Struggling with debt? Ask a debt adviser a question

StepChange_Allen

howie94 wrote: »

Hi all

I’m currently looking at contacting all my creditors with an expenditure form, the question I’m asking when submitting to individual creditors can they check my credit file to see all my creditors information and amounts owed or can they only check and see the information they hold on me just for the account in question that I currently hold with that creditor ???

Kind regards in advance..

Hi there

Thanks for posting.

Creditors can do a credit check and see your full credit history including all other debts yes.

I hope that helps.

Allen

LFCfan

Hi,

I am in a DMP with Stepchange and have been for almost 2 years. Before that I was struggling with debt for a good 10 or so years.


Is there a possibility that some lenders might be willing to negotiate a lower sum owed? I am not able to consider full and final settlement offers as I have no lump sum but a few of my creditors have been getting payments off me for years.


My DMP is fast becoming unmanageable as my car has been written off so I need to finance a new one. I am also only paying an interest only mortgage. My issue here is if I sort these two aspect out, my DMP payments are wiped out and suddenly being debt free in 3 years turns into 10+. If I can negotiate lower settlement figures overall then I can maybe bridge that gap for a while longer and get some cleared.

Any advice would be appreciated.

Former_StepChange_Patience

Hi there

Welcome to the forum.

I’m sorry to hear you’re struggling with your current debt management plan (DMP) payments and I understand how difficult it can be when your car has been written off.

There is a specialist team that will be able to review your budget with you and discuss your next steps with dealing with the debts, now your circumstances have changed.

If you call us on: 0300 303 5300 we’ll help as much as we can, we’re here Monday to Friday 8am to 6pm.

I hope this helps

Patience

LFCfan wrote: »

Hi,

I am in a DMP with Stepchange and have been for almost 2 years. Before that I was struggling with debt for a good 10 or so years.


Is there a possibility that some lenders might be willing to negotiate a lower sum owed? I am not able to consider full and final settlement offers as I have no lump sum but a few of my creditors have been getting payments off me for years.


My DMP is fast becoming unmanageable as my car has been written off so I need to finance a new one. I am also only paying an interest only mortgage. My issue here is if I sort these two aspect out, my DMP payments are wiped out and suddenly being debt free in 3 years turns into 10+. If I can negotiate lower settlement figures overall then I can maybe bridge that gap for a while longer and get some cleared.

Any advice would be appreciated.

Marge1616

I really need some help. My son has been with Natwest for years and a lot of the time even struggled to pay the one bill that comes from his account (his mobile phone bill). Natwest has seen it fit to increase his overdraft to 2750 since Nov 2017 when he only gets paid 1100 a month. He has now got himself in a state about this which has now ended in him suffering from depression and said he has contemplated suicide, he is only 23 .

I have read their responsible lending leaflet and it states “We will lend responsibly and aim to provide a product that is affordable for you” I am really upset that they as a bank have gone against their own guidelines and contributed to him having a mental health issue.

I wondered if you could advise the steps if any in trying to get this sorted.

[Deleted User]

This time, be smart and use a debt charity. Don't go throwing money away that you don't have.

No point in borrowing more that you can't pay back.

monkeymagic11

Would absolutely recommend a debt charity. My friend at work had exactly the same issue re payday loans which she'd taken out at Christmas when her husband had been laid off. I'm her line manager as well as her friend and she'd come to ask me for an advance on her pay.

My mum is a councillor and has had some involvement with Christians Agaiinst Poverty. I looked at this with my friend and she ended up going to speak to them and they sorted everything out for her. There are lots of other debt management charities out there (Stepchange is also fantastic by all accounts) and I would hope this would help x

StepChange_Allen

Marge1616 wrote: »

I really need some help. My son has been with Natwest for years and a lot of the time even struggled to pay the one bill that comes from his account (his mobile phone bill). Natwest has seen it fit to increase his overdraft to 2750 since Nov 2017 when he only gets paid 1100 a month. He has now got himself in a state about this which has now ended in him suffering from depression and said he has contemplated suicide, he is only 23 .

I have read their responsible lending leaflet and it states “We will lend responsibly and aim to provide a product that is affordable for you” I am really upset that they as a bank have gone against their own guidelines and contributed to him having a mental health issue.

I wondered if you could advise the steps if any in trying to get this sorted.

Hi Marge

Thanks for posting.

I'm sorry to hear that your son is going through a difficult time. I see two separate issues here; firstly how you feel NatWest has acted, and then how to solve the debt problem.

In regards to NatWest, if your son is unhappy with what they've done he (or you if you send them a copy of his signed authority) can make a complaint to them in writing. They'd have to respond to this and if you and your son aren't happy with the outcome it can be escalated to the Financial Ombudsman Service.

We can certainly help him to find a solution to the debt problem. A budget can be put together online or over the phone; all details can be found here: www.stepchange.org/Contactus. We can give some debt advice based on the outcome of this.

I hope this is helpful.

Allen

StepChange_Allen

nsomnia wrote: »

Hello. I need a loan to relive me of payday loans which currently total more than I earn per month. Every month I need to reborrow them as soon as they are paid off, at huge exense to me. The money I am losing in interest alone could fund a loan which would not only clear the payday loan, but give me a bit of financial freedom which I have been lacking the past 10 years. Obviously my credit record is shot. My question is....WHAT DO I DO WHEN THE CREDIT RECORD IS RUINED WHY CANT ANYONE READ BANK STATEMENTS DO SOME SIMPLE MATH AND COME UP WITH BETTER SOLUTIONS.

I was one of the unlucky ones many years ago who fell for the con of DMP and paid thousands to a company who did nothing, never told a creditor i was in debt, and just took my money like I was an idiot.

Hi there

Thanks for posting.

I'm sorry to hear that you've been going through a hard time with these payday loans escalating. Unfortunately it's very common that once one payday loan is taken out it often leads to two, three, four and so on. People often call this the payday loan cycle/trap.

Payday loans can have a negative effect on your credit rating, so often it can be even harder to get a personal loan after you have them already.

We can certainly help you with your debts and find a solution to get them resolved. We're a charity so there's no charge for our service. If you decide to speak with us you could let us know more about what happened with the debt management company you mentioned.

You can register with us and do a budget either online or over the phone; details of how to get started can be found here: www.stepchange.org/Contactus

In the short term, if all these payday loans coming out of your account will cause you serious financial difficulty, you can cancel the continuous payment authority for these companies to prevent them taking the money off your card. More details on this are also on our website: www.stepchange.org/debt-info/your-rights/cancelling-recurring-payments-or-cpa

Please be aware that breaking payments can affect your credit rating further, details on this can be found here: www.stepchange.org/debt-info/debt-collection

I hope we can help you soon.

Allen

hannah___louise

Hi,

I'm trying to sort out some credit card debt I have built up over the last 10 years or so.

The debt stands at about £13K. It is split over 3 credit cards (2 Barclays, 1 MBNA) however I am now getting calls and letters from PRA group for all three debts. I'm in an awkward financial position as I am a single parent, work part time and am also a student. My income fluctuates massively throughout the year so I'm really worried about agreeing to pay something I can't afford in a few months. At the moment I m not making any payments - I stopped about 16 months ago due to a breakdown. What is the best way to approach this? Who do I deal with, the CC companies or PRA?

I'm reading a lot of conflicting info online!

Many thanks,
Hannah

Slytherin

Hello advisors

Will Stepchange and creditors have a problem with me using a correspondence address that's not my actual home address? I'm happy to declare to them where I am living but I have privacy and practicality issues with having important post sent direct.