The #debthour debt clinic – Monday 19th August

posted by in Budgeting, Debt news

Fire over your debt questions to us!

Fire over your debt questions to us!

We’re now onto our third #debthour clinic, answering your burning debt and money questions live, right here on the blog. If you missed our previous #debthour clinics, fret not!

Every Monday during August* our friendly debt geeks will be on hand to answer your debt questions.

We aim to reply to every question straightaway. No debt question is too outlandish for us, so this is the perfect opportunity to clear up any worries you may have.

Recent questions we’ve answered include…

I’m thinking about taking out a debt consolidation loan in order to wipe out my debts. Is this a good idea? 

Will I have to give up my property if I enter into an IVA? 

How can I go about getting a Debt Relief Order?

I’m about to go into bankruptcy and I’m worried I’ll have to include my car, but I need it to visit my children who live 80 miles away!

Ask a debt question

To ask a question, simply post a comment in the box below. Remember that if you’re posting using your Facebook login your question may appear in friends’ news feeds.

Now…what would you like to ask?

*No #debthour on 26th August as this is a Bank Holiday. Instead, we’ll be back on Tuesday 27th August

At StepChange Debt Charity we want you to be free of debt and save money.

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Tags Budgeting Debt news
  • Mick

    I’m paying nearly 40% interest on my credit card. Are they allowed to do this? Can you make it stop for me? What do I need to do?

    • moneyaware

      Hi Mick

      The credit company are within their rights to charge you this amount if it’s been outline in the original agreement you signed.

      If you seek debt advice, sometimes creditors may accept reduced payments or temporarily put a hold on interest, but this is at their discretion.

      If you feel that you’re struggling right now, we can help you look at all the debts you’re dealing with and figure out what you can realistically afford.

      You can use our anonymous advice tool Debt Remedy which can give you a solution in just 20 minutes – http://moneyaware.co.uk/2013/08/the-debthour-debt-clinic-monday-19th-august/

      Hope this helps

      Best regards

      Rachel

  • Aisha

    Hi Moneyaware. Can you tell me the easiest way to stop my debts from
    calling me. Some days my phone never stops ringing and it’s causing me problems at work (I work in a pet shop and my ringtone upsets the exotic birds) I don’t want to loose my job please help thanks xx

  • Jodi Collins

    Hia please help me!! My sister is a drug addict and when she was living with me she ordered clothes, jewlry, pefumes and other stuff out of my catalogs behind my back then sold them on the street for drug money iv kicked her out but now theyre coming after me saying I OWE THE MONEY when I have NOTHING to DO WITH IT!!! Please can you help me get the debt cancelled my junky sister has disappeared so I cant get in touch with her to get her to pay for the things she ordered and theyre saying it my problem and if my sister really did this i should get her done for fraud I’m really angry with her but i dont want to see her go to prison i dont think she would survive it what can i do any advise appreciated thx

    • moneyaware

      Hi and thanks for your message.

      We’re sorry to hear about this situation.

      I’m afraid your sister is guilty of fraud if she ordered things or took out credit in your name without your knowledge. If you don’t want to go down the legal route with her you may have to accept responsibility for the debts yourself and start making payments
      towards them.

      We can help you put together a realistic payment plan and set up a budget that you can afford. Depending on your situation there could be various debt solutions that you haven’t considered, to find out about these please try our online debt advice tool Debt Remedy http://www.stepchange.org/debtremedy.aspx?domain=www.MoneyAware.co.uk

      Debt Remedy will help you put together a budget and explain the best way forward.

      If you need any more help please come back to me.

      Kind regards,

      Mat

  • Jon

    I need a free debt management plan I heard you provide these how do I go about getting one thanks Jon from Jersey

    • moneyaware

      Hi Jon

      We do indeed offer free debt management plans. In order to determine if one is right for you, we would need to have a look at your budget first. This is so we can ensure that a DMP is the best course of action for you.

      Our anonymous advice tool Debt Remedy can give you a solution in just 20 minutes – http://www.stepchange.org/debtremedy.aspx?domain=www.MoneyAware.co.uk

      Best regards

      Rachel

  • ann

    Hi my husband and I have been separated for over 2 years. He stood as a guarantor on a friends loan who has defaulted. The loan company are now trying to get the money paid back from the house I am living in with my four children. My husband and I own the house jointly although he hasn’t paid the mortgage for a considerable time. I don’t know where to go to get help.

    • moneyaware

      Hi there Ann

      Loans of this nature are very common and it certainly does get tricky when the responsible party leaves the home on which the loan is secured. If you haven’t explained the situation already to this lender then it would be a good idea to do so.

      The problem with this kind of loan is that repossession can occur if it goes unpaid for for too long (although most lenders do everything they can to prevent this happening).

      I advise that you speak to Shelter about the situation as they can often give guidance on mortgage and housing related issues like this – http://shelter.org.uk/

      If you have any more questions please come back to us

      Best wishes

      Rachel

  • kevin hull

    Hi
    I have just told my wife about a gambling problem after trying to take my own life, and have numerous debts which i can manage.But I have 2 payday loans with CFO lending and wageday Advance that im not sure how to handle.I am worried that if i approach them they will just raid my account when i get paid and this would seriously cause problems.How do I go about negotiating a payment plan with them?

    • moneyaware

      Hello there Kevin

      Firstly I want to reassure you that we will do all we can to support you and advise you on this debt you’re dealing with.

      When it comes to your concerns about having your bank account raided, this is when a company enforces what is known as their continuous payment authority. It means that when you took out this credit, you gave them permission to take money out of your account. You can cancel this continuous payment authority and then look at more affordable reduced payments. We have a blogpost that can walk you through it step by step: http://moneyaware.co.uk/2013/07/how-do-i-get-out-of-payday-loans/

      It’s also important that you have a look at your budget and get some free and impartial advice on your situation. Our anonymous advice tool Debt Remedy can provide the best solution in just 20 minutes: http://www.stepchange.org/debtremedy.aspx?domain=www.MoneyAware.co.uk

      It’s by no means a small feat that you’ve spoken openly about the gambling problem you’ve been dealing with, and it’s important that you have the support and understanding you need moving forward. Gamcare are a fantastic charity who specifically support those dealing with gambling addiction. You can contact them here: http://www.gamcare.org.uk/

      Please also know that the Samaritans are here to listen and offer support: http://www.samaritans.org/

      Hope this helps

      Best of luck to you

      Rachel