Struggling with debt? Ask a debt advisor a question

LadyMorticia

Hello.

I'm on a DMP with SC. Two of my debts have been sold to the same debt collection company. I'm trying to find out where my accounts with them stand r.e. interest but all of my letters and emails go unanswered and I have problems using the phone (and I've heard that this particularly company can sometimes reduce people to tears!) I'm not sure how to find out whether interest has been stopped/reduced or not.

Former_StepChange_Richard

chris27 wrote: »

Thanks for you reply Allen.

I went through the website last night and got my personal report.

When it gave the results it was actually showing a lot higher values for the card payments then what the current minimums are.

Is this normal as that did skew the figures slightly?

Hi Chris

Just replying on behalf of Allen. Thanks for using our Debt Remedy tool too by the way.

Without seeing your information, I can't say for sure, but what I think you're referring to is the 'contractual payments' the website generates when you enter your debts. The website estimates the contractual payment for some of the debts you list in here as it doesn't have the capacity to take into account the varying interest rates each debt comes with. These figures are often a little off from what you pay in real life, but they are more for our benefit than yours to give us an idea of how much you are being asked to pay.

The advice the website gives should still be accurate but if you are in any doubt you can speak to an advisor who can explain it in more detail. If you log back in to Debt Remedy you will see a button at the bottom of your page that says 'Need help'. If you click this it will give you the various options for getting in touch (call, chat, email).

I hope this helps.
Richard

Former_StepChange_Richard

LadyMorticia wrote: »

Hello.

I'm on a DMP with SC. Two of my debts have been sold to the same debt collection company. I'm trying to find out where my accounts with them stand r.e. interest but all of my letters and emails go unanswered and I have problems using the phone (and I've heard that this particularly company can sometimes reduce people to tears!) I'm not sure how to find out whether interest has been stopped/reduced or not.

Hi there

Thanks your message.

As this question is relating to a specific plan, can I ask you to send us a private message to discuss it further? You can use this link to send a us a message.

Many thanks,
Richard.

darce87

Hi,

I've got ~£5500 of debt spread across 2 credit cards. I think I've reached my nadir as far as denial and trivalent spending on one of them.

Can you help me with what options I have to consolidate and whittle this down asap?

Thanks

StepChange_Rachael

Hi

Thanks for posting.

If you starting to feel that the level of debt you have is becoming a concern then it’s certainly a good idea to look into your options.

When the contractual payments are manageable but you’re paying the minimum it can take longer to pay the debts back. By making higher payments than the contractual amount you’ll be paying towards the debt total and this is a good way to pay the debt back quicker.

If you don’t normally use a budget then this is a really good way to work out what is affordable and manage your income.

If the interest rates are particularly high and this is your main concern but the contractual payments are manageable then I’d suggest taking a look at this link to the MoneySavingExpert.com to see if you’d be able to reduce the interest you’re paying.

However, if you feel that you’re unable to maintain the contractual payments to your creditors this can often lead to further financial struggles and further borrowing. In this case I’d suggest discussing your options further with a debt advisor as further borrowing rarely helps.

If you feel that the repayments are unmanageable and would like to discuss your options further you can find our contact details here.

We’d take into account your individual situation so our advice and recommendations are right for you.

Thanks
Rachael

darce87 wrote: »

Hi,

I've got ~£5500 of debt spread across 2 credit cards. I think I've reached my nadir as far as denial and trivalent spending on one of them.

Can you help me with what options I have to consolidate and whittle this down asap?

Thanks

Sohaibahmad

Hi, i recived a letter from lowell saying that i owe them. Debt . The thing is i was not in united kingdom from 2012 to 2015 i dont knw hw come i owe them a debt can u please help me these guys are giving me headache . Thanks

Leala

Hi,

Hoping for some help and advice. I've just received a letter from PRA group who took over a credit card balance I had with MBNA. Unfortunately, I got myself into financial difficulties a few years ago thanks to my sister taking advantage of me, and being subject to a £4k con trick at a photography studio in central London.

Then I got made redundant twice in 4 years, so had to make arrangements with my creditors to pay off in affordable amounts. On the whole this has worked well, but a few of my balances have changed hands so often, I'm now confused as to which company handles what now!

I'm in a better position today - I've just qualified as a teacher so I have a career ahead of me and I'm a debt free wannabe. I'm also working as a Weight Watchers leader as well to earn extra money.

My letter today is about an MBNA credit card for the total balance of £2765, which I cannot afford to pay back in one lump. I have been paying them back in affordable amounts by direct debit, but I had not realised that the DD had been cancelled. I was quite happy to just let it be and the money to be taken out of my account - I know I should have been on top of it, but I didn't notice.

But now they are saying that they have been trying to contact me (I refuse to discuss it in a phone call and I don't give out my phone number to avoid harassment, which is what happened when I was made redundant), but I don't recall receiving any earlier letters than this one, which is "to give me notice of PRA Group's intention to issue court proceedings against you."

I have to reply by 24th August and it also says I should treat the letter as 'an invitation to refer to this dispute to mediation or some other form of alternative dispute resolution (ADR)'. What does that mean?

What should I do, write back and say yes, I am willing to pay the balance at an affordable sum?

Annoyingly, I have packed away my new contract as I'm in the middle of moving house so I don't have all the information necessary to do an income/expenditure form if they ask - isn't that just a waste of time anyway?

I dont know what to do for the best - I'm trying to get my life sorted, I can't work any more hours than I already am, and I have no other way of getting money. What options do I have?

Juliem31

Please could some give me advise with this:

I have received an old (12 years old) council tax bill which has proved I'm liable for, I am happy to pay off in installments and the sent me an income and expenditure form to work out a plan which j filled in and returned.

They have replied asking me to provide details of the other adult living at the address salary, can they do this? We aren't married or even a couple, Imy name is not on any bills at the address i am just living here currently.

Can they make this person luable for or contribute to my old debt?

PR0PJ0E89

Hey,

I'm currently looking at consolidating my Student--->Graduate Overdraft balance which is currently sitting at -£2000 a year after graduating in summer 2015. My current wage goes into this account each month so it does decrease but as I spend over the month the balance goes down again. I believe this is what people in the financial world call 'revolving debt'. I'm looking at separating debt from my day to day spending and to get back on a even keel.

I went to my local Natwest bank today and received some advice. He gave me three options and as helpful as he was, its still left me confused and unsure as how to proceed.
He mentioned that I could ask HSBC to give me the money to clear my Natwest overdraft and add it to the personal loan I have with them (£1260 over 24 months) of which i took out in August 2015 and have 15 repayments still left. The problem with this option is that when I went to ask HSBC they seemed reluctant to proceed because I'm not using my current account with them enough - there is enough cashflow coming through the account (apparently)
The second option was something I had seen previously on MSE and that was the Virgin 36 month 0% Interest credit card. He suggested I could use lets say the £2000 balance to live off while I paid my Natwest overdraft with my wages. I have to be honest and didnt really completely understand this option.
Thirdly, he said I could potentially apply for a credit card with Natwest to pay off the full £2600 of debt over 30 months, paying one sum of £114 each month.

However there are a few factors that make this more of a headache for me.

Firstly, I can't simply utilise the Virgin 36 Month 0% Interest card and do a balance transfer because my Natwest account is a 'Student/Graduate' card.

Secondly, I currently don't have a guaranteed income as I'm on a zero hours contract.

Thirdly, I dont want to be paying interest in two places if possible (if I took out a Natwest credit card I would be paying two lots of interest), I want to consolidate it into one manageable payment each month. Also, I am aware that having had no credit card before, it would be advantageous from a credit rating perspective to go in that direction. The trouble is with my current work situation I'm unsure whether I would be accepted.

I'm very confused and feel really lost as the best way to proceed.

If you could offer any good advice I would be very grateful.

Many thanks,

PropJoe.

Lovelylooamy

Hi I'm hoping someone can help me please, I have two credit accounts (next,simplybe) I am struggling to pay them off as the interest rates are quite high...I owe around 2000 in total. I was looking at 0% credit cards to pay off the balances and then just pay off the credit card, I'm a little confused when it comes to credit cards though as iv always vowed I would never get one. But basically I can get a balance transfer card with 0% interest for 32 months...plenty of time to pay it off, but is this just a card to pay off existing credit card debts? What card would I need? Thanks