Struggling with debt? Ask a debt adviser a question

Former_StepChange_Linsi

Hello

Thanks for posting.

If an IVA is the right solution, you’ll need to tell your IVA provider about any credit obtained within the last 12 months and this will be included in the proposal sent to the creditors.

Consideration is given to the amount borrowed, what you used the funds for and your situation at the time of taking out the debts.

This information will help the creditors make a decision about whether or not they’ll agree to the IVA. So having recent credit won’t automatically mean you can’t have an IVA.

To explore your options you can create a budget and get advice online using our Debt Remedy tool. If an IVA is available, you’ll be able to request a call back with our IVA team on the last page of Debt Remedy. The online tool will also let you know about any other debt solutions that are available to you. Here’s the link for our Debt Remedy tool.

We look forward to hearing from you,

Linsi

Mullery wrote: »

hi im
in a very very bad spot got round 48k in debt but must is very recent as i had a big change in circumstances
due to it being recent will
this effect the creditors desion of passing an iva.

larrup

hi ive got about £30000 debt on 3 credit cards all on 19.9% interest. i can just afford to pay the minimum payment on these but the overall debt is barely moving. I have a good credit rating and have never missed a payment. i have tried applying for 0% interest cards to shift to but keep getting knocked back, how can i get the interest down so i can pay more off the debt rather than interest ?
many thanks

Former_StepChange_Linsi

[FONT=&quot]Hello[/FONT]

[FONT=&quot]Thanks for getting in touch and welcome to the forum.
[/FONT]
[FONT=&quot]You could speak to your creditors about reducing the interest. They’re not obliged to do this but it won’t hurt to ask.
[/FONT]
[FONT=&quot]Rather than interest free cards you could look at balance transfer cards that aren’t interest free but have a lower interest rate than you’re currently paying.
[/FONT]
[FONT=&quot]You may have more luck applying for one of these. You just need to make sure the monthly payments are affordable. Using the MSE Credit Card Eligibility Calculator will let you see your chances of getting a card without leaving a mark on your credit file.
[/FONT]
[FONT=&quot]If you cannot reduce the interest, you could look at putting a budget together to see if you can save money anywhere else so you can pay more towards your credit cards.
[/FONT]
[FONT=&quot]You can use our online Debt Remedy tool to create a budget and get further advice for free and it only takes 20 minutes. Here’s the link.
[/FONT]
[FONT=&quot]I hope this helps,[/FONT]
[FONT=&quot]
[/FONT][FONT=&quot]Linsi [/FONT]

larrup wrote: »

hi ive got about £30000 debt on 3 credit cards all on 19.9% interest. i can just afford to pay the minimum payment on these but the overall debt is barely moving. I have a good credit rating and have never missed a payment. i have tried applying for 0% interest cards to shift to but keep getting knocked back, how can i get the interest down so i can pay more off the debt rather than interest ?
many thanks

Hollysof88

Hi, my partner and I were in 21k debt, We had to move into my mother in laws so we could afford to pay as much off we are down to aprox 15k but we are now in a homeless situation about to be re-housed therefore rent will go up and I'm due to go on mat leave in 6 months so I'm panicking as we won't be able to afford the separate payments once we move... is an iva our best option?

moneyman_34

reading through all of these issues makes me feel for all of you. I am in debt myself, mainly due to my ex-partner (i married her and now we have split up) I have moved back home with my parents. They know all about the debt. I started with over £3,000 debt. It is now at £2,000. I know there is no way of getting her to "pay her way" as I can't prove she done any of them. However one is council tax, the council say they are chasing both of us and because I work and she does not then I got my wages arrested. I managed to clear that and now have a payment plan for the next lot of council tax as well which again she is not paying. So basically i have my car, and i work and i have to pay her debt off and she pays nothing towards it and she can take our kids out to all sorts of fancy places with her friends and i have to scimp and scrape every penny. How is this in the least bit fair? I have written to action fraud and they are yet to get back to me. think its a waste of time being honest.

Anyone offer advice on how to possibly get this paid off ASAP by making more money even working from home online or something to then move on with my life, get my own place and be a better person than her that has got so many different men around that I feel very uncomfortable with it as one of them spends his money on my children as he has loads of it.

Better_place

I have been on a stepchange dmp before, then went self managed and have been doing this for a while. However, I have been offering creditors payments I think are reasonable for the debt amount rather than the actual amount I can afford - that being the case, i have borrowed again just to keep my head above water and I could kick myself, I feel so stupid - another ridiculously high interest loan. I really want to start again with stepchange but am worried my creditors will think I'm mucking them about. I am panicking about writing to them again to offer lower payments due to my own stupidity. What would you suggest? Thank you for any advice

Jt1979

Hi

A little advice needed if possible. It's a very long story so I will try to get to the point. We have 5 creditors who we have been paying £1 a month to for 7 years. Our circumstances have improved slightly and we are trying to get this sorted. We have managed to get a secure loan and agreed settlement figures with 4 of the 5 creditors.
This leaves 1, NRAM for 29k. They have said the won't budge on the figure and want all of it. After we have paid the other 4 off we will have aprox 25k left, the house is in extreme need of some work done, kitchen and windows as they are in a very very bad state. Whats the situation with me spending the money on the house and not paying NRAM off?
I hope this makes sense

Thanks

Jt1979

I would just like to add that we would like to start paying NRAM off at maybe £150 a month also.
Again I hope this makes sense.

Thanks

StepChange_Kirsty

Hello,

Thanks for your post and welcome to the forum.

Reducing your debt by £6K is a very positive step but I can appreciate once you move house and go on maternity leave your finances you’ll feel more of a squeeze on your finances.

It’s difficult to say, without knowing more about your situation, if an individual voluntary arrangement (IVA) would be your best option but StepChange can certainly provide you help and advice to find the best solution for your individual circumstances.

Once you’ve found out what the costs of your new home will be I’d recommend giving us a call to speak to one of our specialist Debt Advisors. You find our contact details here. When you call please have details of your income, expenditure and remaining debts to hand and this will help us to give you the best advice. All of our advice is free, confidential and independent.

We hope to hear from you soon.

Kirsty

Hollysof88 wrote: »

Hi, my partner and I were in 21k debt, We had to move into my mother in laws so we could afford to pay as much off we are down to aprox 15k but we are now in a homeless situation about to be re-housed therefore rent will go up and I'm due to go on mat leave in 6 months so I'm panicking as we won't be able to afford the separate payments once we move... is an iva our best option?

StepChange_Kirsty

Hi there,

Thanks for your post.

Relationship breakdowns are always difficult and we often see that debt can be a problem following a separation.

With the Council Tax, as you are both liable for this debt they can chase either or both of you until the full debt is paid. They may still be chasing your ex-partner for the debt even if you have a wages arrestment but unfortunately you may find that you end up paying more than your ex-partner if she is not currently working.

If your ex-partner took out the other debts without you knowing then speaking to Action Fraud is a very good idea. On the other hand if you took out the debts yourself but on behalf of your ex-partner you will still be liable to pay. Whilst I can’t suggest how you can make more money, StepChange can offer you free help and advice on the best ways of dealing with your debts.

In order to give you solutions advice we’d need to create a budget with you so we can understand your current situation and make sure the advice is tailored to your individual circumstances. There are a couple of ways to access our service:

You can use our online Debt Remedy tool on our website. This is a self-help tool which guides you through the process of putting a budget together and will provide you with advice in the form of a personal action plan.

Alternatively you can give us a call and speak to one of our expert Debt Advisors. You can find our contact details here.

Either way we’ll be happy to help.

Kirsty

moneyman_34 wrote: »

reading through all of these issues makes me feel for all of you. I am in debt myself, mainly due to my ex-partner (i married her and now we have split up) I have moved back home with my parents. They know all about the debt. I started with over £3,000 debt. It is now at £2,000. I know there is no way of getting her to "pay her way" as I can't prove she done any of them. However one is council tax, the council say they are chasing both of us and because I work and she does not then I got my wages arrested. I managed to clear that and now have a payment plan for the next lot of council tax as well which again she is not paying. So basically i have my car, and i work and i have to pay her debt off and she pays nothing towards it and she can take our kids out to all sorts of fancy places with her friends and i have to scimp and scrape every penny. How is this in the least bit fair? I have written to action fraud and they are yet to get back to me. think its a waste of time being honest.

Anyone offer advice on how to possibly get this paid off ASAP by making more money even working from home online or something to then move on with my life, get my own place and be a better person than her that has got so many different men around that I feel very uncomfortable with it as one of them spends his money on my children as he has loads of it.