Quantcast
Channel: MoneySavingExpert.com Forums - Debt-Free Wannabe
Viewing all 21857 articles
Browse latest View live
↧

My scary SOA

August 13, 2014, 9:39 am
$
0
0
Here it is....Would welcome any opinions. In the unsecured debts section I have included the payments that we are actually making as opposed to the minimums. Also, The big £364 loan ends in 11 months and this money will then go towards the CC's




Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3050
Partners monthly income after tax....... 920
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4051.2
Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 70
Gas..................................... 110
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 25
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 6
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 33
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1835

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 146000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 87000....(497)......1.5
Total secured & HP debts...... 87000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard (mine).............9400......180.......0
barclaycard (2nd)..............2400......55........6.9
creation.......................4000......75....... .0
creation card 2................3000......80........0
tesco CC.......................2600......300.......18.9
wife loan(hsbc)................4000......179.......4.8
Tesco loan.....................4000......364.......7.9
mbna (wife)....................2000......60........0
barclaycard (wife).............7000......180.......0
hsbc...........................2550......60....... .0
Total unsecured debts..........40950.....1533......-

Monthly Budget Summary
Total monthly income.................... 4,051.2
Expenses (including HP & secured debts). 1,835
Available for debt repayments........... 2,216.2
Monthly UNsecured debt repayments....... 1,533
Amount left after debt repayments....... 683.2
Personal Balance Sheet Summary
Total assets (things you own)........... 146,000
Total HP & Secured debt................. -87,000
Total Unsecured debt.................... -40,950
Net Assets.............................. 18,050
↧
Search

General Advise Please

August 13, 2014, 9:50 am
$
0
0
Hello All,

Apologies if this is in the wrong section!

Just a little advise needed from the MSE community regarding our situation.

Currently have 2 CC between us both with around £3k on them. CC1 is near the end of the interest-free period after which it goes to 18.9% APR (Sept). CC2 still has another 12 or so months before interest kicks in.

Now this is the situation, our original plan was to repay the CCs before the interest period expired - as you can see from CC1 this has not been the case, some due to poor judgement others due to unexpected circumstances (like when your MOT comes to near £600!).

Anyway, between us we have around £1k a month spare give or take, so we could still easily repay the CCs quite quickly albeit with a little bit more going to interest on CC1. However, there are 2 large commitments coming along sooner and my concern is that we will be spread thin trying to pay CCs back and:-

save £7k-ish for first time property purchase - January 2016
save £3k-£4k for our wedding in Mexico :) - April 2016

We can't change these deadlines too much as family and friends have been notified of the approximate date of wedding.

So, what does the MSE community think we could/should do?

A) pay of CC's as originally planned
B) speak to bank - discuss a loan (estimated £140-£150 per month for this, which would then allow us to concentrate wholly on the 2 above).
C) something else?

Thanks in advance,
↧
↧

Wescot/O2 chasing me for money I don't owe

August 13, 2014, 10:13 am
$
0
0
Hi All,

I thought I'd make a separate thread, but for those interested this kind of relates back to these posts here (http://forums.moneysavingexpert.com/...358&highlight=)

Earlier this year (Feb/March time) I complained to O2 regarding being mis-sold my contract back in 2012. I was told I could upgrade to 4g when it was available, but as it turns out the handset I had been sold could not receive O2's 4G signal.

Fast forward to the end of April, and the Ombudsman Communications rules that O2 should give me the opportunity to upgrade early to a 4G contract without penalty.

With money saving in mind, I upgraded to a rolling 30 day contract, but soon realised there was a better deal to be had by going elsewhere and ported my number out of O2, having fulfilled my contract and giving them the full 30 days notice required.

I paid my final bill of around £44 and ported my number to my new deal on EE. I did this over the phone and was told that I'd be billed in 30 days (which I paid, however due to a fault with their system the bill showed they owed me £4, until I had a call to say a payment overdue and I paid immediately once I realised the error.)

Fast forward to the 2nd of July and I received an e-mail from O2 informing me I owed them £122 because I ported from O2 before the end date of my original contract (November 2014.) I contested the fact, quoting the Ombudsman decision that I could upgrade without a penalty but O2 insisted which made me contact the Ombudsman again, from whom I am still awaiting a reply.

O2 claims they sent me a letter to this effect- but has no proof I have received any such letter (and I haven't.)

Today I received a call from Wescot saying I owed £150 (Not sure where they plucked that figure from) and that I could pay over the phone or online in installments. The lady on the other end of the phone believed my contract didn't expire until May 2015 and that I owed them this final termination fee?

I have forwarded Wescot the Ombudsman's decision and they have put all action on hold until they get further word from O2.

I acted completely genuinely, believing I was in-line with the Ombudsman's advice which did NOT state at any time that I would receive a penalty from O2 if I didn't stay with them until my contract was due to be up in November.

Does anyone have any advice for speaking to Wescot/O2 about this?? I have seen absolutely no proof that they told me I would receive an extra bill if I left my new contract before November 2014, and even if I had, they surely cannot tag an extra stipulation onto the end of the Ombudsman's decision without first checking if I agreed? The date that they claim it was sent would mean it was 28 days after the ombudsman's ruling anyway.

I believe that the contract for my 30 day rolling contract overwrites my first contract as it was an upgrade. Correct?

Below is a copy of the Ombudsman's letter. Note that it specifically says NO PENALTY.

Thanks
Josh

Quote:
Dear Mr Parry

YOUR COMPLAINT ABOUT O2

Please find below a summary of the proposals agreed by you and O2, in full and final resolution

of your complaint:

• confirm the contract term has been removed, allowing you to upgrade your O2 contract without

penalty.

O2 should provide the remedy within 28 days from the date of this letter.

The Ombudsman is pleased there is a satisfactory outcome to this case.

Yours sincerely
↧

Will my bad credit affect my soon to be husband?

August 13, 2014, 11:44 am
$
0
0
Hi, I had some unsecured debts that I haven't paid since January of 2008. I have moved and forgotten about them. As I understand, these are now statute barred - unless I have ccj's- I will do an expedient credit check to see if they have dropped off.
My question is, if I register at his address/we get married- will my debt affect him? Can they come after the money if he owns a home and we are married?

I obviously don't want him to have to pay or be affected for my adolescent spending!
↧

Coop

August 13, 2014, 12:51 pm
$
0
0
HI I was wondering if anyone had any dealings with the COOP and Loans.

I took a loan from them 16 months ago for 25K over 2 years.

I have repaid 16 of the 24 payments but recently had 1 of my major contracts pulled so from next month I am not going to have the money to pay them.

I can still meet my other creditors payments so reluctant to enter into a DMP.

Any advise?????
↧
↧

Ladder Loans - inventive finance

August 14, 2014, 1:10 am
$
0
0
Hi all,
I took out a ladder loan last september.

In January this year I lost some hours at work so I took some advise and started a self managed DMP.
All of my other creditors have stopped interest and agreed a lower monthly payment, all bar one have marked my credit file with a default, which I don't mind as its happened early.
Ladder loans (inventive finance) are still charging the monthly interest, i have continued to pay a smaller amount however they are just carrying the difference forward as arrears. My credit file shows that I am on an arrangement.
They say that there are 6 more months of interest, what will happen when they stop to charge interest, surely they wont keep my account then? surely they will default in 6-9 months time. which means another 6 years from that dates until my credit file in clean

Does anyone have any experience with this firm?
has anyone else had success with having interest frozen?
↧

Advice please...

August 14, 2014, 1:23 am
$
0
0
Current debt situation:
Bank overdraft £950 (current balance -£849)
Next account £103
Tesco c/c £1659
Total £2714

I'm currently on maternity pay of around £500 and pay £300 into mine and my husbands joint account for bills etc. so that is covered.

Keep spending on Next account (slapped wrist for me) so usually end up paying around £50 a month on to it. I will close it down once I get it paid off as I can't be trusted with it!

Have a reward bank account which I have a fee of £15 per month and I get charged £1 per day for overdraft so approx £30 per month.

Tesco credit card I keep paying minimum amount of around £30 which is hardly touching balance.

Also have mobile which is only £10 a month. So outgoings of approx £435. Then I have bus fares, usual bits and bobs etc. not much left over for paying off debts.

One thing I can do straight away is change from reward account back to a regular. Think I will still have od fee though.

Wondering whether to get a loan to clear everything. Don't feel like I'm getting anywhere. The fees and minimum payments added up would prob be the equivalent of a loan payment. Had a quick look on my bank website and seen 3000 loan for 120 per month over 3 years.

Any advice on this?

My hubbie knows about my next account and od but not about credit card. Long story but I'm not telling him if at all possible! Feel like I need to sort myself out as I have been here before only in a worse situation than this.

I will be going back to work later in year but only part time so things will change again then. Tried my hardest to get things sorted before I went on maternity but still not great!
↧

Thu 14th Aug: What small DFW things will you be doing today?

August 14, 2014, 2:07 am
$
0
0
When we start out on the DFW trail we do loads of "big stuff" that makes quite a difference to our situation. These include having our lightbulb moment, cutting up the credit cards and cancelling Sky and the gym .

But once we have done the bigger stuff, we often feel that we are not making the same amount of progress, when in fact the small steps are helping us form good financial habits and helping us get closer everyday to staying in control and becoming debt free, or staying debt free.

Examples could be hanging washing out instead of using the tumble dryer or leaving your purse/wallet at home to avoid the risk of spending .

So be proud of those small steps, they really are important. :money:
↧
Search

Debt Agencies and Advice

August 14, 2014, 3:17 am
$
0
0
After reading advice on here about DFH Debt managment I sent a letter to them to say that I dont want to be a part of their program and return any comminucation letters I sent them.

So I am asking here on this form what is my best way to go cause its worrying me im in about 9,800 worth of debt cause I am returning a car under VT that I can no longer afford. Buts its scaring me in case ford say that I have to pay 300 a month towards it after my rent I only have about 950 pounds to do me each month on top of my other bills like car insurance and all.

I have two mobiles with moorcroft 450 and 350 odd each one with fredriqson for 60 who claim to going come to my house then one oustanding for hsbc for 292.

So my question is from you guys advice here which is the better agency to sign up to to become debt free on a monthly plan?.

Regards
David Buckley
↧
↧

How can I help?

August 14, 2014, 9:05 am
$
0
0
I’m at a loss as to how to help my partner. We haven’t been together that long but it’s apparent that his money problems will be the catalyst that breaks us.

He’s lost his family and many friends through money matters, problem is he has no permanent employment and it’s impossible to pay anything off with no income. Most of it is owed to ex-friends and employers. Obviously he has no financial sense as he shouldn't have bought things if he didn't have the cash to pay for it at the time, but I suppose things were going better then.To be fair most of the items were for work/business related.

The main problems at present are – he’s behind with his rent and I can see him becoming homeless before long, also he has a CCJ from an ex landlord who are trying to double up the amount owed while they’re at it, he is appealing but I don’t hold out much hope.

The car’s packed up so any money he gets next week will go on that, he needs a car to get to any work that the agencies might offer (he lives way out in the sticks) – but almost every day there’s someone texting or calling about money he owes them.

I’ve offered to write it all down and work out a pay plan with him, and he’s happy for me to do that, but where do you start when there’s not actually enough income to cover the basics, like food, petrol and rent, let alone any extra? Some weeks he just doesn’t bring in any money at all, I can’t keep bailing him out, it’s not like he’ll ever be in a position to pay it back.
↧

DMP and bank account change - advice please

August 14, 2014, 11:19 am
$
0
0
Hi,

I have just completed the StepChange DebtRemedy online. It has advised us that a DMP is the best course of action to manage our debts.

We are very keen to proceed with this however I have £5500 on my Natwest overdraft and StepChange have stated that I need to open a new bank account and transfer all of my direct debits and get my wages paid in to the new account before setting up this plan.

Has anyone ever been in this position - how easy is it to do? I am just wary as I have been with my bank for over 20 years and have a lot of direct debits/standing orders etc to change over.

Do I then just leave the Natwest account open with no ingoings/outgoings until the DMP is set up?

Any advice very welcome :)

Thanks,

Steph
↧

Link Financial CCA Request

August 14, 2014, 12:57 pm
$
0
0
Hi all,
Got some great advice last time I was here, I hope you don't mind but I need some more!

I have been paying link financial £10 a month for 6 months now, I was previously paying them £1 a month. They bought my c card debt from MBNA. They recently sent me the usual letter demanding full payment. They like to see if I can pay more, which I can't. They always put in the letter that I have broke my agreement.

I decided to CCA request them to see this agreement, they have wrote to me explaining they don't have it and they need to contact MBNA for it and it will take 30 days.

So this debt is now un enforceable, should I just cancel my standing order with them until its resolved? Should I write to them that its cancelled?
Also I believe not sending me the agreement in 12 days is a breach? And who should I report them too if it is?

That's it for now until I receive my agreement etc. If I do that is.

Any help much appreciated and thank you for your time.

Kusunagi
↧

Trying to sort my debts out...

August 14, 2014, 1:05 pm
$
0
0
Hi everyone

New to here so please be kind

I'm in the middle of trying to get all my debts sorted out but I have a slight problem which I hope someone can help me with...

A lot of my debt is built up of mobile phone contracts and some are multiple accounts with the same network for example;

I have around 10 different orange accounts (Now trading as EE LTD), 4 different three accounts, vodafone, virgin mobile, t-mobile (Now trading as EE Ltd)

The thing is I do not know my account numbers? What is the best way to find out these account numbers?

My credit report shows the account numbers as ****4573 or ****2333

Any help will be much appreciated! Thank you
↧
↧

Struggling..

August 14, 2014, 1:14 pm
$
0
0
I'm in quite a bit of debt and not sure how I can go about things.

I own a leasehold property but am only paying Interest.
Because it is leasehold I have to pay service charges each month and and pay for any work they do. The council hit me for a bill of £8000 and although they first agreed an interest free loan they then wrote to me telling me I would need to pay upfront or be taken to court.

I took out a Barclays loan to pay it but I already had another loan with them. Although I paid the bill off because a letter from the courts arrived the council has hit me with those charges of over £100. The two payments to Barclays are nearly £400 per month and so now I am constantly going way over my overdraft and am being hit with charges from them. I have not paid service charges for about 5 months because there is no money in the account, they are now threatening to take me to court again and have sent letters saying that I will be forced to pay court charges again.

I'm not sure what to do, does anyone have any advice if Barclays would combine my two loans into one meaning one payment a month albeit for longer meaning the amount saved on one loan would pay for the service charges.

I've done a soa and there is really hardly anything left at the end of the month.

Thanks
↧

Advice and Guidance

August 14, 2014, 2:13 pm
$
0
0
Hey All,

New here! I have been reading through some threads and I can see that some of them get a little heated so before I go ahead with my story I would like to say that I know all of my debt is my fault and my problem. I do not defend the situation I have gotten myself into I only seek advice to aid getting out of it.

Okay, here goes! Basically, I used to have a problem with gambling then I was "clear" for a few years until recently (again, not an excuse, just trying to put things into context). Long story short I have the following debt as a direct and in-direct result of the gambling.....balances quoted are current balances as of now

- Everyday Loans - £1900 (Personal Loan)
- On Stride Financial - £2290 (Personal Loan)
- Wonga - £720
- Quick Quid - £430
- Peachy - £135
- Mr Lender - £350
- Wage Day Advance - £130 (but its the flexipay thing)
- Clear Account - £250
- My Jar - £120

Total £6325

Yes, I know, it's bad! I am currently seeking advice from Step Change as I have been told that you should never pay for a DMP. What I want to know is:-

a) Has anyone used step change before and if so how would you rate them?
b) How likely is it that interest and charges would be frozen?
c) Do you guys think a DMP is the right option here bearing in mind IVA and Bankruptcy are not a route I want to take?
d) If anyone reading has been in a similar debt situation, how did you deal with it? Was it direct with the lenders or through a third party such as step change?

This may sound insane but would it be easier to pay the smaller ones off one by one/ month by month and make token payments to the rest? I seriously just don't know what is the best route to take.

Once again, I can't stress enough how ashamed I am and I am genuinely looking for opinions, guidance and others' experiences.

Thanks
↧
Search

Can I ask for proof of contract from DCA?

August 14, 2014, 4:49 pm
$
0
0
I have been reading on other debt advice sites that there are ways to get the debt cancelled with DCA if you ask them for certain pieces of information which they (hopefully) are unable to provide.

Obviously I trust MSE the most, hence I'm here, but wonder if anyone can tell me whether the information given on another site as follows, is something I should do - all their letters are written in rather a strange language and I wonder if there is an MSE equivalent procedure which I can follow, and understand?
I would be happy to settle any financial obligation I might lawfully owe, as soon as I have received the following documentation from you:
1. Validation of the debt (the actual accounting);
2. Verification of your claim against me (a sworn affidavit or a hand signed invoice in accordance with The Bills of Exchange Act (1882) );
3. A copy of the contract signed by both parties and therefore binding both parties.
4. Please also provide me with a true and certified copy (NOT photocopy) of the Original Note (Credit Agreement), under penalty of perjury and with unlimited liability and confirm that this Note, has never been sold. Please also confirm the name of the individual who is the duly authorised representative from your company, who has carried out due diligence under The Money Laundering Regulations 2007 and what actions s/he has taken in relation to this account.

I hereby give you ten (10) days to reply to this notice from the above date with a notice sent using recorded post and signed under full commercial liability and penalties of perjury, assuring and promising me that all of the replies and details given to the above requests are true and without deception, fraud or mischief. Your said failure to provide the aforementioned documentation within ten (10) days, from the above date, to validate the debt, will constitute your agreement to the following terms:
1. That the debt did not exist in the first place;
OR
2. It has already been paid in full;
AND
3. That any damages suffer, you will be held culpable;
4. That any negative remarks made to a credit reference agency will be removed;
5. You will no longer pursue this matter any further.
6. You agree to pay all fee schedules.

Please Note: I wish to deal with this matter in writing and I do not give your organisation permission to contact me by telephone. Should you do so, I must warn you that the calls could constitute ‘harassment' and I may take action under Section 1 of the Protection from Harassment Act 1997 and the Administration of Justice Act 1970 S.40, which makes it a Criminal Offence for a creditor or a creditor's agent to make demands (for money), which are aimed at causing 'alarm, distress or humiliation', because of their frequency or manner.
Yours sincerely,
By:
By: Sovereign of the family:
Authorised Agent and Representative for
↧

Friday 15th August: What small DFW things will you be doing today?

August 15, 2014, 1:46 am
$
0
0
When we start out on the DFW trail we do loads of "big stuff" that makes quite a difference to our situation. These include having our lightbulb moment, cutting up the credit cards and cancelling Sky and the gym .

But once we have done the bigger stuff, we often feel that we are not making the same amount of progress, when in fact the small steps are helping us form good financial habits and helping us get closer everyday to staying in control and becoming debt free, or staying debt free.

Examples could be hanging washing out instead of using the tumble dryer or leaving your purse/wallet at home to avoid the risk of spending .

So be proud of those small steps, they really are importa
↧
↧

I hate these tricky situations!!

August 15, 2014, 3:17 am
$
0
0
Been invited out for drinks tomorrow with some friends. I feel like I have developed a split personality as part of me really wants to go and the other part if thinking "Can I justify the spending".


Not been out for ages and have turned down lots of invites so I am going. It's always tricky though as my friends know nothing of my debt situation and that is the way I want it to stay. I would be mortified if they knew!!


Might invite them to my house for drinks first before heading out. That might save me a few quid!!!


How do you guys manage social situations when your friends/family are unaware of your debt level?
↧

It's just never ending!!

August 15, 2014, 7:13 am
$
0
0
After thinking I was down to my last £1000 of debts to repay, 2 more (and according to my credit report the last 2) have crept out the woodwork. ARGH.

One is for 2101 and I've set up a repayment plan for 35 pcm to pay for this.

The last one is £343.17 - Is it worth offering a full and final on this figure or just setting up another repayment plan to clear the debt. My defaults will drop off my file in Nov 2016 so not sure the best thing to do.
↧

Trust Deed/Statute Barred Debt

August 15, 2014, 7:40 am
$
0
0
Sorry if this isn't the most appropriate board, just wondering if anyone has had any experience of Statute Barred Debts. I have some debts which were defaulted almost 5 years ago now which under normal circumstance I know would be about to become statue barred (I am in Scotland) as I have had no contact with any of the companies in this time. However I did not simply default these debts, just over 4 years ago I took a Trust Deed. I paid it for a few months but was unable to keep up the payments so the trustee discharged me. I have no idea what happened to the payments I made but my assumption is the trustee kept them towards their costs, they were not very professional and were always more concerned about their fee above all else. None of these companies are chasing me currently, as I said I have had no contact with them and have moved several times and not taken any further debt which has probably made it difficult for them. What I am looking to find out is what date would apply for me to use the statute barred rule should any of these companies catch up with me - the date they were defaulted, the date of my trust deed which technically would have acknowledged the debt or the date the trustee discharged me? Obviously if I need to deal with any company i'll seek professional advice would just like to be prepared for this eventuality! Thanks
↧
Viewing all 21857 articles
Browse latest View live
Search