Struggling with debt? Ask a debt advisor a question

mum2one

psl84 wrote: »

Firstly, thank you.

It was specifically in regards to payday loan (high risk loan) companies that they allegedly don't accept dealings with stepchange.

I hope the stepchange advisor here can shed some further light on the matter.

Thanks again,

-Paul

Hi Paul

Hope I put ur mind at rest, - I'm guessing you have a payday loan, - basically they become the same as any other creditior, - if you haven't got it they can't have it - you can't get blood out of a stone - thou some companies do try, The payday loan companies they may hold out for a while, they may think there more important than another creditor, - but there not.

Some creditors say no we won't accept the offer from stepchange, - but stepchange keep paying them and they don't reurn the money!! Its just a scare mongering tatic to make them feel more important.

Youve taken the first and the most important step to a new future by seeking help, I'm only 4 payments in, and the difference it has made to my life is unbelievable, literally to sum it up I have a life.

Something daft - previously if my daughter went for a walk with dad and the dog, sometimes they would pass a little news agents - before if I wanted to give her a £1 it was do I give her that £1 or do I put it off my debts - yet know I can give her a £1 and not feel quilty.

You take care xx

psl84

Thank you.

I am trying to explore one more avenue.

I am worried about defaulting and what it can do to me, so I've asked a family member if he'd consider lending me all I owe, so I can pay it off, however this obviously is up to him saying yes or no.

I'm less anxious now, since asking the questions on here and hearing from somebody in a similar situation to myself.

Thank you

-Paul

StepChange_James

psl84 wrote: »

Please help.

I am about to setup a plan with stepchange but I've now been told by another company similar to stepchange that payday loan companies do not deal with debt charities.

Is this a lie?

I need someone to answer this please.

Hello,

Mum2one's given you some excellent advice on this. There's no reason payday loan companies should react differently to DMP offers than anyone else.

That's not to say they are guaranteed to accept payment offers, but if they don't we pay them anyway and you don't have to pay them anymore. It works the same whether you are on a free or a fee charging DMP.

The Office of Fair Trading sets guidelines about debt collection, you can read it all here: http://www.oft.gov.uk/shared_oft/consultations/OFT664Rev_Debt_collection_g1.pdf (but it's a bit dull).

The relevant bit for this situation is 3.7 (j) which states an example of unfair practice is: failing to allow for alternative, affordable, repayment amounts when a reasonable proposal is made by a debtor or a third party representative acting on his behalf (for example, a debt adviser).

Hope this helps.

James

Jason_Chapman1

In October my wife and I moved into a terraced cottage. It seems that we have inherited someone else's debts. For the past few months I have had letters from a company called Equita who are unwilling to believe that the woman listed at this address no longer lives here.

I am a very patient man and have written to this company a few times providing proof that this 'Mareledi Molefhe' (Don'teven think this is a real person) no longer lives at this address.

Despite this Equita is still bothering me, and the other day I received a letter stating that they will forcibly remove goods from my property if I am out when they call again.

I want to know if this constitutes as threatening behaviour and can I take legal action against this company for harassment.

Thanks
Jason Chapman

StepChange_James

Jason_Chapman1 wrote: »

In October my wife and I moved into a terraced cottage. It seems that we have inherited someone else's debts. For the past few months I have had letters from a company called Equita who are unwilling to believe that the woman listed at this address no longer lives here.

I am a very patient man and have written to this company a few times providing proof that this 'Mareledi Molefhe' (Don'teven think this is a real person) no longer lives at this address.

Despite this Equita is still bothering me, and the other day I received a letter stating that they will forcibly remove goods from my property if I am out when they call again.

I want to know if this constitutes as threatening behaviour and can I take legal action against this company for harassment.

Thanks
Jason Chapman

Hi Jason,

It's usually best to return letters for previous occupiers back in the post unopened and marked as "gone away".

To answer your question, the OFT set debt collection guidelines (I've linked to the full document in my above post) which state: all businesses involved in debt recovery need to take reasonable steps to ensure that they maintain accurate and adequate data.

So they should update their records when you've informed them of the address change. The best thing to do would be to make a written complaint to the company. If they don't update their records after this then you can escalate you complaint to the Financial Ombudsman Service (but I doubt it'll need to come to that).

Hope this helps.

James

Jason_Chapman1

Thanks James,
This helps a lot, just a letter now.

psl84

StepChange_James wrote: »

Hello,

Mum2one's given you some excellent advice on this. There's no reason payday loan companies should react differently to DMP offers than anyone else.

That's not to say they are guaranteed to accept payment offers, but if they don't we pay them anyway and you don't have to pay them anymore. It works the same whether you are on a free or a fee charging DMP.

The Office of Fair Trading sets guidelines about debt collection, you can read it all here:(but it's a bit dull).

The relevant bit for this situation is 3.7 (j) which states an example of unfair practice is: failing to allow for alternative, affordable, repayment amounts when a reasonable proposal is made by a debtor or a third party representative acting on his behalf (for example, a debt adviser).

Hope this helps.

James

Thank you for this advice.

-Paul

Worriedlayawake

Hi.
I'm new here,but not new to debt.

I currently owe £6,899 for a natwest personal loan
Natwest credit card £4,200
Barclay card £3,900

I'm working at the moment,but only on a week to week contract.
I have a new joint mortgage with my partner for 5 months.
My problem is,is that I cannot afford to make repayments on the cards and the loan.
I have spoken to natwest and agreed to pay £50 monthly on the card,and £71 monthly for the loan(this going to be reviewed every 3 months).
I still need to sort out the Barclay card.

I'm now in a position where I cannot afford to pay all these debts and the mortgage and living expenses.
I now don't know what the best option is for me.
I was thinking of bankruptcy,but don't want to lose the new house.
I have always been a failure in our relationship when it comes to money,and feel I'm now letting my partner(whom I have been with for 16 years).we have a 5 year old boy also.
We have just sold the old house 6 month ago(this was just in my partners name).and have bought a new house together in both our names.
I was thinking of taking my name off the mortgage and declaring bankruptcy.
My partner only knows about the £6,800 loan.
I know I'm wrong for not telling her,I love her and my son like you wouldn't believe.
I'm sick of letting them both down,I feel ashamed and dishonest to them both.
How can I clear my debts?

neo32

iv just had a letter from a debt company saying i owe vodafone money frm 2004!! this was from my ex patner but in my name so never made contact them, but they have found me now ?? is there anything i can do esp as its been so long!!!

mum2one

Worriedlayawake wrote: »

Hi.
I'm new here,but not new to debt.

I currently owe £6,899 for a natwest personal loan
Natwest credit card £4,200
Barclay card £3,900

I'm working at the moment,but only on a week to week contract.
I have a new joint mortgage with my partner for 5 months.
My problem is,is that I cannot afford to make repayments on the cards and the loan.
I have spoken to natwest and agreed to pay £50 monthly on the card,and £71 monthly for the loan(this going to be reviewed every 3 months).
I still need to sort out the Barclay card.

I'm now in a position where I cannot afford to pay all these debts and the mortgage and living expenses.
I now don't know what the best option is for me.
I was thinking of bankruptcy,but don't want to lose the new house.
I have always been a failure in our relationship when it comes to money,and feel I'm now letting my partner(whom I have been with for 16 years).we have a 5 year old boy also.
We have just sold the old house 6 month ago(this was just in my partners name).and have bought a new house together in both our names.
I was thinking of taking my name off the mortgage and declaring bankruptcy.
My partner only knows about the £6,800 loan.
I know I'm wrong for not telling her,I love her and my son like you wouldn't believe.
I'm sick of letting them both down,I feel ashamed and dishonest to them both.
How can I clear my debts?

There be someone from stepchange along on Monday who can advice re the debts etc, what I would suggest is having a look at the budget planner they do, and this may give you an idea of what you can and can't afford.

Re everything else - your not a failure, you have a wonderful child, youve been with your partner for 16 years, and in this day and age where relationships are so short you have a solid and loving relationship.

If you can't face talking to your partner about the other debts, then write her a letter, explaining that the debts are x,y,z. i'm guessing its not as thou your buying the latest gadgets but life its not been an easy time, and money needs to be in 1001 places when you can only go to a couple of places.

Youve taken the hardest steps and put it in writing here, maybe consider showing your partner the post, you've tried to sort it, and you need a little bit more help.

I tried to self manage my debt for 12 months it just became impossible, and the day i filled in the forms for stepchange, have literally changed my life. I'm only 4 payments in, my debts could take 12 yrs to pay off, in more debt than yourself, but it can be worked through, and stepchange are brilliant,

Please don't worry, and if you can talk to your partner, a problem shared is a problem halved, but theres support threads on here if you need any help x