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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 9,222Posts
    • 22,055Thanks
    MSE Andrea
    Struggling with debt? Ask a debt adviser a question
    • #1
    • 18th Nov 16, 1:05 PM
    Struggling with debt? Ask a debt adviser a question 18th Nov 16 at 1:05 PM
    If you need help with your debts, this is the thread for you.

    Trained advisers from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. They're a friendly bunch so please don't be shy!

    There are three ways to get in touch:

    1 - Simply post your question below and the team will reply. If your question is about bankruptcy, then pop over to the Bankruptcy board.

    2 - If you would prefer to ask a question in private, feel free to send a message to StepChange Private Messages.

    3 - StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an adviser through online chat.

    If you're a StepChange Debt Charity client already, please contact its Aftercare team rather than posting in this thread (their contact details are in your Welcome Pack).

    If you're self employed and need debt help please get in touch with Business Debtline.

    This is discussion thread part four, see parts one, two and three.


    If you haven't already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Luke; 24-07-2018 at 2:41 PM.
    Could you do with a Money Makeover?


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Page 48
  • StepChange_Joe
    Hi there,

    First post, so hope this is in the right place! I'm trying to get rid of my credit card debt but struggling to work out the best strategy to minimise interest and pay off quickly as possible.

    I have 3 cards

    MBNA: £5,200 (£6,000 limit) 21% APR
    MBNA: £6,150 (£6,700 limit) 28% APR
    TescoBank: £2000 (£2,000 limit) 0% for 36 months (just taken this out and transferred balance)
    Total debt: £13,350
    I took out the 0% card as want to try and make inroads into the debt, as previously only been paying off minimum/interest.

    I have around £500/month to put towards these cards.

    Should I be trying to pay off the 28% APR card first, whilst paying minimum on other two? Or paying off the 0% card off at a faster rate and funneling balance from the 28% across into the 0%? I'm confused! any help would be great, Thank you.

    Rich
    Originally posted by pia06rc

    Hello Rich

    Thanks for your post and welcome to the forum.

    If done carefully, taking out a 0% credit card and doing a balance transfer can be a good way of minimising the interest youíll pay and paying the debts off quickly. However, it's very important that you donít spend any more on the card. If you do keep spending your situation will get worse, rather than better.

    Your 0% period ends in 36 months, so it's important to look closely at the details and make sure you won't be paying more than you need to once the offer expires, making you worse off. It's also essential that you carefully read the terms and conditions for your 0% card to ensure you're getting as good a deal as you think you are, and watch out for additional fees.

    If youíre concerned that the debts are going to be difficult to pay down in the long-term, even with the 0% period on your new card, we may be able to help. StepChange Debt Charity can build a budget with you, and if possible help you make an offer of payment thatís fair and affordable to clear the debts in full over a reasonable period of time.

    A good place to start is our anonymous online Debt Remedy tool. This is available 24 hours a day and takes about 20 minutes to complete. The tool will guide you through creating a budget and will then offer the best debt solution for your situation.

    I hope youíve found this helpful.

    Joe
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Joe
    Interesting reading, thank you everyone. I have hit rock bottom myself, I know I am in debt and at this moment it's payday loan after payday loan just to live. My salary keeps on top of payments, all loans paid in full or being paid but I cannot sustain it any more. I don't even know where to start to be honest. Do I issue complaints or do I speak to professionals? Do I continue to pay? I feel this post is my start to recovery but I really don't know where to begin. Any advice would be welcomed. ��
    Originally posted by Changingtimes
    Hello

    Thanks for your post and welcome to the forum.

    Iím sorry to hear youíre struggling with your debts. Becoming stuck in the cycle of lending and paying can be really overwhelming, and it can certainly make it difficult to see a way out. Please be assured there is a way forward, and Iíll do everything I can to help.

    First of all, if you feel the money has been lent to you irresponsibly or in bad faith, you can make a complaint to the lenders concerned. If the creditors donít respond within 8 weeks or you're not satisfied with their response, you can complain to the Financial Ombudsman Service (FOS).

    The FOS are an impartial service so thereís no guarantee theyíd resolve the complaint in your favour, and they may find that the creditor has acted fairly. However, they can order the creditors to reverse any unfair decisions and put them right.

    In the mean-time, itís clear that the debts arenít affordable and are causing further debt and distress. If youíre ready to break this cycle, StepChange Debt Charity can give you all the advice and support you need. A good place to start is our anonymous online Debt Remedy tool. This is available 24 hours a day and takes about 20 minutes to complete. The tool will guide you through creating a budget and will then offer the best debt solution for your situation. (Please note that if you complain to the creditor and eventually the FOS, paying towards debts that you are disputing will harm your claim).

    I hope youíve found this useful.

    Thanks

    Joe


    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Panjalina
    • By Panjalina 22nd Oct 18, 5:44 PM
    • 1 Posts
    • 0 Thanks
    Panjalina
    Hi. I have just been issued a ccj for water rates I owed. Spoke to united utilities and explained that this may impact on my job. They said I should accept the claim and request a Tomlin order. I did as they said and received a ccj.
    I rang united utilities and asked why this had happened, they said I should have contested and put In a defence.
    Now Iím wondering if there is any point asking for this to be set aside or is it going to end up with me out of pocket and no better off? United utilities have agreed to give me a tomlin order if I can get it set aside? Any advice? Thanks
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