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Treating creditors equally


Sir Broke
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This may sound far out but given that i have no assets, if wrote to each of my unsecured creditors each month offering them my total surplus income for that month in return for writing some of my debt off and at the end of the month paid the entire amount to creditor that offered the biggest write off and continued until such a point where the debt becomes servicable again. Would that not be considered as treating each unsecured creditor fairly in the eyes of the law? After all i would have given each creditor an equal shot at getting thier money each month.

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Hello Sir Broke

 

Have you typed up a spreadsheet with all of your income and expenditure?

 

You may be able to get interest frozen, and lower payments to help you get through any crises you maybe experiencing.

 

Can you give us a little more information on what your situation is please?

 

I have unapproved your other identical post, please stick to this one for replies, it's in a better place here.

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the reason i ask is that there seems to be an inconsitent policy amongst creditors with regards to freezing interest. If for example i have 3 debts of £5000 to each creditor and 2 crditors have frozen interest, and the remaining one continues to charge interest, how can i treat each creditor equally if i pay them on all an equal amount each month. Firstly by continuing to charge interest the said creditor is negating the benifit of paying anything towards the debt as it is increasing. Secondly by continuing to pay all creditors in equal proportion i would be treating the creditors that had frozen interest unfairly. For example if after say 3 months the creditor that had continued to charge interest applied for a CCJ or bankrupcy petition he would have an unfair advantage over the other creditors since the debt would be proportionately higher. Is there any legal expert out there who thinks there is a legal case to argue that creditors that freeze interest should be rewarded with more of if not all of the monthly cake?

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Hello Sir Broke

 

I know how difficult and anoying it can be. The financial institutions we use, do have different internal rules they abide by, most of the time.

 

There is a letter here you could try to negotiate the freezing of interest:

 

Letter E:

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

 

Have you sent off an S.A.R. (Subject Access Request) for your statements and information they hold on you?

 

There must be quite a few charges you could claim back with some interest, maybe enough to knock a large lump off the total.

WARNING TO ALL

Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

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