Struggling with debt? Ask a debt advisor a question

RONMILNES · 18 May 2011 at 9:20PM

Hi, today I received a letter from ccm instucting me to get in touch asap. I phoned them and they said because ive missed 7 payments for my Black Horse Car Finance they've become involved. They then arranged for someone to visit and make sure we still have the car and to do some kind of report for Black Horse.

The finance was for £13k, the amount we owe now is £4200.

Any advice???

StepChange_Pavan · 19 May 2011 at 10:33AM

pinkprincess12 wrote: »

Hello,

I really need some advice. I am in around 8k of debt, some with credit cards / OD, but some is actually payday loans (probably the stupidist thing for me to do). If I was to go on some kind of debt management programme or DRO would the payday loan companies accept this or would they still hassel me to pay them outside of this (which I cant do). The payday companies are Wageday Advance, Payday UK and Lending Stream.

I really want to sort all my debt out and be debt free, after trying to hide from it for so long I'm finally facing it I just dont know how to sort it.

Thank you in advance.

Hello pinkprincess12 and thank you for your post.

Your payday loans would need to be included in any debt solution that you enter to ensure that you’re treating all your creditors fairly.

A debt management plan is an informal agreement between you and your creditors which they don’t have to accept. However, you can’t pay them money that you haven’t got so even if they are asking you to pay more you should stick to your agreement that you can afford.

If a DRO is the best solution for you, this is a legally binding solution and your creditors can’t pursue you for extra payments.

In the first instance, I’d recommend that you get in touch with us so that we can look at your situation in more detail and explore all of the options that are available to you.

To do this you can either use our online advice facility Debt Remedy, or ring our free Helpline to book a telephone appointment with a counsellor.

Debt Remedy will assist you in completing a financial statement which includes information on your household, employment, income, expenditure and debts. All this information is used as a basis to determine the options available to you to deal with your situation.

Once you’ve followed the process through and completed all the required information you will immediately be presented with an advice booklet, which will provide tailored advice for you based on your current circumstances. It will also provide advice on ways you may be able to improve your situation.

Alternatively if you would prefer to talk to a debt counsellor about your situation, you can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00.

I hope this helps.

Kind regards,
Pavan

StepChange_Pavan · 19 May 2011 at 10:38AM

Red9700 wrote: »

Hello

I don't know if I am posting on the correct thread ... or what information is needed..... I am struggling to find an solution to my current money situation..... a little background information...

Following my divorce 3 years ago, as I had no income I went onto income support and during that time needed to set my children and I up in a new home .... ( privately rented) I incurred debts ( credit card, store card, overdraft and catalogue) which now amount to £5500 .... following my youngest child reaching 10, I was advised to go self employed and now earn a ( very ) small income cleaning and ironing .... the debts are getting bigger ( due to interest ) and I have attempted to obtain a loan to clear the debts so they are 'altogether' and with a lower rate of interest... however I have been turned down for this.

I wonder if anyone could help / advise me with what I can do to help to move forward?

Thank-you so much

Hi Red9700 and welcome to the forum – you certainly have posted in the right place!

It could be a good thing that you were turned down for a debt consolidation loan as these can sometimes make the situation worse in the long run.

It’s difficult to say what your options might be without knowing more about your situation - we would need to look at your income and expenditure before we can give you any detailed advice. We have a specialist self employed team that can help you to put together a budget and explore all of your options with you

I’d recommend that you book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00.

Kind regards,
Pavan

StepChange_Pavan · 19 May 2011 at 11:24AM

RONMILNES wrote: »

Hi, today I received a letter from ccm instucting me to get in touch asap. I phoned them and they said because ive missed 7 payments for my Black Horse Car Finance they've become involved. They then arranged for someone to visit and make sure we still have the car and to do some kind of report for Black Horse.

The finance was for £13k, the amount we owe now is £4200.

Any advice???

Hi RONMILNES and thank you for your post.

We’d need to know a bit more information before we can give advice – is the car on hire purchase, and how long have you had the agreement for? It also depends on whether you want to keep the car.

It does sound as though it could be on HP and depending on the agreement, they may not be able to take the car if you’ve paid over a certain amount.

I’d recommend that you give us a call so that we can look at your situation in more detail and advice you fully.

You can call us free on 0800 138 1111 and lines are open Monday to Friday 08:00-20:00.

Kind regards,
Pavan

gemmac86 · 19 May 2011 at 11:29AM

Hello im hoping someone can help me in total me and my partner have £4500 worth of debt via overdrafts. we used them to pay fees when we bought our first house last year and havent been able to get out of them. This might sound mad but were getting married next year and have been saving each month for the last year and have £4500 in our wedding account so we know that we can save and are financially able to. Ive been keeping the current accounts with the overdraft and wedding account completely sperate as it was easier for me to get my head around. We are now at our overdraft limit and still have things to pay for so ive been looking into credit cards and loans to clear our overdraft debbt as although they are agreed overdrafts its still costing a fortune to have them. I dont know whether to get a credit card and do a super balance money transfer to the current accounts so my debt will be on the 0% credit card or get a loan. ive looked at the MBNA Platinum plus and just want to check the introductory offer is 0% on money transfers for 18 months so does that mean that if i transfer £4500 to my current account i pay 0% on the £4500 for 18 months?
Sorry if my post seems abbit vague im still trying to get my head around financial terminology.
Many Thanks

Gemma

L_sendall · 19 May 2011 at 2:26PM

Help!

My husband and I have for the first time i our lives got into money troubles. We spent too much trying to have IVF and now have a problem.

I have a personal loan and two credit cards and an overdraft totalling 12k. I am now 3 months into a new full time job (previously part time) and I can currently meet all the repayments just about ok and have done a monthly budget which I can stick to. BUT

I have gone each month a bit more over our overdraft limit since christmas while I was waiting to start my new full time job. This is accruing charges of about £175 to 200 a month and I cant meet these costs on top of our debt, for the last few months I get 175 to 200 a month worse off from bank charges - In december I was 100 over our limit and now I am 500 - its about what the bank have charged me.

I went to see the bank but they have refused another loan or increase in overdraft. I know its our fault and they are entitled to charge but the charges are so much and its the only thing stopping us getting straight.

I have checked my credit score and its 99, I have banked at the same bank (HSBC)for 20 years and never been in trouble before. I feel like they see pound signs and are making a fortune out of me.

as it stands next month I will be another few hundred pounds worse off again from bank charges so my debt will go from 500 to 700 and so on.

What do I do? I know we have been very stupid. We have equity in the house, its worth 210, with a mortgage of 130 but with our current level of debt and income I'm not sure they would let us get anything out of that.

HELP please

Sophieh_2 · 19 May 2011 at 3:40PM

Hi there, wonder if anyone can help. Bit of boring background first: My husband & I are on a DMP with approx 6months left (woo-hoo!) however, on contacting Payplan recently, I've discovered that the balances on our account are by no means up to date!! Having checked through a couple of recent statements which I had to hand, the Payplan balances were less than the statements! Now we're worried about NOT finishing our DMP in Dec '11( as we'd been thinking for the past 4.5 years). I have written to the 4 x creditors I know we owe the most to asking for statements/up to date balance and confirmation that no further interest or charges will be applied. I have since only received one response from Barclaycard asking me for £10 as I am requesting SAR ? Although I don't have the letter to hand right now, I DO understand what this is........but am confused that they are trying to put my account in that pigeonhole seeing as there is still a a balance on it which I am paying and that THEY just suddenly stopped sending me statements once we were on the DMP!! I just know both Barclays and Egg are also going to come back with the same stupid response!! Does anyone know if they can do this? Surely if the account is still being paid it cant be classed in the category where this SAR charge can be applied?? Any help offered greatly appreciated.

Red9700 · 19 May 2011 at 4:39PM

CCCS_Pavan wrote: »

Hi Red9700 and welcome to the forum – you certainly have posted in the right place!

It could be a good thing that you were turned down for a debt consolidation loan as these can sometimes make the situation worse in the long run.

It’s difficult to say what your options might be without knowing more about your situation - we would need to look at your income and expenditure before we can give you any detailed advice. We have a specialist self employed team that can help you to put together a budget and explore all of your options with you

I’d recommend that you book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00.

Kind regards,
Pavan

Thank-you very much Pavan ... I will do that, I am grateful for your reply

chickela · 19 May 2011 at 7:12PM

Hi

i have been trying to sort out my credit report and i have a default notice with an old bank. i had paid this within 30 days of it being sent to a debt collection company but it is showing as a defalut balance. how do i get this changed to show that the amount is zero and as it was settled within 30 days should this have been lodged.

many thanks

ange

mbamber01 · 19 May 2011 at 8:15PM

Hi, I am on a debt management programme and tried to contact my bank in order to cancel the PPI on my loan that is part of the Debt Management Programme. They told me that because I am in arrears and the PPI was a lump some at the start of my loan (originally completed on-line a few years ago) I can't cancel it. Is this right as it doesn't seem very fare me paying interest on PPI when I will never claim.

Thank you in advance for your help.

Michelle

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