Struggling with debt? Ask a debt advisor a question

DJCOOPER1967

Hi i dont no if i am on the correct page but here goes.
I bave had a debt management an for 3 to 4 years they took on all my debts. I pay a monthly sum and have never missex a payment.
I went to check my credit file via clearview and one if tbe creditors MBNA sold my debt to a company called PDR.
That debt has now gone to court and i have a CCJ. Why did i not no about this . I am really gutted because i made a pact 4 years ago to sort my finances out and stuck to that now i have a CCJ and dont no what to do as my debt managment company were dealing with this. They said that companies do sell the debt off withkut having to tell them . Now my credit rating is rubbish. Help any advise please. I am with debt management company HArrington Brookes .😓

mrhalfpintt

Hi,

I am trying to get a balance transfer credit card, upon doing the eligibility check it came up with 95% for a card of around £9000 going through the application (it was mbna) they do a non marking pre check and it come up with i was not eligible. however offered a different card. to which i applied and now have been refused which will mark my credit file.

Is there anything i have done wrong on this? as i currently need to shift debts into one card to save money both with the paying of interest and saving around £100 per month on paying minimum fees.

Any help you could give would be much appreciated or alternatively would there be a better option?

Thank you

Former_StepChange_Richard

DJCOOPER1967 wrote: »

Hi i dont no if i am on the correct page but here goes.
I bave had a debt management an for 3 to 4 years they took on all my debts. I pay a monthly sum and have never missex a payment.
I went to check my credit file via clearview and one if tbe creditors MBNA sold my debt to a company called PDR.
That debt has now gone to court and i have a CCJ. Why did i not no about this . I am really gutted because i made a pact 4 years ago to sort my finances out and stuck to that now i have a CCJ and dont no what to do as my debt managment company were dealing with this. They said that companies do sell the debt off withkut having to tell them . Now my credit rating is rubbish. Help any advise please. I am with debt management company HArrington Brookes .😓

Hi there,

Thanks for your message and welcome to the forum. I apologise for the delay in our response to you, but I'll do my best to help with this now.

I'm sorry to hear of your experience with your DMP company. I don't know why you weren't informed of the county court judgement (CCJ), this is something you would need to follow up with them unfortunately. All I can say is, you should have been informed. You may be aware that when a creditor is claiming a CCJ against you the court will send you a claim pack to be completed. This should be sent to the address the creditor last had on record for you.

Depending on the time that has passed since the CCJ occurred will determine what the best course of action will be. I would suggest calling and speaking with one of our advisors so that we can discuss the situation in more detail and advise you on what steps to take next. All our contact details are available here.

Alternatively our website will be of use if you're not free to call. It has a detailed explanation of the court process regarding a CCJ and what you can do in response to this. You'll need to know what has happened so far which you should be able to find out from speaking with Harrington Brookes, PDR or with the court if you know which court has made the judgement against you.

I hope this helps and please let us know if you need any further help.

Take care
Richard

Former_StepChange_Richard

mrhalfpintt wrote: »

Hi,

I am trying to get a balance transfer credit card, upon doing the eligibility check it came up with 95% for a card of around £9000 going through the application (it was mbna) they do a non marking pre check and it come up with i was not eligible. however offered a different card. to which i applied and now have been refused which will mark my credit file.

Is there anything i have done wrong on this? as i currently need to shift debts into one card to save money both with the paying of interest and saving around £100 per month on paying minimum fees.

Any help you could give would be much appreciated or alternatively would there be a better option?

Thank you

Hi there

Thanks for your message. Apologies for the delay in getting back to you on this. Hopefully this advice reaches you in time.

Whilst eligibility checks give you an indication of the likelihood of a successful application, the decision is ultimately on the company you are applying to. Someone with a 100% eligibility could be rejected.

I can't advise you on how to change MBNA's decision unfortunately, but we can advise you on other ways to manage your debts. Try using our Debt Remedy tool on our website. This self-help tool will allow you to make a budget that shows us what is happening with your finances. Once this is complete the website will present you with the best options to help you with your debts.

If you would prefer you can speak with an advisor on the phone. You can find all our contact details here. The advisor can answer any questions you have about your debts, build your budget and then provide an advice session to find out the best way to deal with your situation.

I hope this helps
Richard.

Steffic

I have been in Debt Management Plan with Payplan for about 8 years -they recently suggested an IVA may be better for me. However, they have now said that I may have too much equity in my house - valuation £190,000 and mortgage of £110,000 gives £80,000 equity. I owe £72K to 9 creditors. What I would like to do is offer my creditors a f&f settlement so I can be debt free. I can borrow some money from a family member.
Firstly I don't know whether this should be done through my DMP team or if I should try for a Single Payment IVA. I am worried that, if my creditors say no to an IVA they may then force me into bankruptcy due to the equity in the house.
Secondly, if I try to negotiate a Single Payment (either through IVA or DMP) the maximum I could offer would be about 30% of the outstanding debt. Is this likely to be enough?
I have spoken to Payplan about this but really could do with a second opinion as I am more worried now than before they mentioned a IVA!

StepChange_Rachael

Hi

Thanks for your post and welcome to the forum.

If you’ve been on a Debt Management Plan (DMP) for 8 years and still have debt outstanding it sounds like it would be worth looking into other options. Then you'll know all the options available to you.

An IVA offers greater protection than other forms of Insolvency like Bankruptcy when it comes to assets and your property. However, there are things to take into consideration depending on your financial and personal situation.

IVA's can take the form of monthly payments or lump sum IVA's where there is a lump sum available.

It can depend on the creditors, the total debt and the lump sum on what would be acceptable. There’s no written rule on what creditors will accept as a final settlement.

Depending on other factors equity release can also be an option when there is equity in the property.

When it comes to debt solutions there are many options available but also many considerations. A perfect solution for some may not be the best option for others.

To be able to give you accurate advice I’d need to know more about your situation.

If you’d like a second opinion you can contact us for impartial advice that is free.

You can complete our online anonymous Debt Remedy tool here, once completed you’ll be able to access our recommendations tailored for you and we’ll be able to answer any concerns you have.

You can find a link to Debt Remedy here.

Thanks
Rachael

Steffic wrote: »

I have been in Debt Management Plan with Payplan for about 8 years -they recently suggested an IVA may be better for me. However, they have now said that I may have too much equity in my house - valuation £190,000 and mortgage of £110,000 gives £80,000 equity. I owe £72K to 9 creditors. What I would like to do is offer my creditors a f&f settlement so I can be debt free. I can borrow some money from a family member.
Firstly I don't know whether this should be done through my DMP team or if I should try for a Single Payment IVA. I am worried that, if my creditors say no to an IVA they may then force me into bankruptcy due to the equity in the house.
Secondly, if I try to negotiate a Single Payment (either through IVA or DMP) the maximum I could offer would be about 30% of the outstanding debt. Is this likely to be enough?
I have spoken to Payplan about this but really could do with a second opinion as I am more worried now than before they mentioned a IVA!

bezzynath

HI

This is the first time I have used a forum and I have a questions so thought someone might be able to help.

I think I am fairly money savvy so I think there is a Cheap way to achieve what I need.

I have an excellent credit score and have no problem with loans.

I currently owe £7600 paying £209 per month on a 9.9% APR loan ( I know Im coming to this bit) which will be paid off in Feb 20.

I have a 0% credit card which has £1200 on paying £120 per month so will be paid off by next June. Halifax

I also have another loan taken 5 years ago which finishes in Oct for £165 per month.

Currently total monthly loan amount totals : £494 but the £165 will be finished very shortly.

Due to some legal battle I need to borrow around £5k on top of current borrowings.

Any suggestions on the best way to do this?

I have looked at a few different 0% cards or one big loan? I want to keep the payments around the same (or lower) and don't really want the term to be any more than 36 months (lower if possible)

I want to keep this to a minimum as I would like to buy a property to rent. I have been overpaying on my Mortgage to help achieve this goal as I have a very good 0.75% above BOE bank rate tracker mortgage.

Does anyone have any suggestions on my best way to achieve this please?

Waiting for some interesting solutions

StepChange_Rachael

Hi

Welcome to the forum and thanks for posting.

It’s clear from what you've mentioned that you’re on top of your credit and have managed it in a way that shows you’re able to keep in control of the payments.

If you do need to rely on credit it’s always best to be savvy and do it in a way that is affordable and cheap.

As debt advisors our role is to advise people on the best way to become debt free, to manage current debt that is causing further financial hardship because the contractual payments are unaffordable.

As a rule we don’t advise on further borrowing and so wouldn’t be the best equip to give you advice in this area.

However the MoneySavingExpert.com does have useful pages on cheap borrowing. Here is a link.

Thanks

Rachael

bezzynath wrote: »

HI

This is the first time I have used a forum and I have a questions so thought someone might be able to help.

I think I am fairly money savvy so I think there is a Cheap way to achieve what I need.

I have an excellent credit score and have no problem with loans.

I currently owe £7600 paying £209 per month on a 9.9% APR loan ( I know Im coming to this bit) which will be paid off in Feb 20.

I have a 0% credit card which has £1200 on paying £120 per month so will be paid off by next June. Halifax

I also have another loan taken 5 years ago which finishes in Oct for £165 per month.

Currently total monthly loan amount totals : £494 but the £165 will be finished very shortly.

Due to some legal battle I need to borrow around £5k on top of current borrowings.

Any suggestions on the best way to do this?

I have looked at a few different 0% cards or one big loan? I want to keep the payments around the same (or lower) and don't really want the term to be any more than 36 months (lower if possible)

I want to keep this to a minimum as I would like to buy a property to rent. I have been overpaying on my Mortgage to help achieve this goal as I have a very good 0.75% above BOE bank rate tracker mortgage.

Does anyone have any suggestions on my best way to achieve this please?

Waiting for some interesting solutions

CH1NNV

I've received a letter last week from Northampton County Court regarding a debt with Capital One from 2007.

This has the N9A/N9B forms etc. I had a solicitors letter a couple of months ago which I put to one side to do something with later, as it said Capital One and this debt was settled back in 2007/08 - so presumed it was a clerical error. I have nothing to prove this - the full outstanding balance was paid by my Mum back then and I paid her back - Mum died in 2009 so I have nothing of hers I am able to show this was paid in full.

I think I have a 5 more days to respond to this but I don't know how to approach it - its for £1750 (now just over £1900 with fees), and I can only dream of having that sort of money lying around (however I wouldn't pay it as it was 100% paid 8 or 9 years ago) - and I'm trying to get my money in shape at the moment and really don't want this to set me back.

I've read about debts being statute barred, but why would a court allow a statute barred debt to even be chased - it says on the claim form:

Claimant claims payment of overdue balance due from the Defendant under a contract between the defendant and Capital One dated on or about Mar 01 2007 and assigned to the Claimant on Sep 24 2015.

£1740.36, total amount with fees £1925.36.

Does anyone have any advise they can offer on this please?

Many thanks in advance

CH1NNV

sourcrates wrote: »

Hi,

Sorry to jump in on this, but your response to the court is time critical.

Defend the claim on the basis the account was settled previously.

You don't need to provide evidence of payment, it's up to them to prove you didn't pay it, not up yo you to prove you did.

Thanks for your response, appreciate it. Just read the form and it says 14 days of the service date (5 days after claim date), so 14 days from the 4th to respond, so I'm happy to make sure I've put the best response in first.

I've done a bit of reading since posting, and I wonder however whether I should initially argue that it is statute barred? It was unsecured debt, and furthermore if I state that this was paid, then surely this is an admission to the Claimant that this debt was mine (and statute barred can only be argued if you have not yet admitted responsibility for the debt)?

If I go in with the defence of having paid it first - then surely that is an admission of the debt being mine? And I don't meet the three points of - No admission of liability, no payment made in the last 6 years, earliest point at which they could have sued was over 6 years ago?

Just my thoughts. Thanks again