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Hey Peeps,

 

Ok i have written to 4 creditors informing them my work contract ends at the end of June and asked them for F&F settlements, of which only 1 creditor replied so i sent a reply to them.

 

Now the other 3 have not yet contacted me and i sent them letters a few weeks ago. Should i just wait to hear back from them or should i send follow up letters stating the situation?

 

Kind Regards

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Probably best to send them reminders, what kind of response did you get from the one who replied ?.

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This is the response i got from my NatWest credit card:

 

Dear Sir

 

Thank you for your letter dated 9 June 2009, the contents of which have been noted.

It is not the policy of NatWest to accept f&f payments of less then the balance owed as it is felt that this encourages the misuse of credit facilities.

However, after carefully considering the information provided, I am prepared to accept £600 as part payment; monthly statements will continue to be sent for the remaining balance and payments must be received by the due ate quoted on the statement. If you are unable to maintain payments on the remaining balance, please contact us to agree a suitable repayment program.

 

I did respond to them, explaining i would have no income coming in and it was in their best interest. Though i will just inform the credit card companies, that if i am unable to find work, i will be looking to relocate abroad, so again it is in their best interest.

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They are in fact offering you to pay them faster, not reduced payment as full and final settlement.

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Yep I know it is a quicker to pay off the balance.

But if I'm not working and have no money coming in how does that help me?

That £600 I would borrow off friends and family.

I don't plan to borrow it if it is a part payment cos I would be in debt to 2 lots of people.

If they accept it as a f&f then it will make it easier.

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Did you send them the letter from the Templates page ?.

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Yep used 3 templates for f&f.

Also 1 for freezing interest.

 

I do also add a bit to it to inform of my situation, so they are more aware and hopefully understanding.

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I got a response from Halifax in regards to my credit card, as i had asked for interest to be frozen. As i am in the process of seeing if the t&c's are enforceable.

 

The response i got they said in order to enter into a fixed payment arrangement, they require an up to date financial statement from a third party debt counselling service. They say they recomment payplan or the consumer credit counselling service. Can i ask what exactly is that and what does it involved?

 

Thanks

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