Debt Help

[Konni]

I am new to this so will do my best to explain my situation. Basically I will not have enough money to pay my D/D this month and was wondering if anyone knows whether or not I can take a holiday from paying these bills for a couple of months so that I can try to get myself back on track financially. My main creditors are a loan for a car and a bank loan. Any advice will be gratefully received

[Big Boss Man]

I am new to this so will do my best to explain my situation. Basically I will not have enough money to pay my D/D this month and was wondering if anyone knows whether or not I can take a holiday from paying these bills for a couple of months so that I can try to get myself back on track financially. My main creditors are a loan for a car and a bank loan. Any advice will be gratefully received

 

I would certanly write to the companies concerned, explain your circunstancies etc, request a payment holiday or offer token payments, at the end of the day you have made the effort to contact them and any offer should be accepted, you could also mention this website !

 

Hope you get things sorted.

[loobyloo85]

Hi Konni

 

I fully agree with Big Boss Man. If you write to them to ask for a payment holiday, the worse they can say is 'no' in which case, you could make a token payment of at least £1 for this month until you get sorted.

I would say that it would go in your favour to ask them, instead of purely miss the payment altogether

 

Thanks x

[cerberusalert]

You should also cancel the DDs with your bank otherwise you'll be hammered with penalty charges. You can always set them up again.

[Konni]

Thanks for the advice. Have now written my letters and cancelled my D/D's. Had my first response today from my car loan with a satisfactory outcome. They have agreed for me to make a token repayment for the next 3 months to help me get back on my feet. Fingers crossed that all the others are going to be as understanding. Will keep you posted

[Big Boss Man]

Thanks for the advice. Have now written my letters and cancelled my D/D's. Had my first response today from my car loan with a satisfactory outcome. They have agreed for me to make a token repayment for the next 3 months to help me get back on my feet. Fingers crossed that all the others are going to be as understanding. Will keep you posted

 

Thats great to hear, remember to keep a paper chain and log of all your communication, also use recorded delivery.

[Konni]

Well have taken advice from this site - thanks to all- but things have gone more down hill since my last visit. I have spoken with a company called Gregory Pennington- AVOID THESE PEOPLE - they told me I had disposable income when I haven't.

I have since spoken to Payplan who were a lot more understanding. They could not offer me any help and they have suggested bankruptcy. I have been to see a money advisor at CAB and they have suggested the same thing. So I now have the petition ready to fill in but still have a couple of concerns. I live in a rented property and have just renewed my tenancy for another year. I have and have never had any arrears with the letting agency can they a) kick us out and b) not allow us to renew the tenancy next year? Also I have had a phone call from another service provider offering us cheaper gas and electricity. Should we leave our current provider, who says we owe £625 and swap to them. We have stopped all D/D to our current provider.

Any advice, as always, greatly appreciated.

P.S I have changed my bank account and had all monies transferred in to it but realise that if I do declare myself bankrupt they may freeze my account but I also have a back upplan for that. Would love a decent nights sleep!!

[cerberusalert]

I can't see there being any problem with your tenancy or in having it renewed next year, I doubt whether they'll do a credit check as you would be an existing tenant, particularly if you maintain a clean payment record with them. Don't forget most bankruptcies only last a year.

 

With regards to changing your service provider, I don't think your existing provider would allow the change to go through whilst the a/cs are in arrears so really you should come to some repayment arrangement with them. Although this would probably be done via prepayment meters.

 

Nowadays Bankrupts are allowed to have basic bank a/cs in order to pay bills make direct debits and have use of cash machines. Although they won't be allowed to have cheques, credit cards or be able to have overdrafts.