Help!

CCCS_Emily

Copied from ' A big hello from the CCCS' started by MissNoMoneyPenny

Hi Matthew & Emily

I am in complete turmoil at the moment and would be very grateful of any advice please. Basically, I have accrued unsecured debts of approximately £40,000 and I am only temping as far as work goes, so my income is not even guaranteed each week and my outgoings exceed my income by quite a bit, so I have been borrowing even more to meet my minimum monthly repayments. It has now reached desperation point and I want to do something about my debts, so that they are manageable. I have been looking at the CCCS website and was on the verge of approaching you when something suddenly occurred to me. I am 32 years old and so obviously my Mum has no idea about my financial dire straits. However, she has been paying £3,000 a year into an ISA in my name for the last 5 years or so for me for a rainy day. My Mum being my Mum though, this rainy day is conditional in that she wants me to spend it on buying a house or some sort of security one day. The balance of the ISA is now just under £17,000 and I am petrified that if I declare my debts, my creditors will obviously find out about the savings of £17,000 and I will be forced to tell my Mum about my debt. I want to give my Mum the money back now and try and deal with repaying the debts myself. I know that my creditors will want to know why I gave my Mum £17,000, so I am in a complete catch 22. Is it true that they trace and question any drawings on your savings for the past year?
I hope this makes sense, my head is in a whirl. It would break my Mum's heart that she has worked so hard to give me this money, and it has to all go to pay off my debts. Is there anything I can do?
Any advice would be gratefully received.
Thank you
MissNoMoneyPenny

CCCS_Emily

Hello MissNoMoneyPenny,

If you owe money to the bank where you have your ISA and you start making reduced payments to that debt then you do risk them taking money from that account to clear your debt with them. The way to stop this is to move your savings and you bank account to a bank that you have no debts with. Other than that your other creditors do not have access to this money.

If you discuss your situation with us you are not 'declaring' your debts. Anything you discuss with us is private and confidential. You do not need to tell your mum about your situation if you do not want to, you do not need to use these savings towards your debt if you do not want to.

If you talk to us we will look at your whole situation and give you the best advice taking everything into concideration, which may include your savings, but you may have alternative options. The best thing to do is contact us so you can find out what to do and where you stand with your creditors. Then at least you are dealing with the situation rather than just worrying about it.

You can contact us by using our online advice facility Debt Remedy through our website www.cccs.co.uk or contact our Helpline to book an appointment on 0800 138 1111

Let us know how you get on.

MissNoMoneyPenny

Hi Emily

Thank you soooooo much for the information. I can't tell you how much better you have made me feel. I know I am a long way off getting my debts sorted, but just to know that I will be able to do it without the extra stress of hurting my Mum helps a lot. I will call CCCS tomorrow.

I am actually thinking of a change of career direction and doing some voluntary work for the Citizens Advice Bureau in the hope of one day maybe becoming a Debt Advisor. I suppose it would help to be able to speak from experience!

Thanks again for your help.

MissNoMoneyPenny:j

Richard_S

CCCS_Emily wrote: »

Hello MissNoMoneyPenny,

If you owe money to the bank where you have your ISA and you start making reduced payments to that debt then you do risk them taking money from that account to clear your debt with them. The way to stop this is to move your savings and you bank account to a bank that you have no debts with. Other than that your other creditors do not have access to this money.

If you discuss your situation with us you are not 'declaring' your debts. Anything you discuss with us is private and confidential. You do not need to tell your mum about your situation if you do not want to, you do not need to use these savings towards your debt if you do not want to.

If you talk to us we will look at your whole situation and give you the best advice taking everything into concideration, which may include your savings, but you may have alternative options. The best thing to do is contact us so you can find out what to do and where you stand with your creditors. Then at least you are dealing with the situation rather than just worrying about it.

You can contact us by using our online advice facility Debt Remedy through our website www.cccs.co.uk or contact our Helpline to book an appointment on 0800 138 1111

Let us know how you get on.

Emily,

I have the greatest respect and admiration for the staff at CCCS.

Can you just clarify a couple of points for me:

1. Am I right in thinking that you won't talk to somebody who rings on an anonymous mobile or public phone other than to give summary advice and make a telephone appointment?

2. Your in depth phone calls are made when you can verify exactly who you're talking to?

3. All your conversations are recorded and can be used against an errant bankrupt?

4. The beauty of a site like this is it's anonymity; why are you encouraging people to phone you?

Richard_S

MissNoMoneyPenny wrote: »

Hi Emily

Thank you soooooo much for the information. I can't tell you how much better you have made me feel. I know I am a long way off getting my debts sorted, but just to know that I will be able to do it without the extra stress of hurting my Mum helps a lot. I will call CCCS tomorrow.

I am actually thinking of a change of career direction and doing some voluntary work for the Citizens Advice Bureau in the hope of one day maybe becoming a Debt Advisor. I suppose it would help to be able to speak from experience!

Thanks again for your help.

MissNoMoneyPenny:j

Hi MissNoMoneyPenny,

I'm going to stick my neck out here.

There's an old saying that "only the paranoid survive;" I don't necessarily subscribe to it, but it has it's merits.

If you ring CCCS tomorrow, or anybody else for that matter, then withold your number, and don't give out any personal details.

You are in a very unusual situation and lots of people would argue that the money your mother has saved for you should go to repaying your creditors. I'm not going to make a moral judgement on that, I think that there's a good chance that legally that money still belongs to your mother, but once your creditors have got access to it then, hey, the good old legal maxim: "possession is nine tenths of the law" kicks in.

I'm not doubting Emily's motives but I am doubting her overall view on the situation.

One last question for Emily:

All employees are rated on their performance, how are CCCS employees rated??

Richard

Broken_hearted

Oh Richard I am she is trying to hid £17,000 in her name. Even if it's her mothers they are still guilty of tax evasion. She has however admitted that the money BELONGS TO HER as a gift from her mother. If they were doing nothing wrong the mother could have simply paid a deposit out of her own savings. If the money is in MissNoMoneyPennys name then she could use it to pay off HER debts without any conditions.
I don't think Emily's motives are bad it's being stuck in that gray area between bending the law and breaking it.

Seaxwyn

Hello MissNoMoneyPenny

Isn't this the rainy day your mother was saving for? Yes she will be disappointed. You are 40,000 in debt and living beyond your means, that money could allow you to turn the situation around, and if you don't turn it around you aren't going to be buying a house any time soon anyway.

I think you should tell your mum the truth and use the money to pay your creditors. I know it would be really hard (and I'm too chicken to fess up to my parents so I know how you feel) but I have read lots of threads on here where people have dreaded owning up to people close to them, and then felt really glad that they have.

Good luck

MrsTinks

Why not offer this money to your creditors as full and final payment? Yes ok so not what your mother intended... but I don't think she would object either if she knew that you were this deep in debt and you had the means to get out of it but didn't want to because she might be disappointed.
I think you need to drop the idea of bankrupcy and instead work on being a DFW... You need to find a permanent job instead of temping (easier said than done I know...) even if this means moving elsewhere and finding somewhere cheaper to live.
I bet you could be Debt Free of your own back in a few years if you did it right and then you can throw everything you earn for a few years and any further contributions your mother makes into a deposit for your own place...
Good Luck!

Tootie_Fruity

CCCS_Emily wrote: »

Hello MissNoMoneyPenny,

If you owe money to the bank where you have your ISA and you start making reduced payments to that debt then you do risk them taking money from that account to clear your debt with them. The way to stop this is to move your savings and you bank account to a bank that you have no debts with. Other than that your other creditors do not have access to this money.

If you discuss your situation with us you are not 'declaring' your debts. Anything you discuss with us is private and confidential. You do not need to tell your mum about your situation if you do not want to, you do not need to use these savings towards your debt if you do not want to.

If you talk to us we will look at your whole situation and give you the best advice taking everything into concideration, which may include your savings, but you may have alternative options. The best thing to do is contact us so you can find out what to do and where you stand with your creditors. Then at least you are dealing with the situation rather than just worrying about it.

You can contact us by using our online advice facility Debt Remedy through our website www.cccs.co.uk or contact our Helpline to book an appointment on 0800 138 1111

Let us know how you get on.

Are you advising someone to commit fraud ?

MrsTinks

Tootie_Fruity wrote: »

Are you advising someone to commit fraud ?

Where? I don't think that Emily's response encouraged fraud in the least! However it might not have been written with the specific view of advising someone wanting to go bankrupt which I think would have had a totally different response

Maybe it would be helpful if the OP clarified what exactly she is hoping to do? Is she actually hoping to become bankrupt or does she merely wish to find a realistic way out of debt and preferably without her mother finding out?

T

Me_Myself_2

How is moving and then not declaring savings fraud?