (I have 2 years of accounts & am about to do my 3rd year, more or less the same turnover), but after expenses (not tax) the company earnt £11K. My new salary will be £18,500. My partner gives me £800 per month for 'house keeping'.

My credit score is 'exceptionally good', but I'm worried I'm going to start missing pyaments because I haven't had an income since April.

I would like to get it sorted asap, but want to make sure I do it in a way that's most likely to be accepted (& therefore not affect my credit rating).

Having a limited company means I'm not self employed, but effectively I am. Should I wait until I am in employment, & if so, should I wait until I've been there for a while (a few months?)? Or do you think I should try for the card/s now? Also, should I add the 'house keeping' money to my earnings?

Many thanks for any advice!!

Hi pestcontrol,

Thanks for getting in touch.

Once the business has closed then any remaining debts that are personally guaranteed would be your responsibility to repay.

We would treat at any unsecured debts as a non-priority though as you can only repay what you can realistically afford. We wouldn’t advise you to take on extra debts or consolidate as this could cause further problems if you fall behind with the payments.

Try not to worry too much about your credit rating as it’s more important to prioritise your household bills and living costs and keep them up to date as falling behind with these can have a greater impact on you.

We recently wrote a blog post about people who are worried about debt and are concerned about how this might affect their credit rating.

There's no reason why you can't get help from us before your business closes as we can offer plenty of help and support.

If you think you’re going to fall behind with your payments we can offer your free, impartial advice and solutions to help get your finances back on track. You can put together a budget with us using Debt Remedy or contact us over the phone by visiting our website at www.stepchange.org.

Hope this helps.

Rory