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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 9,003Posts
    • 21,788Thanks
    MSE Andrea
    Struggling with debt? Ask a debt advisor a question
    • #1
    • 18th Nov 16, 1:05 PM
    Struggling with debt? Ask a debt advisor a question 18th Nov 16 at 1:05 PM
    If you need help with your debts, this is the thread for you.

    Trained advisors from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. They!!!8217;re a friendly bunch so please don!!!8217;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 !!!8211; 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 advisor 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.

    Finally, follow @MSE_Forum on twitter for debate and discussion on all things MoneySaving and more.

    If you haven!!!8217;t already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 07-12-2017 at 2:44 PM.
    Could you do with a Money Makeover?


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Page 35
    • Legend4uk
    • By Legend4uk 12th Mar 18, 9:08 AM
    • 1 Posts
    • 0 Thanks
    Legend4uk
    Partial settlement on debt
    Morning
    Just a quick question I have a few defaults on credit cards if I settle the debt as partial settlement in the future creditors when they check my credit file does the partial settlement show as a figure on my credit file of what I payed and what I didn't or does it just get marked as a simple "Partial settlement" with no outstanding numbers

    Thanks for any information.
    • Hjr2611
    • By Hjr2611 12th Mar 18, 9:58 AM
    • 1 Posts
    • 0 Thanks
    Hjr2611
    Advice Needed
    Hi

    I am a single Mum of 2 teenagers with my own home which has a mortgage of £226k and around the same amount of equity. I currently only pay the interest part of the mortgage on SVR and have nothing in place to pay off the mortgage, which ends in around 12 years.

    I am self employed, my profits last year (and probably slightly less this year) are approx £21k.

    I receive tax credits of around £300 per month and Maintenance (not through the CSA) of £200 per month. I also receive child benefit of circa £126 per month.

    I have circa £30k of debts on a Tesco Loan, MBNA & Halifax credit cards, some of the debt is still on a promotional rate but most is now earning interest. I'm due to pay another HMRC tax bill of around £2k in July and have no means to pay it... Im also beginning to find it difficult to meet the monthly loan/credit card payments each month.

    I have an excellent credit rating as I've never missed a payment for anything but I'm beginning to struggle and this month is particularly tight, times where I've struggled to have money to buy food. I'm really worried this situation will only get worse and can't see any way of solving it.

    I've attempted to get help from my bank (my mortgage is also with them) but they are unable to increase my mortgage and won't consolidate my debt in to any other loan. To be honest I'm loathe to do this latter anyway. I doubt anyone else would consider me for a mortgage as my income is so low and being self employed.

    One option that could be a possibility is to sell my home and buy something cheaper elsewhere but this would need to be within proximity of my children's school (they are mid GCSE's). I don't know if someone would give me a mortgage for this though or who I could go to to help me work out my options.

    The other option is to get help with the debts.. to be honest I'm not worried so much about my credit rating at this stage, it's no use to me currently anyway and I want to get out of debt rather than take on more. I don't know what the best thing is to do with this though, and would like some advice on who would be the best contact at this stage and what my possible options would be?

    If someone could take the time to offer me some advice I would really appreciate it. I'm running round in circles with it all in my head and I'm getting nowhere other than more anxious and down about it.

    Thanks
  • StepChange_Kirsty
    Hi there,

    Thanks for your post and welcome to the forum.

    The best thing to do here is contact Cohen Cramer solicitors to find out where they want you to pay the money to. When the court wrote to they will have suggested you pay the money to the organisation who obtained the judgment, in this case Cohen Cramer. However if Cohen Cramer are only acting on behalf of Lucas Credit Service then they may prefer you pay the money directly to Lucas.

    The court will not accept the payment for the judgment directly.

    When you do pay the judgment make sure that you ask for written confirmation of payment. You can then forward this to the court with an N443 application for a certificate of cancellation to ensure that the debt is removed from the public register and your credit file. This application carries a fee of £15 which you would pay directly to the court.

    I hope this helps.

    Kirsty

    Hi,

    I have a CCJ from Lowell, passed to Cohen Cramer and I have accepted it and I'm ready to pay.

    I just want to make sure I'm paying the correct people and I'm doing in the correct manner as I don't want the CCJ on my file and it will be within 30 days of the judgement.

    I have received a notice of a county court judgement from Cohen Cramer and a judgement for the claimant from the county court business centre.

    The letter from the county court says to pay the solicitors, the letter from Cohen Cramer says to pay a company called Lucas Credit services.

    I want to make sure I'm paying the correct people because the last thing I want to do is pay £860 to the wrong people and have this drag on.

    Can I not pay the court and have them pass it on? It seems like the safest option?
    Originally posted by stessedtfout
    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_Kirsty
    Hi Darren,

    Thanks for getting in touch.

    It sounds like what your friend is referring to is statute barred debt. Whilst the debt is not written off, if youíve not paid anything towards the debt or acknowledged the debt in the last 6 years then creditor loses the chance to enforce the debt. This means the creditor can no longer take court action to recover the debt. There is more information about statute barred debt and a template letter you can use here on our website.

    If the creditor has already obtained a county court judgement (CCJ) then the debt is not statute barred and therefore the creditor could continue legal action against you. In this situation I would recommend you seek further debt advice on dealing with the judgment.

    I hope this makes sense.

    Kirsty

    Hi in 2004 I had a dept of £2327.91 I moved away from the area and forgot about it now I'm getting letters from a Mortimer Clarke solicitors saying that I've got to pay them I've been told by a friend that after a certain amount of years the dept would be wiped the company Mortimer tryed to contact me last year but I never replyed where do I stand with this thank you
    Originally posted by Darren66
    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_Kirsty
    Hi,

    Thanks for your post.

    Any debt solution which involves paying less than the minimum contractual payment each month will cause an impact on your credit file.

    If youíre struggling with payments to your creditors at the moment I would recommend you obtain full debt advice in order to work out what your best options are. At StepChange we offer free, impartial and confidential advice which is tailored to your individual situation. The easiest and quickest way to see what your options are is to use our online Debt Remedy tool. Debt Remedy takes you through the process of putting a budget together and at the end you will be able to read through a personal action plan which gives you advice about what to do next.

    Based on your level of debt you would not be eligible for a debt relief order (DRO).

    I understand your main concern is the finance on your vehicle. If your credit file is affected then it may be harder to get a new finance deal but it would depend on your debt solution as to how difficult this might be. You might want to look into other options with the vehicle, for example is there an option to keep your vehicle once the finance is paid or could you try to buy a used vehicle to keep you on the road?

    I hope this helps.

    Kirsty


    Hi, hoping someone can answer my questions and help me out and steer me in the right direction.......

    I earn approximately 24k a year and my total debt level is approximately 23k.

    After paying out living expenses, rent, bills, loans, credit cards and HP which are currently up to date I find myself left with next to nothing every month, so wandered what my options are please?

    I have spoken to someone in the past and they have advised DRO, but dont think i qualify for this because my debt level is too high, so would like some advice please.

    The main issue i have is my car on finance. It's halfway through the term and obviously want to trade it in, in a few months for a newer vehicle, but am worried if i go down some sort of ''help'' route my credit file will be severly damaged and won't be accepted for another car in the future?

    Things are up to date as i say, but it is making me struggle and swallowing me up every month, so what are my options please?

    Stay as i am and pay them, or go down some form of debt route and potentially damage my credit for the next 6 years?

    Any help greatly appreciated.
    Originally posted by jonjon123
    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_Kirsty
    Hello,

    As far as Iím aware, if you were to settle the debts as partial settlement then as well as the mark on your credit file the outstanding balance of the debt would also show. Record of the debt would then be removed from your credit file 6 years from the date of the settlement.

    You might want to confirm this with the credit reference agencies. There are three main agencies: Call Credit, Equifax and Experian.

    I hope this helps.

    Kirsty

    Morning
    Just a quick question I have a few defaults on credit cards if I settle the debt as partial settlement in the future creditors when they check my credit file does the partial settlement show as a figure on my credit file of what I payed and what I didn't or does it just get marked as a simple "Partial settlement" with no outstanding numbers

    Thanks for any information.
    Originally posted by Legend4uk
    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_Kirsty
    Hi,

    Thanks for your post and for taking the time to explain your situation.

    Based on your circumstances I would highly recommend you seek debt advice in order to work out the best way forward. Obtaining debt advice doesnít cause an impact on your credit rating itself but if you decide to follow the advice this is when you could see an effect. Your debt advisor will be able to explain the likely impact of your chosen solution.

    Because youíre self-employed I would recommend contacting Business Debtline who are specialists in offering free, impartial and confidential advice for those in self-employment. You can find their contact details here.

    All the best.

    Kirsty


    Hi

    I am a single Mum of 2 teenagers with my own home which has a mortgage of £226k and around the same amount of equity. I currently only pay the interest part of the mortgage on SVR and have nothing in place to pay off the mortgage, which ends in around 12 years.

    I am self employed, my profits last year (and probably slightly less this year) are approx £21k.

    I receive tax credits of around £300 per month and Maintenance (not through the CSA) of £200 per month. I also receive child benefit of circa £126 per month.

    I have circa £30k of debts on a Tesco Loan, MBNA & Halifax credit cards, some of the debt is still on a promotional rate but most is now earning interest. I'm due to pay another HMRC tax bill of around £2k in July and have no means to pay it... Im also beginning to find it difficult to meet the monthly loan/credit card payments each month.

    I have an excellent credit rating as I've never missed a payment for anything but I'm beginning to struggle and this month is particularly tight, times where I've struggled to have money to buy food. I'm really worried this situation will only get worse and can't see any way of solving it.

    I've attempted to get help from my bank (my mortgage is also with them) but they are unable to increase my mortgage and won't consolidate my debt in to any other loan. To be honest I'm loathe to do this latter anyway. I doubt anyone else would consider me for a mortgage as my income is so low and being self employed.

    One option that could be a possibility is to sell my home and buy something cheaper elsewhere but this would need to be within proximity of my children's school (they are mid GCSE's). I don't know if someone would give me a mortgage for this though or who I could go to to help me work out my options.

    The other option is to get help with the debts.. to be honest I'm not worried so much about my credit rating at this stage, it's no use to me currently anyway and I want to get out of debt rather than take on more. I don't know what the best thing is to do with this though, and would like some advice on who would be the best contact at this stage and what my possible options would be?

    If someone could take the time to offer me some advice I would really appreciate it. I'm running round in circles with it all in my head and I'm getting nowhere other than more anxious and down about it.

    Thanks
    Originally posted by Hjr2611
    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.
    • NowInspired
    • By NowInspired 14th Mar 18, 2:53 PM
    • 12 Posts
    • 0 Thanks
    NowInspired
    Hi
    Just a very quick question, if my husband goes with SC, is it payslips you would need or would bank statements be sufficient? He doesn't get given the payslips, they are all kept on the computers where he works and it's not that easy to get access to them, without having to explain. He wouldn't want them to think he was looking for another job, as the job situation there is not good at present, so it could be a bit awkward.

    Many thanks,
  • StepChange_Linsi
    Hi

    Thanks for your post.

    Your husband may need to send in proof of his income depending of the solution we recommend.

    Proof of income can be a recent payslip or bank statement, so if a bank statement is easier to send in that would be more than sufficient for us.

    I hope this helps.

    Linsi

    Hi
    Just a very quick question, if my husband goes with SC, is it payslips you would need or would bank statements be sufficient? He doesn't get given the payslips, they are all kept on the computers where he works and it's not that easy to get access to them, without having to explain. He wouldn't want them to think he was looking for another job, as the job situation there is not good at present, so it could be a bit awkward.

    Many thanks,
    Originally posted by NowInspired
    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.
    • usedtobeblue
    • By usedtobeblue 15th Mar 18, 1:53 PM
    • 41 Posts
    • 24 Thanks
    usedtobeblue
    dmp
    HI, im just starting out on my dmp journey and i have been advised to delay the start date as i currently have zero funds and i should be building an emergency fund. Do i just write to my creditors and give them a date that i am hoping to start my dmp (ideally jul/aug to get some funds saved). I have received my ref number from sc. I have 2 dependents and i am nervous if something crops up ill not be able to sort it. 3/4 months of saving would leave me with approx £500 and i would be much more confident going into the plan with some funds behind me.
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • StepChange_Allen
    HI, im just starting out on my dmp journey and i have been advised to delay the start date as i currently have zero funds and i should be building an emergency fund. Do i just write to my creditors and give them a date that i am hoping to start my dmp (ideally jul/aug to get some funds saved). I have received my ref number from sc. I have 2 dependents and i am nervous if something crops up ill not be able to sort it. 3/4 months of saving would leave me with approx £500 and i would be much more confident going into the plan with some funds behind me.
    Originally posted by usedtobeblue

    Hi there

    Thanks for posting.

    Generally a debt management plan would start on the next available date - usually next month or the month after. I can't guarantee that creditors will wait 3-4 months for you to save up a pot of money. The budget you've created with us should hopefully contain contingency money; for example some/all of: repairs/maintenance to property, vehicle spares/servicing, sundries/emergencies, as well as other spending areas like clothing, entertainment and hairdressing which aren't fixed costs.

    There is flexibility in a DMP so if you have a major unexpected expense during it we'll be able to work things out so don't worry.

    You won't be paying your debts the normal payments at the end of this month, so that will be money you can save for starters. If you feel you need to delay the plan further, please give us a call on the latest number you have for us in your paperwork.

    I hope this makes sense and we look forward to helping you.

    Allen
    Last edited by StepChange_Allen; 16-03-2018 at 4:43 PM.
    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.
    • usedtobeblue
    • By usedtobeblue 16th Mar 18, 11:04 AM
    • 41 Posts
    • 24 Thanks
    usedtobeblue
    Hi there

    Thanks for posting.

    Generally a debt management plan would start on the next available date - usually next month or the month after. I can't guarantee that creditors will wait 3-4 months for you to save up a pot of money. The budget you've created with us should hopefully contain contingency money; for example some/all of: repairs/maintenance to property, vehicle spares/servicing, sundries/emergencies, as well as other spending areas like clothing, entertainment and hairdressing which aren't fixed costs.

    There is flexibility in a DMP so if you have a major unexpected expense during it we'll be able to work things out so don't worry.

    You won't be paying your debts the normal payments at the end of this month, so that will be money you can save your starters. If you feel you need to delay the plan further, please give us a call on the latest number you have for us in your paperwork.

    I hope this makes sense and we look forward to helping you.

    Allen
    Originally posted by StepChange_Allen
    Thank you Allen, Ive sent an email through to SC as i'm currently in work.
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
    • Foxymum1977
    • By Foxymum1977 21st Mar 18, 1:33 PM
    • 6 Posts
    • 3 Thanks
    Foxymum1977
    Hi I'm looking for help for my daughter from a debt advisor she is in roughly just under 7000 of debt from credit cards and a pay day loan and has been looking at an IVA I have no knowledge of these at all is it normal to have to pay fees for this?
    Also they said she can over pay if she has extra money is this true? Thanks
  • StepChange_Rachael
    Hi

    Thanks for getting in contact.

    An individual voluntary arrangement (IVA) is a legally binding arrangement with creditors to pay back some of the debt usually through monthly instalments although itís possible to arrange a lump sum IVA.

    There are always feeís involved with IVAs as they have to be arranged through an Insolvency Practitioner. These fees will normally come out of the monthly payments at no added cost to the client. However, some IVA companies do charge up front or excessive fees so itís important to double check the paperwork and proposal before agreeing to sign and go ahead with an IVA.

    As an IVA is legally binding with the creditors, to make changes to the regular payments the agreement would have to go back to the creditors. For an IVA to go ahead 75% of the creditors have to agree to the terms. However, overtime etc. is taken into account and part of this extra income will be expected to go into the IVA as extra payments.

    I canít comment on your daughterís individual advice and recommendations but a debt level under £7000 seems like a relatively low amount of debt to be advised of an IVA. Not to say that this isnít the right solution but if your daughter has any doubts Iíd recommend a second opinion before going ahead.

    StepChange debt charity offer free and impartial debt advice you can find the website and contact details here.

    Hope this helps.
    Rachael




    Hi I'm looking for help for my daughter from a debt advisor she is in roughly just under 7000 of debt from credit cards and a pay day loan and has been looking at an IVA I have no knowledge of these at all is it normal to have to pay fees for this?
    Also they said she can over pay if she has extra money is this true? Thanks
    Originally posted by Foxymum1977
    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.
    • steadytom
    • By steadytom 26th Mar 18, 10:11 AM
    • 1 Posts
    • 0 Thanks
    steadytom
    Old dredit card debt enforcement.
    Hi, This is my first post.
    I have had a list of credit card debt accrue due to a health issue that made it very hard for me to continue working.I have worked all my life in construction but now my spine is crumbling and i am in constant pain. I have kept all of my health reports from scans and surgeons etc and passed on my issues to the credit card companies along with a budget planner from Stepchange, which shows i have no income.
    We struggle by on my wifes part time income. The defaults first happened some 6 years ago and i have been paying them £1 a month as advised by stepchange. Many debts had been sold on to other companies of which i did the same process.Over time due to my condition getting worse,many companies have written the debts off. I am very grateful for this, however i have one company that bought a debt from mbna called link financial that keep trying to enforce monthly payments upon me. My question is can this still be done after this time? All other companies have been sympathetic but this company even with all my medical background wont leave me alone. Im seriously stressed. i hope you can advise please?
    Thankyou for your time.
  • StepChange_Allen
    Hi, This is my first post.
    I have had a list of credit card debt accrue due to a health issue that made it very hard for me to continue working.I have worked all my life in construction but now my spine is crumbling and i am in constant pain. I have kept all of my health reports from scans and surgeons etc and passed on my issues to the credit card companies along with a budget planner from Stepchange, which shows i have no income.
    We struggle by on my wifes part time income. The defaults first happened some 6 years ago and i have been paying them £1 a month as advised by stepchange. Many debts had been sold on to other companies of which i did the same process.Over time due to my condition getting worse,many companies have written the debts off. I am very grateful for this, however i have one company that bought a debt from mbna called link financial that keep trying to enforce monthly payments upon me. My question is can this still be done after this time? All other companies have been sympathetic but this company even with all my medical background wont leave me alone. Im seriously stressed. i hope you can advise please?
    Thankyou for your time.
    Originally posted by steadytom

    Hi there

    Welcome to the forum and thanks for posting.

    I'm sorry to hear of your health difficulties and also the fact that this creditor is causing distress. If you have paid or acknowledged the debt in writing within the last 6 years then they are within their rights to ask you to pay something. If they're not happy with what you're offering because they feel you can afford more, they can consider taking court action to recover the debt. There are more details of what creditors can do on our website: www.stepchange.org/debt-info/debt-collection/what-creditors-can-do

    They can't get more money from you than what you can afford though, whatever they try and do, so please try not to worry too much.

    It could be worth writing to Link Financial again about your health situation, perhaps enclosing a copy of your most recent health report from your doctor and copies of any letters from your other creditors that confirmed those debts have been written off. It's possible that if they see proof that others have written the debt off, they might re-consider it.

    I hope this is helpful.

    Allen
    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.
    • Loui123
    • By Loui123 27th Mar 18, 1:40 PM
    • 2 Posts
    • 0 Thanks
    Loui123
    Lettter from Robinson way
    Hi
    I have recently received a letter from a Dept company called Robinson way, that states on this HPH Lts Ex Black horse for £1312. Im really confused as I though black horse was a car loan company. I do not drive. and have never had any money from them. I have checked my Experiam account and it is not on there. Please can some one advise me


    Thanks Lou
    • Sterling Archer
    • By Sterling Archer 27th Mar 18, 8:55 PM
    • 1 Posts
    • 0 Thanks
    Sterling Archer
    Hi

    Wondering my best options as I am a bit clueless on what to do:

    I have about 8-9 separate debts (ccs, payday loans) which I have neglected for a couple of years and are now with various debt collection agencies.

    I have noticed they offer discounts on settlements but this would mean partially settled, or pay by direct debit a small amount each month etc.

    I can't afford to pay all the debts outright, but I could probably afford to pay like 50% or I can afford to pay small amounts like £5 every month for each of them.

    My end goal would be to fix my credit file and raise my rating so that I would be able to borrow for e.g. a mortgage 10 years down the line.

    What is the best thing to do?

    Thanks
  • StepChange_Rachael
    Hi Lou

    Thanks for posting.

    Iíd definitely advise asking more about this debt from Robinson way. A collections company should be able to supply you with the original agreement otherwise they wouldnít be able to chase for the debt further. The agreement should confirm where the debt has originally come from.

    Blackhorse debts are finance loans for moto vehicles; this can include cars, moto homes, bikes etc.

    If this isnít your debt then Iíd raise this with Robinson way and Blackhorse as soon as possible. If itís not yours itís important finding out where the debt came from and how they came about having your contact details. This could be a simple address mistake from the collections agency.

    Hope this helps.
    Rachael



    Hi
    I have recently received a letter from a Dept company called Robinson way, that states on this HPH Lts Ex Black horse for £1312. Im really confused as I though black horse was a car loan company. I do not drive. and have never had any money from them. I have checked my Experiam account and it is not on there. Please can some one advise me


    Thanks Lou
    Originally posted by Loui123
    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_Rachael
    Hi

    Welcome to the forum and thanks for your post.

    Once you start to deal with your debts most people find their credit file starts to improve. The main thing that impacts your credit file negatively when you've missed payments are defaults. As youíve mentioned youíve not been paying these theyíd probably already defaulted a while ago. Defaults drop off your credit file after the 6 years from when they added.

    As you start paying back the debt and once the debts have been repaid your credit file is likely to improve further.

    Itís a difficult question to answer because so many different things impact a credit file positively and negatively.

    By paying the debts back as a settlement this will show on your credit file as partially settled. This is likely to be less positive than the debts being fully repaid however, as the creditors will stop updating your credit file the debts that have been settled will drop off your credit file sooner.

    If you make smaller repayments the debts eventually will show as full and finally paid but depending on the debt total and what you can afford this could take a very long time, meaning the debts will be showing on your credit file for longer.

    Ultimately itíll come down to what you can afford to do. Without knowing your full financial breakdown itíd be impossible to say what the best option is. There might also be other options suitable for you to deal with these debts.

    Iíd suggest speaking with a debt advisor who can discuss these options with you in more detail. If youíd like to look into your options you can find StepChangeís contact details here.

    You can also find a link to the MSE forum here on how you can look to improve your credit file.

    Thanks
    Rachael



    Hi

    Wondering my best options as I am a bit clueless on what to do:

    I have about 8-9 separate debts (ccs, payday loans) which I have neglected for a couple of years and are now with various debt collection agencies.

    I have noticed they offer discounts on settlements but this would mean partially settled, or pay by direct debit a small amount each month etc.

    I can't afford to pay all the debts outright, but I could probably afford to pay like 50% or I can afford to pay small amounts like £5 every month for each of them.

    My end goal would be to fix my credit file and raise my rating so that I would be able to borrow for e.g. a mortgage 10 years down the line.

    What is the best thing to do?

    Thanks
    Originally posted by Sterling Archer
    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.
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