Struggling with debt? Ask a stepchange debt adviser a question

jack290292

A really good question as I was just about to send my signed paperwork back to Stepchange to get my DMP started - but do I still say go with employment/salary possibly changing in the next few weeks?

passatrider

I inadvertently had my DMP cancelled as was intending to self manage. I asked  Stepchange to ignore my cancellation email by phone and was assrued that it would be ok to continue as normal. The plan was still cancelled however. 
Is it just a simple task of reinstating it or do I have to go through the whole application again? 

Rocstar_2014

Hi, just after a bit of advice please.
My partner is in £25000 debt with various bank loans. He is struggling to pay them each month and is left with very little to live on.
He owns a stake in his ex wife's home but they agreed she would pay the mortgage and continue to live there while the kids were at home and her mother was still living there.
Is there anyway he can reduce these debts each month?
Thank you.

guitarnutt

Hi...I have debts of 36k. My question is about whether I should take out a DMP or remortgage to pay off the debts to credit cards and my overdraft.  I have a lot of equity in my house. I retire in 2 yrs and could potentially pay off the mortgage with my lump sum. I’ve spoken to another debt help management company, Payplan...very helpful. My concern is that if I take out a DMP I will have to change my bank account due to the overdraft. Also, my current mortgage deal with the same bank finishes next year and I’m worried that I won’t be able to get a new mortgage deal due to having a DMP. The DMP payment will be approx the same as the new mortgage payment. Please advise?

stevensiege

Can debt collection agency reduce my total amount due?

Former_MSE_Tine

OFFICIAL MSE NOTE:
Due to the current challenges StepChange have asked us to post this for the time being. They hope to be back to help you on MSE as soon as possible:

"Due to recent events we’re currently working hard to provide help and support to our clients through our phone lines and website, rather than on the MSE forum.
Please visit www.stepchange.org if you want help and advice. If you need information on the impact the coronavirus outbreak has had on your financial situation, visit our ‘coronavirus and debt’ hub at www.stepchange.org/coronavirus.
Thank you for your patience and ongoing support during this difficult time. We wish you and all your family and loved one all the best.

Please visit www.stepchange.org if you want help and advice. If you need information on the impact the coronavirus outbreak has had on your financial situation, visit our ‘coronavirus and debt’ hub at www.stepchange.org/coronavirus.
Thank you for your patience and ongoing support during this difficult time."

We are therefor closing this thread temporarily until things have returned to normal and ask you not to PM them directly as the inbox will not be monitored. 
MSE Tine

sourcrates

Can i just add that you can still ask your debt related questions on the general forum, as the regulars are still able to offer help and advice as per normal.

sourcrates

This thread is now open again, thank you.

fedupofbeingpoor

Hi, I have worked really hard to get my financial situation to improve. I had my son son at 21 as a single parent got in to all sorts of financial trouble, picked my self up went back to uni and now earn 40k a year (I’m not 34). I’ve really tried to sort my self out and I am well on my way to being debt free. The debt free thing will be amazing. Being desperate and not having anything is not something I would wish in anyone, how anyone could be a bailiff is beyond me.  I have multiple ccjs (all related to water bills) which I make payments towards and a few smaller debts totalling less than £1000 which I also pay (one of these is through a debt recovery agency). My question is around defaults and credit scores I have 4/5 years until I don’t have any ccjs in my file. I’d really like to get a mortgage and buy my house. I can afford it I save £600 a month. I could pay the debts of quicker I suppose but my credit file is snookered and it’s not costing me any interest so I don’t really see the point it’s the first time in my life I have had savings of any description and I feel mentally a lot better knowing it’s there. l will have a good deposit for in 6 years time.Do the defaults drop off 6 years after the original default? Does it have effect it if it is paid? I know they won’t go off any quicker paid or not I meant more if the original default was in 2017 and I pay it in 2021 the six years is from 2017 not 2021? The credit score thing is pants I have been plagued by this my entire adult life. I want to be normal now. I haven’t had anything I shouldn’t have it was the water bill I couldn’t keep up with so I buried my head in the sand. Very hard to arrange payment when you have nothing to pay them with. Thank you for reading my ramble and thank you for any help you can provide

StepChange_Aidan

fedupofbeingpoor said:

Hi, I have worked really hard to get my financial situation to improve. I had my son son at 21 as a single parent got in to all sorts of financial trouble, picked my self up went back to uni and now earn 40k a year (I’m not 34). I’ve really tried to sort my self out and I am well on my way to being debt free. The debt free thing will be amazing. Being desperate and not having anything is not something I would wish in anyone, how anyone could be a bailiff is beyond me.  I have multiple ccjs (all related to water bills) which I make payments towards and a few smaller debts totalling less than £1000 which I also pay (one of these is through a debt recovery agency). My question is around defaults and credit scores I have 4/5 years until I don’t have any ccjs in my file. I’d really like to get a mortgage and buy my house. I can afford it I save £600 a month. I could pay the debts of quicker I suppose but my credit file is snookered and it’s not costing me any interest so I don’t really see the point it’s the first time in my life I have had savings of any description and I feel mentally a lot better knowing it’s there. l will have a good deposit for in 6 years time.Do the defaults drop off 6 years after the original default? Does it have effect it if it is paid? I know they won’t go off any quicker paid or not I meant more if the original default was in 2017 and I pay it in 2021 the six years is from 2017 not 2021? The credit score thing is pants I have been plagued by this my entire adult life. I want to be normal now. I haven’t had anything I shouldn’t have it was the water bill I couldn’t keep up with so I buried my head in the sand. Very hard to arrange payment when you have nothing to pay them with. Thank you for reading my ramble and thank you for any help you can provide

Hi,

Thanks for your post.

Most information stays on your credit file for 6 years. Defaults will drop off 6 years from the default date and CCJ’s 6 years from the date of the judgement.

If a defaulted debt is repaid in full, it should show as ‘Satisfied’ on your credit report, but will still be on there six years from the default date. So if the original default was in 2017 and you repay it in 2021, it will drop off in 2023.

Please bear in mind that creditors can still take action to collect the debts after they’ve dropped off the credit file, so it could be worth aiming to clear them sooner if you have the funds available. 

If you’d like to review your options to repay the debts, please get in touch with us.

I hope this helps.

Aidan