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Secretjay

Will there ever be any light at the end of the tunnel?

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Hi,

 

I contacted the CAB back in 2005 when I had financial difficulties. It took about 6 months but eventually all my creditors accepted reduced payments and stopped adding interest and charges.

 

I have been paying these reduced payments for 4 years now (some are for only £1.00). I don't see me being able to increase my monthly payments in the future or probably ever ( just been given another pay cut at work). But that means I'll be paying them for about 100 years! :eek:

 

It's a constant worry in my mind and I don't know what to do for the best.

 

Any advice would be appreciated

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your paying them off at the agreed amount, i can't see the issue? They can't take what you don't have :-)

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It's very, very unlikely that you'll ever be taken to court by anyone while you have a history of making payments like you have.... despite the fact that it's only £1 a month.

 

If these accounts ever get transferred out to a DCA however, then you can make CCA requests for each account. Chances are that there'll be no documentation after so long anyway... There's nothing to stop you from making CCA requests now, but it's your call. If you're happy with the current arrangment of £1, then leave it be.

 

:)

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Hi

 

With the creditors willing to accept low monthly payments as they are, this is good, and as above, you could carry on with this. However, I understand your worry of it taking a while to repay. If you have a disposable income of at least £100, you could try a debt management plan, where you would be able to pay a little more each month out of your surplus amount, to clear your debts quicker. Companues such as payplan and cccs have a good reputation for getting the interest frozen too. xxx

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Hi

 

With the creditors willing to accept low monthly payments as they are, this is good, and as above, you could carry on with this. However, I understand your worry of it taking a while to repay. Do you really care how long i takes ? If you have a disposable income of at least £100, you could try a debt management plan, there's no point... since OP is doing fine without one where you would be able to pay a little more each month out of your surplus amount, to clear your debts quicker. Companues such as payplan and cccs have a good reputation for getting the interest frozen too. They are also linked to the DCAs in termsof how they're financed, known to give duff advice at times and often muck things up

 

Just my opinion.... :)

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Thanks guys for the replies.

 

I am very grateful that I have got reduced payments set up. It's just that it's a worry knowing that I'll probably never be able to pay them off. I'm always waiting and wondering what will happen next.

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Don't go down the debt management plan route as has been stated they muck things up, if all you can afford is £1 a month then so be it, you will get asked if you can pay more but if you can't then don't worry.

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Thanks guys for the replies.

 

I am very grateful that I have got reduced payments set up. It's just that it's a worry knowing that I'll probably never be able to pay them off. I'm always waiting and wondering what will happen next.

 

They will probably get sick of collecting from you at some point and sell the account on... I paid tiny amounts on an enforceable balance much larger than yours for years and settled it for peanuts when they got sick of collecting.... and that was with the original creditor.

 

;)

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They will probably get sick of collecting from you at some point and sell the account on... I paid tiny amounts on an enforceable balance much larger than yours for years and settled it for peanuts when they got sick of collecting.... and that was with the original creditor.

 

;)

sounds good PO;)

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as the years go by so the amount you are paying will diminish in value until it will be just small change

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