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head_above_water · 15 August 2017 at 10:59PM

I am wondering what happens to a DMP at retirement age when income will drastically fall ?

StepChange_Allen · 16 August 2017 at 8:12AM

head_above_water wrote: »

I am wondering what happens to a DMP at retirement age when income will drastically fall ?

Hi there

Thanks for posting.

That's a very good question, and the answer depends on your circumstances. If you're a client with us it'd be a case of calling in and amending your budget with a debt advisor and then re-assessing your options. This'd be in a very similar way to when you did a budget initially and the advice would be on the same basis as back then; seeing what options you have to deal with the debts.

I hope that makes sense.

Allen

kairiozuki · 22 August 2017 at 5:39PM

So, gonna give some of the backstory.
I was living in UK for 8 years, And now i am in debt for 16k £. I had decent job, and was paying every month for around 500£ for the last 3 years. However, recently i lost my job, gave it some thoughts and decided to go back to my homeland. Parents getting old and have some health issues, so planing to take care of them as well. I decided to move out before i have to pay for another month of rent, since job-hunt might take a while and get me even deeper in debt.

So i am moving out in a week. Job back home gonna be only 450Euros a month. i have no way of paying off my debt. i tried to apply for DRO but it takes some time, and didn't got decent answer yet. If my application for DRO fails, what should i do?

I did StepChange Dept remedy, and it says that they'll send me a post with application for DRO. how long that takes? will i get it in a week? what else i have to know about StepChange and it's DRO process?

atlinford · 22 August 2017 at 9:15PM

Hello,

I am looking for help/advice. I completed the Debt Remedy questionnaire on the SC website and it has told me to budget, however I still feel as if I'm completely buried.

Below is a list of my creditors and the monthly payments;
- Halifax Personal loan = £438.31
- 118118 money = £234.92
- Barclays Partner Finance (0%) = £50.01
- Evolution Money (Secured) = £465.98
- Wonga 6 month flexi (£613) = £164.75
- Lending Stream (£838) = £194.91
- Sunny (£720) = £134.67
- Black Horse (PCP Car) = £278.24
- Halifax Credit Card (£989 balance) = £29.94
- Aqua Credit Card (£2101.64 balance) = £68.92
- Capital One Credit Card (£182 balance) = £182
- House of Fraser Store Card (£830.11 balance) = £31.18
- Next Store Card (£1908 balance) = £102
- Very store card (£1239.97 balance) = £2 currently
- Cash Plus credit card (£84.16 balance) = £10 currently
- Halifax overdraft = £3000 regularly used to its limit. Fees are currently about £55 a month however this is changing from 1st of November and will double.

I currently have £1200 of priority bills (such as mortgage etc) and if I include the car and secured loan it is £1930 in total.

I earn on average £3200 after tax a month, however this is highly overtime reliant, which is a constant stress.

Please advise

Thank you

StepChange_Rachael · 23 August 2017 at 8:36AM

Hi

Thanks for your post.

I’m sorry to hear you lost your job and it’s left you in a difficult position.

A debt relief order (DRO) is a type of insolvency. The application once completed, with the help of a money advice service like StepChange and the fee paid, is then sent to the Insolvency Service to review.

The Insolvency Service will then decide if the application is accepted or rejected.

The application is sent via email straight away from Debt Remedy but you can request it by post following the email link, this can take 3-5 working days.

The application takes approximately 6 weeks but this can vary as the fee needs to be paid before the application can be sent and some people need longer to save towards the £90 fee. The fee is set by the Insolvency Service for the application to be processed.

You’ll see in your personal action plan that the DRO lasts for a 12 month moratorium period and changes in your financial situation could impact the DRO, although having less money available is unlikely to impact it, positive financial changes could.

As you’ve also mentioned you’re moving home, I assume from what you’ve mentioned this is outside the UK, I think it’s important to speak with our DRO team if this is the case. It's important to make sure any changes won’t impact the application before going ahead. You can find our contact details here.

If a DRO is rejected by the Insolvency Service you’d lose the fee and would need to find an alternative way forward to deal with the debts, StepChange can help discuss the next steps if that is the case but we'd only recommend and put a DRO application forward if we believe it will have a good chance of success.

We’ll hope to hear from you.

Take care
Rachael

kairiozuki wrote: »

So, gonna give some of the backstory.
I was living in UK for 8 years, And now i am in debt for 16k £. I had decent job, and was paying every month for around 500£ for the last 3 years. However, recently i lost my job, gave it some thoughts and decided to go back to my homeland. Parents getting old and have some health issues, so planing to take care of them as well. I decided to move out before i have to pay for another month of rent, since job-hunt might take a while and get me even deeper in debt.

So i am moving out in a week. Job back home gonna be only 450Euros a month. i have no way of paying off my debt. i tried to apply for DRO but it takes some time, and didn't got decent answer yet. If my application for DRO fails, what should i do?

I did StepChange Dept remedy, and it says that they'll send me a post with application for DRO. how long that takes? will i get it in a week? what else i have to know about StepChange and it's DRO process?

StepChange_Rachael · 23 August 2017 at 8:57AM

Hi

Thanks for posting on the forum and detailing your debts.

You’ve mentioned that you’ve completed Debt Remedy, Debt Remedy lets you access your personal action plan which details our advice and recommendations based on your situation.

However, Debt Remedy may suggest reducing areas and sometimes it will ask you to contact the team to discuss these areas before being able to access your personal action plan. Ultimately you will be able to access our advice and this won’t only be advice on how to budget, it will include advice and solutions to deal with your debt.

I’d suggest speaking with the team who can take a look at your Debt Remedy budget to help you access our advice and your personal action plan.

The information you’ve included in Debt Remedy will give us a full picture of your financial situation and appropriate solutions.

You can log back in to your Debt Remedy tool and access our contact details here.

Thanks
Rachael

atlinford wrote: »

Hello,

I am looking for help/advice. I completed the Debt Remedy questionnaire on the SC website and it has told me to budget, however I still feel as if I'm completely buried.

Below is a list of my creditors and the monthly payments;
- Halifax Personal loan = £438.31
- 118118 money = £234.92
- Barclays Partner Finance (0%) = £50.01
- Evolution Money (Secured) = £465.98
- Wonga 6 month flexi (£613) = £164.75
- Lending Stream (£838) = £194.91
- Sunny (£720) = £134.67
- Black Horse (PCP Car) = £278.24
- Halifax Credit Card (£989 balance) = £29.94
- Aqua Credit Card (£2101.64 balance) = £68.92
- Capital One Credit Card (£182 balance) = £182
- House of Fraser Store Card (£830.11 balance) = £31.18
- Next Store Card (£1908 balance) = £102
- Very store card (£1239.97 balance) = £2 currently
- Cash Plus credit card (£84.16 balance) = £10 currently
- Halifax overdraft = £3000 regularly used to its limit. Fees are currently about £55 a month however this is changing from 1st of November and will double.

I currently have £1200 of priority bills (such as mortgage etc) and if I include the car and secured loan it is £1930 in total.

I earn on average £3200 after tax a month, however this is highly overtime reliant, which is a constant stress.

Please advise

Thank you

kairiozuki · 23 August 2017 at 1:42PM

Dear StepChange_Rachael,

Thank you for your response. You mention that application was sent straight away from Remedy. so I did finish Debt Remedy and requested Application for DRO got email which says:

You've completed your StepChange Debt Remedy. You're now one step closer to becoming debt free.

We'll send you a pack which explains how to apply for your Debt Relief Order (DRO). This will include all the contact details for our DRO Team. They will help and support you while you apply for your DRO.

Does it means i that application been send or i'll still have to apply for it when i get a pack? if so how long it'll take to arrive? it's little bit confusing.

In previous email i got my personal action plan, which says to pay a fee, which is also confusing. Biggest question is it says that i have to prepare Proof of Income... I can understand that, but the thing is, i just lost a job recently, and my next payday back in my country gonna be nearly 2 months away, how can i proof any of that? should i wait till i get my first payday back home? if i'll send my old payslip or bank statement, it'll look that i don't need any help with my debt...

Bewildered_Banshee · 23 August 2017 at 2:58PM

Hi.
I'm going to do a dmp as my debt remedy suggested but wondered what would happen with a joint savings account and offset? could a c.c debt offset against a joint account?
Thanks

Scoofie · 23 August 2017 at 5:51PM

Hi there. I have a hsbc balance transfer card. I am looking to transfer the balance from my very credit card to this new card to save money. Can this be done? Thanks

StepChange_Kirsty · 24 August 2017 at 2:45PM

Hi there,

Thanks for your reply.

The pack referred to in the email you’ve received is the application pack for the DRO. We need you to complete the application pack before we can move you forward with the DRO.

Often we send this application pack by email so I would recommend checking your junk mail folder in case it has gone there in error. Based on the email you’ve received above, the application pack has already been sent so if you’ve not received the pack please contact us so we can look into this for you.

Based on the fact you are due to move from UK in the next week I would highly recommend speaking to our DRO team as soon as possible in order to discuss this further. You can find their contact details here. They will be able to advise if the DRO is still the best option for you considering your changes in circumstances.

We hope to hear from you soon.

Kirsty

kairiozuki wrote: »

Dear StepChange_Rachael,

Thank you for your response. You mention that application was sent straight away from Remedy. so I did finish Debt Remedy and requested Application for DRO got email which says:

You've completed your StepChange Debt Remedy. You're now one step closer to becoming debt free.

We'll send you a pack which explains how to apply for your Debt Relief Order (DRO). This will include all the contact details for our DRO Team. They will help and support you while you apply for your DRO.

Does it means i that application been send or i'll still have to apply for it when i get a pack? if so how long it'll take to arrive? it's little bit confusing.

In previous email i got my personal action plan, which says to pay a fee, which is also confusing. Biggest question is it says that i have to prepare Proof of Income... I can understand that, but the thing is, i just lost a job recently, and my next payday back in my country gonna be nearly 2 months away, how can i proof any of that? should i wait till i get my first payday back home? if i'll send my old payslip or bank statement, it'll look that i don't need any help with my debt...

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