Struggling with debt? Ask a debt advisor a question

System

leedspete wrote: »

Can i just ask why Very are adamant that they cannot lower my repayments but talking to stepchange or getting a dmp will lower it. Doesn't make sense to me.They are the only people who are adamant that they will not help me in any way,shape or form.It is very fustrating

Peter

Hi Peter and thanks for your post.

It sounds like you would benefit from some free and impartial advice.

The first thing we do is provide a creditor with an income and expenditure budget, have you provided this to Very?

This would include details of all your other debts and would show that what you’re offering each creditor is the fair amount in your circumstances.

Going it alone and managing all your creditors can be a lot of work, especially when we offer this service free of charge.
I’d recommend that your try our online advice tool Debt Remedy. It may also offer you other debt solutions that you’re not currently aware of.

I hope this helps.

Kind regards,

Mat

System

kaybt wrote: »

I was online chatting to adviser jonthan tonight who has sorted me out a plan. I was disconnected when waiting for a response to my last question. and cannot connect again
SO i have plan starting in july
but until then
what can i do with any direct debits i cant afford to pay with what is left in the bank right now? do i contact them. leave it? what?

help appreciated

oh and i also wanted to copy my chat so i could keep it to read through but ive lost it now unless they keep the copy?


Thanks

Hi and welcome to the forum.

I’d recommend that you contact us again; we may have a copy of the chat that we can email to you. You should also have a number in your pack that you can call to get through to the correct department.

I’d cancel all the direct debits to unsecured creditors and as mum2one says I’d use the template letters to contact the creditors.

Well done on getting started and best of luck with your plan.:T

I hope this helps.

Kind regards,

Mat

System

rizzlekizzle wrote: »

Hi ,

please can someone give me some advise!! i am on the brink...

my wife and i own a house which we have moved out of as we were on the brink of having a nervous breakdown due to it being on a horrible road surrounded by drug dealers and scum of the earth.
we managed to rent it out and got NRAM's permission to do so.. unfortuantly our tenants keep moving and although we were lucky for a time and managed to get new ones, our last ones have left and the house is now empty....
the problem comes is that my wife and i simply cant live back there, its not safe,, but NRAM now refuse to let us rent it out, have moved us onto repayment only and we now owe £4k... we are on a together mortgage and owe £135k but the house is only worth £85k (ive had an estate agent give us this figure..)...... im now getting demands from the council to pay council tax on it...

we do work but we also have 2 kids, lots of other debts and just about trying to keep our head above water...... please help....................................................................... do i let it get repossed, do i pay it off, NRAM wont budge.................:mad:

sorry if this is on the wrong place but i am desperate and just want to cry.. I hate NRAM..........

Hi and thanks for your post.

I’m sorry to hear about this situation, but we’ll be able to help with free and impartial advice.

There could be a number of solutions, as Mum2one suggests we’d need a few more details from you before we could give direct advice. We’d also need to know about your other debts so that we could look at your situation as a whole.

I’d recommend that you gather details of your income and expenditure and give us a call on our free helpline.

If you need anymore help, please get back in touch.

Kind regards,

Mat

System

cleanslateguy wrote: »

Hi.

I have a pretty straight forward one for you if I could please have some "guidance".

£6000 loan taken out in 2007.
PPI then refunded after mis-selling
Loan then changed to different agreement
I did not sign new agreement. they changed the interest rate too.
Bank charged to high hell for constant small amounts overdrawn £35 per time
£900 or so in charges causing me to not be able to pay my loan
Bank account defaulted by Halifax first in 2009
2009 Loan defaulted also
Constant chase by debt collecting agencies
My Bank account which was defaulted was then reopened by them to carry on charging me for being overdrawn. Is this even legal?
2013 - I want to get this resolved and be clean.
They never threatened to take me to court

Should I:

1. write to resolve in a humane manner?
2. wait til 6 years has passed (2015) and get Experian cleaned?

Ideally I would like to pay a reduced amount. Can I still write to Halifax despite them having "sold the loan"? Surely it's in the interest for Halifax to have my money rather than Shady & Sons Credit Collection?

Would very much appreciate response with what to do.

Kindest regards

Hi and thanks for your post.

It sounds like you would benefit from some free and impartial advice.

It’s probably not a good idea to wait until 2015. In the meantime creditors could go for a CCJ or other form of debt enforcement. It’s also worth reading this blogpost about Statute barred and how it works- http://moneyaware.co.uk/2012/02/can-you-run-away-from-your-debts/

I’d recommend that you use our online debt advice tool Debt Remedy. It will give you a personal plan and explain what the best debt solutions are in your circumstances.

We’d need to find out who now owns the Halifax debt, we can assist you with this. In regards the bank account once you defaulted on the arrangement the bank can add interest and charges in line with the original agreement.

We’ll be able to assist you with this and make sure you only pay what you can reasonably afford towards clearing the debt.

I hope this helps.

Kind regards,

Mat

System

millygdy wrote: »

Hi i have just entered a financial management plan. one of my debts is a credit card with santander in my name. we have two joint current accounts with santander can they take money to offset the credit card in my name from the joint account or is it protected as its in both our names? unsure if i need to change bank account.

thankyou

Hi and welcome to the forum.:)

I can see you’ve already had some good advice from mum2one, I’m afraid they can offset this money from a joint account.

I’d recommend that you move to a new bank not connected to any of your other creditors.

I hope this helps.

Kind regards,

Mat

raspberry22

Hi,

Wondering if I can get some advice please?

I have a Very account which has fallen into arrears. I have a chronic illness which has been flaring (amongst other things) and I haven't kept on top of the payments.

I have had a letter requesting the arrears be paid within 7 days (over £500), but I don't have it to pay. I have tried to get to the money, but haven't been able to.

What are my options? Will they be open to working out a payment plan? I'm hoping to be able to pay some of it off soon (have things for sale), but it won't be within their time frame.

Thanks for any advice you can give.

System

raspberry22 wrote: »

Hi,

Wondering if I can get some advice please?

I have a Very account which has fallen into arrears. I have a chronic illness which has been flaring (amongst other things) and I haven't kept on top of the payments.

I have had a letter requesting the arrears be paid within 7 days (over £500), but I don't have it to pay. I have tried to get to the money, but haven't been able to.

What are my options? Will they be open to working out a payment plan? I'm hoping to be able to pay some of it off soon (have things for sale), but it won't be within their time frame.

Thanks for any advice you can give.

Hi,

Welcome to the forum.

A catalogue debt is an unsecured debt. Because of that Very can only make you pay off the arrears at a rate you can afford. If you can’t afford to clear the £500 within 7 days you don’t have to.
What Very will want is for you to make a monthly repayment offer based on what you can afford.

We have a free online budget tool called Debt Remedy – if you enter your budget details in it can recommend the best way to deal with the debt. It can then send you your budget to forward onto Very. They can then see why you are offering them a reduced amount.

If you’d prefer to speak to one of our debt advisors you can also contact us.

Thanks,

Jess

mill1980

I have a quick question if anyone knows the answer on this forum or forgive me for posting in the wrong place. I final sold a property on a shortsale gaining £42,000 for a property I paid £87,000 5 years previously plus a 20k unsecured load (Northern Rock obv)....I know I know bad decision any way property sold (woohoo) and outstanding amount is £65,000. My plan is to take this into my DMP which is about another £4000 and then look for a trust deed (scottish equivilent of IVA) anyway..... I have no realistic prospect of paying off the £65,000 ever to NRAM can I offer then a final settlement of say £5000 to be paid over 2 years and call it quits? either that or I enter the trust deed where they would recieve considerable less overall? maybe not maybe I am just better doing the trust deed. anyone got any advice>

Thanks

raspberry22

Thank you so much for the advice, I have been worrying myself sick about this.

They are trying to contact me by phone, but I haven't been answering as I hate talking on the phone about things like this. Would I be better talking to them or sending a letter with the info you suggested I give them? I have done a budget on the StepChange website which clearly shows we can't afford to pay what they're asking. They're threatening to pass the debt off to a collector.

ETA - I have been able to give them a partial payment of just over half having managed to sell some things and have suggested further payments of £80 a month. Will they expect this is addition to the current monthly payments (which were a struggle to meet)? The wording on their website (the NDR part) is unclear, which I suppose is to their advantage.

StepChange_Jess wrote: »

Hi,

Welcome to the forum.

A catalogue debt is an unsecured debt. Because of that Very can only make you pay off the arrears at a rate you can afford. If you can’t afford to clear the £500 within 7 days you don’t have to.
What Very will want is for you to make a monthly repayment offer based on what you can afford.

We have a free online budget tool called Debt Remedy – if you enter your budget details in it can recommend the best way to deal with the debt. It can then send you your budget to forward onto Very. They can then see why you are offering them a reduced amount.

If you’d prefer to speak to one of our debt advisors you can also contact us.

Thanks,

Jess

leedspete_2

raspberry22 wrote: »

Hi,

Wondering if I can get some advice please?

I have a Very account which has fallen into arrears. I have a chronic illness which has been flaring (amongst other things) and I haven't kept on top of the payments.

I have had a letter requesting the arrears be paid within 7 days (over £500), but I don't have it to pay. I have tried to get to the money, but haven't been able to.

What are my options? Will they be open to working out a payment plan? I'm hoping to be able to pay some of it off soon (have things for sale), but it won't be within their time frame.

Thanks for any advice you can give.

Very will not help you with a payment plan unless you go through step change and get a reference number.I have already tried to start a payment plan with them and this is they said.
I was paying £10 a month but they wanted £40 a month.My wages havent gone up that much and they still will not help.
I think that is really disgusting.

Pete