Struggling with debt? Ask a debt adviser a question

StepChange_Kirsty

Hello,

Thanks for your post.

Based on the figures you’ve provided, the level of equity in your property appears to far outweigh the amount of unsecured debt you have. As a result an individual voluntary arrangement (IVA) may not be the best solution for your individual circumstances. Before we explain in detail how an IVA would affect your house and car the first step will be to find out what solution would be best for you as the IVA advice may be irrelevant.

We can definitely help you to work out a suitable solution to move forward with. At StepChange we offer a number of debt solutions which are suggested based on the individual situation. Because our service is free and impartial, our advice is always the best for you, with our only intention being to recommend you the right solution.

In order for us to offer you the best advice and further guidance we would need to know a little bit more about your current financial situation by going through a budget with you. In the budget we’d look at your income, monthly spending on household bills and living costs and any debts you have outstanding at the moment. This will give us a clearer understanding of your finances and allow us to find you an affordable solution.

There are two ways you can get started and we’re here to support you with whichever you choose:

• Firstly, you can use the Debt Remedy tool within our website. This is an anonymous, self-help tool which will guide you through the process of putting a budget together in your own time and will recommend the right solution for your situation.

• Alternatively, you can give us a call on 0800 138 1111 and have a debt advice session with one of our specialist advisors. We are open from 8am to 8pm Monday to Friday and 8am to 4pm on Saturdays. Calls are free from all landlines and major mobile phone networks.

I hope this helps and we look forward to hearing from you soon.

Kirsty

tiggy748 wrote: »

I have 12k in credit card debt
1500 overdraft
200 payday loan
10000 car finance
2000 tax credit overpayment
350 income tax fine

My mortgage is 75k. I purchased for 106k just under a year ago. I have renovated it and its now possibly worth 130-140k

I earn around 1200 a month.

From what I gather my car loan wouldn't go into the IVA but everything else would?
The credit impact is 6 years from the START of the VIA not the finish?

I'm wondering really how my house and car would be affected. I need my car as I'm a nurse and public transport wouldn't work for my shifts. I guess they would let me keep this as the car is valued around 8k?

I can afford 200 a month repayments, maybe 250.

I have looked at remortgage but my credit file ain't great with a missed payment and a few other bits. I'm also tied into the current mortgage for 5 years. Its very unlikely i will get another mortgage doe to having a zero hours contract and if can get one will be horrendous intetest.
Im wondering if the IVA will make me remortgage if so how does it work? If I can only get a seriously awful mortgage can they make me take it? Is the mortgage used repay the sum of debt owed as it stands at the start? Or is is just the balance of what the IVA is at that point?

If thye can force me to take out a dreadful mortgage i think im.more keen to go down this route by myself and not bother with the IVA if I can but would like more info on an IVA if needed.

I only got in this pickle as my partner has been seriously ill this year we can manage fine as we are however it's likely she needs more surgery and another 6 months off work. If so we are screwed. I want to get rid of money issues so I can concentrate on her.

Hitmanandher

Please can you give me advice ref Scottish debt?
We have moved away and are having mail forwarded (no tenants in house yet). However my neighbour said something was hand delivered thru letterbox
It can only be bad news.
My question is this- if a sherrif officer has posted something through our letterbox by hand, will they also definitely post the letter too? We only get things sent through the post redirected, hand deliveries will just sit on the door mat till we are next in the UK which might be months. By which time who knows what damage might be done and extra charges imposed. Can I call the court for example and tell them we've moved overseas and provide email address? Thank you

Former_StepChange_Joe

Hello

Thanks for your message and welcome to the forum.

Yes, if you’re concerned about any creditors who may be taking action against you and haven't realised you've moved overseas, then I recommend getting in touch with them. You can update them on your new contact details, and they’ll be able to confirm if any court action has been taken against you.

If you need some more detailed, tailored debt advice, then we at StepChange may be able to help, if you meet all of the following criteria:

1. You’ve lived in the UK in the last three years
2. All of your debts were incurred in the UK
3. One or both of the following applies:

a) You are paid into a UK bank account and access your money abroad from this account

b) Your residence overseas is temporary and you firmly intend to return to the UK in the next 12 months

If you don’t meet these criteria, then you’ll need seek advice from an suitable debt advice agency in your new country of residence.

I hope you’ve found this helpful.


Thanks

Joe

Hitmanandher wrote: »

Please can you give me advice ref Scottish debt?
We have moved away and are having mail forwarded (no tenants in house yet). However my neighbour said something was hand delivered thru letterbox
It can only be bad news.
My question is this- if a sherrif officer has posted something through our letterbox by hand, will they also definitely post the letter too? We only get things sent through the post redirected, hand deliveries will just sit on the door mat till we are next in the UK which might be months. By which time who knows what damage might be done and extra charges imposed. Can I call the court for example and tell them we've moved overseas and provide email address? Thank you

onethouonehun

Hi,

Hope this is the right place to ask this...

So, a few years ago I got quite carried away with gambling, racked up some substantial debt. I don’t gamble any more. I’ve been paying this debt off at around £600 a month. All of this debt is on credit cards, and stands at around £18k. Previously, I’ve been switching the card balance to other 0% cards whenever necessary. This is getting harder to do, as the 36/48 month 0% offers are disappearing. I also have around 8 credit cards so my hands are tied. I can keep switching them here and there, to new 12 month 0% offers with my current cards. Another reason this is difficult to do, is that I have recently gone self employed. This is literally 2 weeks ago, so if I were to apply for any new finance I would more than likely get rejected.

A bit more about my situation... 6 years into a mortgage & married. Wife knows about the debt and has a couple of cards in her name for this reason. She’s self employed too.

Any tips would be great!

Thanks

StepChange_Rachael

Hi

Thanks for getting in contact.

It’s good that you’ve been able to acknowledge that gambling was becoming an issue and found a way to resolve this and are now dealing with the debt.

If minimum payments are affordable but the interest is increasing and this is the main issue then to protect your credit file and not leave your self open to further action from creditors, meeting minimum payments might be advisable. By shopping around you should be able to find the cheapest interest rates. 0% deals can be great options but usually do have a limit.

However, if minimum payments are a struggle and you’re cutting back on general living costs to meet them then I’d recommend getting further debt advice.

As you and your partner are self-employed I’d suggest speaking with the Business Debtline. This is because there may be different options you and your partner can consider but there can be risks or ways your self-employment might be impacted by different types of debt solutions. The Business Debtline offers free advice to anyone self-employed with our without business debt.

Hope this helps.

Thanks,
Rachael

onethouonehun wrote: »

Hi,

Hope this is the right place to ask this...

So, a few years ago I got quite carried away with gambling, racked up some substantial debt. I don’t gamble any more. I’ve been paying this debt off at around £600 a month. All of this debt is on credit cards, and stands at around £18k. Previously, I’ve been switching the card balance to other 0% cards whenever necessary. This is getting harder to do, as the 36/48 month 0% offers are disappearing. I also have around 8 credit cards so my hands are tied. I can keep switching them here and there, to new 12 month 0% offers with my current cards. Another reason this is difficult to do, is that I have recently gone self employed. This is literally 2 weeks ago, so if I were to apply for any new finance I would more than likely get rejected.

A bit more about my situation... 6 years into a mortgage & married. Wife knows about the debt and has a couple of cards in her name for this reason. She’s self employed too.

Any tips would be great!

Thanks

Edd209

Hi there MSE forum, where do I begin.



I'm in a extremely distressing situation, I've lived with my partner for 17 years until our split up. we have 4 loving children, 3 lads and a wee lass. We've always had financial problems for as long as I can remember. after 15 years I decided to take control of the money as I was always fixing all the financial situation's when my ex partner was in control. get us back on track. then the financial structure would get sabotaged by my ex-partner. until last year she was diagnosed With EU PD Emotionally Unstable Personality Disorder and also she has severe disability of Fybromyalgyia - Fybro is way easier to spell . My god it has been a struggle, Especially the years of unknown diagnosis.



I'm also been diagnosed with Bipolar. which I'm contesting with my Mental Health Nurse locum. That I may have C-PTSD - Complex-Post Traumatic Stress Disorder. learned of having to respond to my ex-partners mental Illness. Leaving me broken. The damage that has been done from my ex-partner's lying would make front page news, It would disgust the population. which I'll keep to myself for the time being and seek professional help for this. as it is an Illness after all, It can only be, to explain the action's no normal person would've done this. from my ex partner's Fear of abandonment issues. I left as I couldn't cope my partner's drug addiction and lying as it was destroying our family. Then she went to drastic measures to get me back It worked so I did.



I helped get her of the drugs and stated earlier took control of finances thing were going well I managed the finances well Even took the whole family on holiday abroad to Turkey for the 1st time in 9 months no financial worries. Then once again financial sabotage again she couldn't keep to our arrangement. broke us apart again.



One condition i asked for when we got back together was the financial stress must be fixed because it was a knock on effect to our kid's and still is til this day. I'm away from my partner now. My kids are suffering from there mother's constant addiction's she has now been clean of drug's for 20 week's now. Only to jump into another addiction online gambling. I'm at the end of my tether, I just don't know where to turn too. I'm sick of seeing my kids suffer.



Now I'm over 1+years split from her she is now getting some help from her Mental Health.



Me and my Ex have now come to a stage we both need to get along for the sake of our children and we're trying to work out out thing's amicably. without court's and custody battle's. Just to damn exhausted. We really need help We've even tried Adult Social to help with my Ex Partners financial problem. She got rejected as she didn't meet the criteria. for example a patient with dementia would've made It.



So my next step is to go into the Bank of Scotland to try and arrange for me to help manage the finance's once again as my ex-partners financial situation is dire nothing gets payed. she has filed for bankruptcy and everything is in the process of declaring it but she is always so low on finances or paying debt's to people she borrowed or gambled from she cant even pay the bankrupcy fee of £70.



Now I'm supposed to stay a minimal contact. So I can Heal from our toxic relationship. I can't seem to get a chance as my connection with my ex partner and our kid's. I never seem to get a clean slate as there is alway's something broken that effected my kid's. I never get a moment. I just want feel relaxed and in a nice safety net for my children.



Sorry For the Big Post.



Edd.

StepChange_Allen

Edd209 wrote: »

Hi there MSE forum, where do I begin.

I'm in a extremely distressing situation, I've lived with my partner for 17 years until our split up. we have 4 loving children, 3 lads and a wee lass. We've always had financial problems for as long as I can remember. after 15 years I decided to take control of the money as I was always fixing all the financial situation's when my ex partner was in control. get us back on track. then the financial structure would get sabotaged by my ex-partner. until last year she was diagnosed With EU PD Emotionally Unstable Personality Disorder and also she has severe disability of Fybromyalgyia - Fybro is way easier to spell . My god it has been a struggle, Especially the years of unknown diagnosis.

I'm also been diagnosed with Bipolar. which I'm contesting with my Mental Health Nurse locum. That I may have C-PTSD - Complex-Post Traumatic Stress Disorder. learned of having to respond to my ex-partners mental Illness. Leaving me broken. The damage that has been done from my ex-partner's lying would make front page news, It would disgust the population. which I'll keep to myself for the time being and seek professional help for this. as it is an Illness after all, It can only be, to explain the action's no normal person would've done this. from my ex partner's Fear of abandonment issues. I left as I couldn't cope my partner's drug addiction and lying as it was destroying our family. Then she went to drastic measures to get me back It worked so I did.

I helped get her of the drugs and stated earlier took control of finances thing were going well I managed the finances well Even took the whole family on holiday abroad to Turkey for the 1st time in 9 months no financial worries. Then once again financial sabotage again she couldn't keep to our arrangement. broke us apart again.

One condition i asked for when we got back together was the financial stress must be fixed because it was a knock on effect to our kid's and still is til this day. I'm away from my partner now. My kids are suffering from there mother's constant addiction's she has now been clean of drug's for 20 week's now. Only to jump into another addiction online gambling. I'm at the end of my tether, I just don't know where to turn too. I'm sick of seeing my kids suffer.

Now I'm over 1+years split from her she is now getting some help from her Mental Health.

Me and my Ex have now come to a stage we both need to get along for the sake of our children and we're trying to work out out thing's amicably. without court's and custody battle's. Just to damn exhausted. We really need help We've even tried Adult Social to help with my Ex Partners financial problem. She got rejected as she didn't meet the criteria. for example a patient with dementia would've made It.

So my next step is to go into the Bank of Scotland to try and arrange for me to help manage the finance's once again as my ex-partners financial situation is dire nothing gets payed. she has filed for bankruptcy and everything is in the process of declaring it but she is always so low on finances or paying debt's to people she borrowed or gambled from she cant even pay the bankrupcy fee of £70

Now I'm supposed to stay a minimal contact. So I can Heal from our toxic relationship. I can't seem to get a chance as my connection with my ex partner and our kid's. I never seem to get a clean slate as there is alway's something broken that effected my kid's. I never get a moment. I just want feel relaxed and in a nice safety net for my children.

Sorry For the Big Post.

Edd.

Hi Edd

Welcome to the forum and thanks for posting.

I'm very sorry to hear about the circumstances that you have been through and can appreciate that things have been, and still are, very difficult for you and your children.

We can definitely help you to get your finances under control by doing a financial assessment and making recommendations of options that you have available to sort them out. If you'd like to call and speak to a debt advisor you can call our Helpline on 0800 138 1111, or if you'd prefer to do everything online you can use our Debt Remedy tool: www.stepchange.org/DebtRemedy

Whilst I'm very confident that we can help you sort out the debts out, I'm afraid the other difficulties that you're going through are not of our areas of expertise.

Regarding your personal health, I understand there are ongoing assessments being made, but if you feel as though you'd like more support with that side of things, you could consider contacting the fantastic mental health charity, Mind: www.mind.org.uk/

If there's anything else you need help with, please let us know when you get in touch and we'll do our best to direct you to any service that may be relevant.

I hope this is helpful and we look forward to speaking with you.

Allen

debthelpneeded_2

Hi,

I am about to default on 4 credit cards, 2 with Barclaycard and 2 with MBNA. Barclaycard total £14000, and MBNA £12000. Basically due to changing circumstances a few years ago, going part time and having twins, along with anxiety and mental health issues i can no longer afford the payments and have more going out than coming in. Both companies have gone down the zero offer route as basically i have no money to pay them. They have both been very accommodating and understanding. What i would like to know is once they have defaulted does that automatically mean they will go to CCJ? The companies were so understanding and said I could only pay them if i had income left at the end of the month, so not sure if a CCJ is a route they would take. Can anyone help as I am petrified of losing my home. Thank you

Former_StepChange_Linsi

Hi

Welcome to the forum and thanks for posting.

Having a default doesn’t mean a creditor will automatically apply for a CCJ. There’s more information about the collections process on our website but it’s extremely rare for someone to lose their home because of an unsecured debt such as a credit card.

It sounds like you’ve done a great job keeping in touch with Barclaycard and MBNA and making them aware of the changes in your circumstances.

If you’d like more advice about the best way to manage these debts going forward you can use our Debt Remedy tool to create a budget and get advice online. Here’s the link.

Your GP along with organisations such as Mind can also help you manage your anxiety and mental health issues if you need any extra support.

I hope this helps,

Linsi

debthelpneeded wrote: »

Hi,

I am about to default on 4 credit cards, 2 with Barclaycard and 2 with MBNA. Barclaycard total £14000, and MBNA £12000. Basically due to changing circumstances a few years ago, going part time and having twins, along with anxiety and mental health issues i can no longer afford the payments and have more going out than coming in. Both companies have gone down the zero offer route as basically i have no money to pay them. They have both been very accommodating and understanding. What i would like to know is once they have defaulted does that automatically mean they will go to CCJ? The companies were so understanding and said I could only pay them if i had income left at the end of the month, so not sure if a CCJ is a route they would take. Can anyone help as I am petrified of losing my home. Thank you

neil369

Hi Everyone,
Pl help.
Outstanding mortgage on my property @£140 K . Also,
I have 2 charging orders totalling @ £90000 since 2005.
2 more c.o.s totalling @£5000 since 2012.
House would fetch a max @£150000

I need to sell the house and move into a rented accommodation.

What is the solution for this situation ?

Pl guide.