Struggling with debt? Ask a debt advisor a question

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  • renowen
    renowen Posts: 264 Forumite
    First Anniversary Combo Breaker
    Hi there

    I obtained a credit card with Capital one in feb 2008, I only had a £250 limit at the time which I spent but I dont think I ever paid anything back - I realise this was stupid but I was in a fair amount of debt including rent arrears so was paying out as much as I could on more pressing debts and ignored the CC! Anyway 2 years on and im finally coming up to the final payments on all my other debts :D So I want to sort the CC out.

    My question is I havnt had any contact from them for, well a long time! I cant remember the last time I heard from them, at a guess I think its been about 18 months possibly longer!
    Someone has mentioned to me that as no one has contacted me I can disbute the interest that has built up in this time as its down to the company to keep me up to date and they havnt done so .... is there any truth in this?

    I have yet to contact the company as im not quite in the posisiton to set up an arrangment with them (I should be in a month or 2 though) and as I hav had no contact with them I have no idea what I now owe :eek:
    If I was to get a credit check would this show the outstanding amount? And would doing a check alert the CC company?

    Please be assured im not trying to get out of paying this, I just dont want to draw attention to myself before im in the posistion to actually do something about it :)

    Any advice greatly appreciated, thanks
  • helpneededplease_3
    helpneededplease_3 Posts: 1 Newbie
    edited 17 April 2010 at 2:49PM
    Hi please could someone advise us?

    We both work full time and have 2 children, we have to pay a lot out per month to creditors these are catolouge companies, bank loans, pay check advance company and various other financial agreements (16,000 in total). We both have over drafts and are currently living in them so this results in charges for interest each month. We are just about managing the minimum payments on our debts. It seems that we are paying lots out in interest per month and we need help on knowing which to pay as priority, the over drafts? the cheques? is it worth missing some debts to pay of others in full in order to cut the intrest we are paying? After we have paid out all our bills etc there is very little left and the debts don't seem to be reducing. Is it worth closing both our bank accounts and opening one without an overdraft then we know where we are? Really don't know how to best prioritis all these debts some are for 100 pounds then up to 5,000 for the bank loans.

    We would e really grateful for any help and advice.

    Thak you
  • Tom_G_3
    Tom_G_3 Posts: 47 Forumite
    Hi all you wonderful guys at CCCS, I have had a DMP laid out by yourselfs I have sourced and found all the payee details and postal address's for my outstanding debts to be paid with exception to one, my Barclays Personal Loan. I have looked far and wide for a postal address so far all I have come up with is Barclays Bank PLC, 1 Churchill Place, London, E14 5HP. Im not sure if you have these details or know where I could look to find them. If you have these details to hand could you please inform me of the postal address and who to make the cheque out to. It seems Barclays are the only company who does not like to give details of payment via cheque. Barclaycard and Egg was a piece of cake to find on there websites and statements. This is driving me mad!

    Any help would be great. Thanks in advance!

    Tom
  • icecube2009
    icecube2009 Posts: 330 Forumite
    Looking for some advice please.
    We sterted our DMP in June 2009, with the CCCS. We currently pay £300 a month which means we pay our creditors about 1/4 of them amount we use to pay each month & constanlty have them on our backs, especially LLoyds TSB.

    Ous debts are around the £50k mark (mine & hubbys combined) and if everyone were to stop interest it would take 16 years to be debt free :eek:, BUT they havent all stopped interest & at the moment we owe more than when we started. It is horrible, there isnt a day goes by when it isnt on my mind, on top of that having no spare cash is a nightmare, I have two teenage children & I can only afford to buy them one item of clothing each a month, DS has grown out of everything & is at the moment living in the same 2 tops & trousers as I cant afford any more.
    I cant afford to let them go out to the cinema with friends without it having a real knock on effect, it is really getting me down.
    SO my queston is, would we be better off on an IVA? Hubby has 2 friends who are on iva's in recon its the best thing they have ever done. One got his £50k debt reduced to £12500, paid it for a year and now has been made redundant and has a lump sum to be able to offer them a F&F of £8k.
    So DH wants to go the IVA route but I am not so sure?
    Any advice appreciated??
    Thanks
    Light Bulb Moment feb 2009

    Started DMP June 2009

    Struggling, debts still mounting due to interest & charges :mad:
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    renowen wrote: »
    Hi there

    I obtained a credit card with Capital one in feb 2008, I only had a £250 limit at the time which I spent but I dont think I ever paid anything back - I realise this was stupid but I was in a fair amount of debt including rent arrears so was paying out as much as I could on more pressing debts and ignored the CC! Anyway 2 years on and im finally coming up to the final payments on all my other debts :D So I want to sort the CC out.

    My question is I havnt had any contact from them for, well a long time! I cant remember the last time I heard from them, at a guess I think its been about 18 months possibly longer!
    Someone has mentioned to me that as no one has contacted me I can disbute the interest that has built up in this time as its down to the company to keep me up to date and they havnt done so .... is there any truth in this?

    I have yet to contact the company as im not quite in the posisiton to set up an arrangment with them (I should be in a month or 2 though) and as I hav had no contact with them I have no idea what I now owe :eek:
    If I was to get a credit check would this show the outstanding amount? And would doing a check alert the CC company?

    Please be assured im not trying to get out of paying this, I just dont want to draw attention to myself before im in the posistion to actually do something about it :)

    Any advice greatly appreciated, thanks

    Hello,

    Thank you for your message.

    Your credit file will show the balance and also what company the debt is with as this may of being passed to a debt collection agency. You should be making some payment towards the debt, if you don’t have enough to make the full payment then you could just make a token payment as a goodwill gesture.

    Have you moved? Is this the reason why you have not been receiving the statements?

    Sarah
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    helpneededplease wrote: »
    Hi please could someone advise us?

    We both work full time and have 2 children, we have to pay a lot out per month to creditors these are catolouge companies, bank loans, pay check advance company and various other financial agreements (16,000 in total). We both have over drafts and are currently living in them so this results in charges for interest each month. We are just about managing the minimum payments on our debts. It seems that we are paying lots out in interest per month and we need help on knowing which to pay as priority, the over drafts? the cheques? is it worth missing some debts to pay of others in full in order to cut the intrest we are paying? After we have paid out all our bills etc there is very little left and the debts don't seem to be reducing. Is it worth closing both our bank accounts and opening one without an overdraft then we know where we are? Really don't know how to best prioritis all these debts some are for 100 pounds then up to 5,000 for the bank loans.

    We would e really grateful for any help and advice.

    Thak you

    Hello,

    Thank you for your message.

    It’s difficult to give you detailed advice on your options without knowing a bit more about your financial situation. So we can help you, I think you would benefit from using our online debt advice facility called Debt Remedy. Debt Remedy will assist you in completing a full financial statement and you will be provided with tailored advice on the best way to deal with your debts. It should take you about 20 minutes to complete and it’s completely free and impartial. To get advice straight away, click here to be taken directly to Debt Remedy.

    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. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.

    Sarah
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Tom_G wrote: »
    Hi all you wonderful guys at CCCS, I have had a DMP laid out by yourselfs I have sourced and found all the payee details and postal address's for my outstanding debts to be paid with exception to one, my Barclays Personal Loan. I have looked far and wide for a postal address so far all I have come up with is Barclays Bank PLC, 1 Churchill Place, London, E14 5HP. Im not sure if you have these details or know where I could look to find them. If you have these details to hand could you please inform me of the postal address and who to make the cheque out to. It seems Barclays are the only company who does not like to give details of payment via cheque. Barclaycard and Egg was a piece of cake to find on there websites and statements. This is driving me mad!

    Any help would be great. Thanks in advance!

    Tom

    Hi Tom,

    Thank you for your message.

    If you call our client support department, they will be able to give you this information as I don’t have access to it.

    Sarah
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    icecube2009 wrote: »
    Looking for some advice please.
    We sterted our DMP in June 2009, with the CCCS. We currently pay £300 a month which means we pay our creditors about 1/4 of them amount we use to pay each month & constanlty have them on our backs, especially LLoyds TSB.

    Ous debts are around the £50k mark (mine & hubbys combined) and if everyone were to stop interest it would take 16 years to be debt free :eek:, BUT they havent all stopped interest & at the moment we owe more than when we started. It is horrible, there isnt a day goes by when it isnt on my mind, on top of that having no spare cash is a nightmare, I have two teenage children & I can only afford to buy them one item of clothing each a month, DS has grown out of everything & is at the moment living in the same 2 tops & trousers as I cant afford any more.
    I cant afford to let them go out to the cinema with friends without it having a real knock on effect, it is really getting me down.
    SO my queston is, would we be better off on an IVA? Hubby has 2 friends who are on iva's in recon its the best thing they have ever done. One got his £50k debt reduced to £12500, paid it for a year and now has been made redundant and has a lump sum to be able to offer them a F&F of £8k.
    So DH wants to go the IVA route but I am not so sure?
    Any advice appreciated??
    Thanks

    Hi Icecube,

    Give our client support department a call and they will review your account for you and look at your options.

    An IVA is only the best option for a small percentage of people, but definitely a good option if you’re eligible as it would stop any collections activity and you would get an end date.

    Sarah
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • renowen
    renowen Posts: 264 Forumite
    First Anniversary Combo Breaker
    CCCS_Sarah wrote: »
    Hello,

    Thank you for your message.

    Your credit file will show the balance and also what company the debt is with as this may of being passed to a debt collection agency. You should be making some payment towards the debt, if you don’t have enough to make the full payment then you could just make a token payment as a goodwill gesture.

    Have you moved? Is this the reason why you have not been receiving the statements?

    Sarah

    Hi thanks for replying.
    No I havnt moved, all that has changed is my mobile number but they have had my current address and landline number the whole time ??
    I realise I should be making some sort of payment and I intend to do so but does the lack of contact on there part mean anything? If the account has been handed to a debt collection agency does this mean the account has been closed and therefore not gaining interest? Or is this just wishful thinking?

    Thanks again
  • Hufflepuff_2
    Hufflepuff_2 Posts: 25 Forumite
    Hi,

    I am new to the forum:)

    I have a DMP with Payplan which I have had for the past 7 years and is due to finish in 2047!

    I already have defaults recorded on my CRF and wonder how long they last and if more can be added by my creditors?

    I would really like clear my debts and am thinking would an IVA be better?

    Any thoughts would be greatly appreciated.

    Thank you
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