Starting the process

[garden123]

I'm sorry if this has been asked in this way before but I have spent days going through the wonderful forums and I still don't know what to do.

 

I have large credit card debts. I have very little income due to business difficulties and I would need to be paying only a token £1 a month to my creditors. How do I proceed?

 

I can see that people are asking for copies of their CCAs but at what stage should this step be taken. Does it cause a 'perfect storm' situation where once you ask the CC companies for CCAs they get tough instead of offering payment plans?

 

Or have I nothing to lose by going down the CCA request route?

 

Do I send them the £1 Payment with a PBS Letter at the same time as the CCA Request Letter? Or is there a specific time to resort to the CCA route?

 

If these questions are answered on a thread I have missed please just direct me to it.

[dx100uk]

it would be better if we knew who theses creditors are and roughly how much is owed.

have you thought about reclaiming charges/PPI too/

 

there is nothing to stop you firing off caa requests, c

there is also nothing that stops you from writing to each creditor TELLING them they will only be getting £XX for XXmts. and whilst in this current situation could they please in reply to your goodwill gesture as above, freeze all int & charges.

 

TBH: if any did ever get to court [and thats a BIG if] no judge would ever make you pay more than you can comfortably afford, infact, if you have been paying 'something' on a regular basis, it will be laughed out the door, and the creditors know this.

the only thing you MUST do is to keep paying your offer REGARDLESS to whatever they say/write.

 

kepp us informed and do some reading/start some threads in the forums of the people you owe money too.

 

good luck

 

dx

[clemma]

Something along the lines of:

 

Dear Sir/Madam

 

Re Account No/Reference No:−

 

Since making that above agreement with you, our circumstances have changed.

 

We cannot now afford to agreed monthly payments because ... [your paragraph added here]

 

We enclose a Personal Budget sheet which shows our total income from all sources, and the total outgoings of our household. As you can see we have *no/little money left to make offers of payment to my creditors.

 

In view of our circumstances, would you please accept *no payment/token payment of £xx at present to be reviewed in six months. If interest or other charges are being added to the account, we would be grateful if you would freeze these so our debt does not increase.

 

Should my circumstances improve we will contact you again.

 

Thank you for your assistance. We look forward to hearing from you as soon as possible.

 

Yours faithfully