I want Payplan to help me with my debt but have a problem?

Hi

Firstly, I’m really sorry to hear you are struggling so much and I hope I can offer you some practical advice as to what you need to do next.

The main reason that you’ll find it difficult to get a clear understanding of how much equity you would stand to lose if you entered an IVA is due in the main to the fact that most debt advisers don’t understand the mechanism that is employed by the Insolvency Practitioners.

This is an area we specialise in, and in reality the chances are that you would not actually be required to release any equity from your home in an IVA based on the fact that at present mortgage lenders are only allowing a maximum loan to value of 50% for people in an IVA. Instead it is likely that you would be required to extend your IVA payments by 12 months in lieu of any equity that can’t be released.

I would urge you to take a moment and read this article on exactly this subject.

http://www.my-iva-adviser.co.uk/iva-will-the-equity-in-my-house-affect-my-iva

Unfortunately you did not mention how much debt you have built up so far, so its difficult to establish whether or not an IVA many be a suitable option for you sometime in the future, once you have managed to stabilize your situation and secure a consistent income, but that should be considered when your situation improves..

In the meantime I would suggest that you notify Payplan or C.C.C.S. of your true income and allow them to establish whether or not it can be used towards your payments.

I can’t imagine they’ll have any problem with it, so long as it is regularly the same amount each month and is not likely to fluctuate wildly.

Good luck in any event and I really hope you find some work soon.Tricky situation. I don’t know about Payplan but what I do know is that you really could do with some free debt advice or counselling. Try a company I did called DebtLine Direct [www.debtlinedirect.com], I gave them a buzz and they really helped me make sense of stuff.
Good luck
SarahI can honestly help you with your debt problems, I am NOT recommending an IVA(Individual Voluntary Arrangement), neither am I suggesting Debt Management – although there’s nothing wrong with reducing YOUR outgoing debts by up to 95%. The truth is, in most cases the so called “legal document” or contract that YOU signed when taking out the loan or credit card does not comply with UK law. Consequently the contract is unenforceable or invalid – “So for that reason YOU could write off the debt completely, and NEVER have to pay back a single penny”. You can call me on UK 08448842913 with no obligation for more information if you wish.

Kind Regards Pearse Donnelly

 

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Traced by debt creditors….whats the minimum repayment? UK only?

Yes they can if needs be , You are on a computer now ,, do you have a TV? You might have to sell them as being unecessary items , luxuries you can do without , That will pay some off togerher with any other unessential things . Then pay a few pounds a week to each . You cannot escape , so get it paid off as soon as you can .. then start to give the kids some sort of life , an d NEVER EVER borrow again .They have to accept what you can afford, if you could only afford a pound a week they have to accept because you are making an effort to pay.
They may take you to court, but all you have to do is prove your income and if the court decides you’re paying what you can afford, there’s nothing else the companies can do.I know of a UK debt site called www.debtlinedirect.com.
They basically deal with your creditors for you and get them off your back – they consolidate all your debts into one affordable monthly payment and you pay only what you can afford.
Good luck Take all the details of your income and expenditure, receipts, bills etc to the Citizens Advice Bureau. They have trained financial consultants who can advise you. Phone them to make an appointment first!Although you lost contact with your creditors, they have not lost contact with you. First and immediate step is CAB and debt advice help. They will assist in consolidating the debts (which WILL have gained considerable interest over the years). CAB may also be able to arrange to have the accumulating interest frozen so that it doesn’t get any worse. There is no minimum repayment, that must be negotiated with people you owe the money to.
The most important thing to realise is that they will not go away. The longer you ignore them the worse it will get and may well result in the Bailiffs on the doorstep. Own up and act now before it gets to that stage.Get in touch with the citizens advice bureau. If you have no real assets and are on benefits then everything is in your favour.

I would not worry about people scaremongering you on this.

And take a look at a Debt relief order, you don’t even have to go bankrupt.

http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm

 

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Need car finance but on debt management programme which finance com should i try?

I suggest you find your nearest credit union and ask them about the benefits of membership. You need to join and start saving with them regularly before you can apply for a loan, but getting that loan is virtually assured. Interest rates are usually better than the bank, and they try to keep repayments close to the level you were saving, as they know you were able to pay in this much without hardship. Loans need to be repaid within 5 years. Credit unions work for the benefit of their members, and being on a debt management programme should not be a deterrent as long as you have enough money to manage. They also don’t charge monthly or penalty fees, and if something unexpected happens to make a repayment difficult, they are a lot more approachable than other finance places.

In my credit union, car loans are 6%, loans for home improvements are 8% and other loans are 10%. Each credit union is independent and they each set their own guidelines, so where you are, it could be different. As a member you are also a shareholder, and a dividend is paid annually, from the profits. Last year my credit union had a good year, and borrowers were given an extra rebate. When did your bank last give you money back because they had made profits?

 

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Why does an employer check your credit?

Not all companies do that. They are mainly just trying to figure out what type of personality you have and how that will affect your work performance. Some do it especially if you are going to be handling financial matters for them. If you cannot pay your own bills they do not want you in charge of theirs.Credit check is basically to find out your "character" a good report says you are responsible in your personal life and know the value of the money where a bad one will tell somebody that potentially you cannot counted on so much……..and of course if you were to be in charge of money thats another storySome companies issue corporate credit cards to salaried employees. This would be a perfect reason for doing a credit check on you. Your credit score can also be considered as one measure of reliability and may also be used to verify gaps in employment (missed or late payments often coincide with periods of unemployment).There are a variety of reasons for them. Often they are making sure you are a responsible person. The agencies they use do not know you. That assurance provides information the employer believes to be reliable. Also, the chex systems says you manage your checking or savings account responsibly. The background check may also give them an idea if you are likely to have your wages garnished which is a royal pain for them as well as yourself.
Employers give you a great deal of trust, They need assurance you can be trusted. These checks keep them inside the laws against discrimination as they are "color blind".

 

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Child benefit and child tax credit for 1st time mum?

The other children will have no bearing on your claim, you will get your child benefit application form from the hospital after you have had your baby, once you put in your claim and get your letter back with your child benefit number you can apply for child tax credits. you cannot get ctc until you have child benefit number.

you dont say if your partner works or whats hours/earnings etc this all has effect on how much child tax credit you will get. it will be a joint claim because you are living together, so his earnings and anything you earned for last year will be used in assessing your claim and the amount you will get.

My sister for example lives with her partner who has a child from previous marriage, his wife has sole custody of the boy, and claims everything in her right. He is on joint claim with my sister obviously and with both their earnings taken into consideration and he gets working tax credit aswell , they get theyre £20 a week child benefit ( fixed rate ) and she gets £21 a week child tax credit and he gets £9 a week working tax credits. theyre accumalative earnings for the year was 17,000 – as she was on maternity pay for 6 months and he was out of work for 3 monthsChild tax credit and working tax credit are both based on your total household income, from wages and any other income you might have, and has got nothing to do with your partners other children

You can do a mock form online to see if you qualify and for how much

www.hmrc/workingtaxcredits

The form is very simple, all you realy need is your previous P.60’s which gives your wages total and it will be worked out for you online

 

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If i cancel my credit card, will this make my credit history look good?

Closing credit cards can hurt you in 2 ways.
1. You could be deleting part of your credit history.
"length of credit" history is 15% of your fico. This can take 10 to 20 years to establish.
But in your case – this would not hurt you since both cards were opened around the same time.

2. It will reduce the overall available UNUSED limits you have on all your card combined.
A number creditors like to see – a lot of credit unused.

Use your card wisely.
You can achive top scores by paying in full each month – I am proof.
This way you never pay interest.
Pay in full AFTER you get your statement in the mail.
This way a future creditor will see usage, and have no idea you are not paying any interest on your card.
Plus, it keeps the card company happy, since they are making 1 to 5% off each purchase you made from the merchant.
Remember usage. Use your card for things you need like food or gas and pay in full.
If you need a major item, save up for it, then put it on your card, then pay it in full.
Try never to exceed 30% of your available credit limit – this is the point the rating starts dropping.
Do not open any new credit cards 6 months before applying for financing for a car or a home.
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Have you ever had your credit card stolen but didn’t report it because whoever found it was spending less?

 

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Recession……Credit Crunch!!!!!!!!!?

Why can’t they go to the money factory in their country and then use that to pay back debts and pay the public with that.

Printing money causes massive inflation – silly.
Money will become worthless.
/Because, when a country goes to their *money factory* ( is this like the money tree my parents told me didn’t exist in the backyard? LOL ) and just prints a bunch of currency to throw into the economy or their country, the value of that currency goes down. Pretty soon, the money they are printing isn’t even worth the paper it is being printed on. You have to have some assets or collateral to back up what you are printing. You cannot just go print money willy nilly and expect all to be OK. LOLRussia actually tried this after the war. The result was hyper-inflation, with workers literally carting their cash around in wheelbarrows and running to the bakers on getting paid to buy a loaf of bread before the price went up. Money is a means of exchange. Just as gold is valuable because of its scarcity – so money quickly becomes worthless if the balance of supply is flooded.

Nice idea though.

 

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Prepay Electric meter debt help please?

You can normally see what debt is left to pay on your meter by scrolling through the settings, and is automatically cleared by the CPU inside the meter when it is fully paid up. You could allways phone your supplier and ask if you have any concerns.

 

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Phones that come with credit?

 

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