I Need Advice!!

Penguin_2

I am new to this site although have been reading the posts for a few days now, and am feeling a slight of sense of relief knowing that there are a lot of other people like me who are feeling the same.

I have got a £21,000 of debt on one loan and one credit card. I work full time but don't earn more than £1k a month and I am struggling to make ends meet. I live in a very expensive city where the salaries just don't match, and after paying £395 rent (bills not included), £282 to the loan and £140 to the credit card I am virtually left with nothing.

I am waiting for a phone appointment with CCCS at the beginning of August but this seems a long way away at the moment. They told me to change bank accounts which I have done as my loan and credit card are with my bank. But should I cancel my DD to the loan which will come out before I am due to speak to the CCCS. I am scared they will start harrassing me if I do this!!!

ADVICE PLEASE????

Nicky_3

It would make sense to cancel the DD as long as you income is no longer going into that account. Otherwise, keep the DD's where they are.

If you are able to cancel them, then send a letter to the bank explaining your situation informing them that you are currently seeking help from a third party who will soon be sending them a financial statement, but in the meantime, send a token payment as a good will gesture. At least they are still receiving something.

Penguin_2

Thanks Nicky

I have moved my current account so I could cancel it and they wouldn't be able to draw money from me. I will write a letter though like you suggest with a token payment, that sounds like a good idea. Its just that I have never missed a payment for anything in my life and the thought of it makes me VERY nervous!

ceegee

I consider that putting it in writing is an absolute must in cases like this. I recall a thread some time ago where someone just kept dealing with his bank by phone and it all went totally pearshaped (polite!).

A letter is vital and make sure you keep a copy. Possibly even send it by recorded delivery to be absolutely certain that they have received it.

Penguin_2

Thanks Ceegee

I know you are right, I have just about got my head round all this in the last week or so, my initial chat with CCCS when I arranged my appointment basically told me what I needed to know about immediate things, I have just been waiting for my new bank to take over my account (which they did yesterday) so I will now write to my old bank re the loan.

What do you think would be a big enough token payment? £100?

I am also worried that when CCCS help me that they will advise that I can only make very small monthly payments to my two creditors in order to give me enough to live on, but I have worked out that this could take me 15 years to pay off. It doesn't seem likely that they will accept that, does it???

Nicky_3

I understand where you are coming from Penguin, but basically, its better to pay what you can afford rather than struggle. Its not like we ask for these situations to happen, but what is important, is how we handle it. And you are doing as much as you can to make sure you still pay, but in a way that is affordable.

You will get letters etc, but remember, they are mostly system generated, and once CCCS start contacting your creds, things will soon start to smooth out. Im sure it will all work out just fine for you.

Good luck.

Penguin_2

Thank you Nicky for your kind words.

Its so stressful isn't it? I am so angry with myself for getting in this situation but I am now feeling slightly relieved that I have discussed it with my boyfriend and some other friends and got some of the worry off my chest. I just hope that my old bank is going to be as "understanding"!!!

Willsnarf1983

penguin one thing springs to mind, nearly £400 on rent not including bills, i suggest u try and find somewhere else, there are bargains out there


good luck in everything

Will

Penguin_2

Unforunately in the city I live in, which is one of the top 3 most expensive in Britain there are no other options. I don't drive so I have to live reasonably centrally for work. Believe me if there were cheaper options I would have tried them but this is the cheapest available to me at the moment. The salaries unfortunately are not related to cost of living in this city. All my friends are in the same boat and as most of us couldn't even afford a mortgage for a shed it leaves us with no other options but to pay that rent.

delboypass

Can you post your total incomings and outgoings.

If your really struggling you might consider writing to your credit card company and loan company asking them to kill the interest but this will kill your credit history as well.

Is there anything in the future you know of like a winfall or promotion that will be used against these debts?

How old are you if you dont mind answering.

delboypass

Also what is your career and what is the city.

Just to get as much information as possible.

Do you rent your own house or is it shared. DO you pay all the bills yourself or share them with your spouse.