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How do I deal with creditors myself without outside DMC's

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Been reading through all the threads and still confused what to do. Have £32,400 worth of debt to credit cards, loans and an overdraft. Been paying them all but then have to use the credit again to get through the month. Now want to make offers to creditors that I can reasonably afford. I've done a finanacial statement and have £590 left each month to offer between the six of them.

 

My concern is how can I go about trying to get them to freeze the interest and what will happen if they do not except my offers. Do I start to pay the amounts I can afford before they agree to the payments to show willing or do I wait until they reply to my offers?

 

I know there is plenty of information on this site but it's still all too confusing. I am a home-owner with children and do not want to put our home at risk from not paying or have bailiffs knocking on the door because they will not except the payments.

 

Also do I offer the larger debts larger proportions of my available funds or spread the payments equally....need help!!!

 

I was going to go down the debt management route but they charge a fortune and I don't trust them. I have done a calculation with CCCS debt remedy and according to them I can offer a total of £960 a month to my debtors....don't understand how they get this figure as it is more than I am paying now, struggling as it is to make ends meet!

 

Does anyone also know how you go about convincing creditors to freeze the interest so the debts start to get paid off?

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Hi,

You have no need to go to a fee paying company. There are two free ones, CCCS and Payplan. These are funded by the financial industry and creditors take more notice of these than the fee paying ones.

You could do it yourself of course. Here is a link to some letters you could use:

http://www.consumeractiongroup.co.uk/forum/showthread.php?20758

 

It would be better to do pro-rata payments than a fixed sum to each creditor.

 

Good luck

 

Fox


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Thanks for the advice. My only problem when doing an online assessment was that CCCS will only allow me £120 a week for food/household and clothing for a family of five......which is quite frankly impossible with three children when you have school uniforms, shoes etc. Maybe I have no choice but to live on that but it will result in me still struggling to pay the debts and defeats the object of manageble payments that I can keep to for creditors.

 

Regarding CCA's that I have read on many threads; can you obtain these from your credit card lenders or do you have to wait until it goes to a debt collection agency?

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Regarding CCA's that I have read on many threads; can you obtain these from your credit card lenders or do you have to wait until it goes to a debt collection agency?

 

You can send a CCA request at any time. If your account is with the Original Creditor (OC) then the request goes to them. If the debt has been transferred to a Debt Collection Agency (DCA), the request goes to them.

Another link for you:

 

http://www.consumerforums.com/resources/templates-library/86-debt-collectors.html

 

Letter 8 is the one to send but only for loans and credit cards. Send each letter by recorded delivery and don't sign it. The creditors may come back and refuse your request without a signature and if they do, we can help there as well.

 

If you have been stung for any charges on the loans and cards, you can get them back (all it takes is a little work and loads of patience)


If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

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