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Advice re requesting token payments please


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Hi all. I'm new here but would greatly appreciate some advice please.

This is a bit complicated but I'll try to be as brief as possible.

 

Due to personal circumstances (health, divorce proceedings)

 

I have been funding two lots of household and living expenses for some time from savings and a modest pension and paying credit card debts (£45K).

 

The savings are considerably depleted and will run out soon if I continue to pay the monthly debt payments etc

and anyway are subject to division as an asset in the divorce.

 

All CC payments are currently up to date.

 

I cannot see a prospect of repaying the debt from earned income in future

- it is now very unlikely I will find work again due to my age and health issues.

 

I would like to hang on to the remaining savings whilst the divorce settlement is worked out

after which I may well be in a position to offer a full and final partial settlement or even a full settlement though the latter is not guaranteed.

 

I want to approach the CC companies and request token payments and freezing of interest for a period whilst things are sorted out to preserve the savings for this purpose..

 

Any advice on this plan,

how to approach the CC companies,

what information to give,

how much to tell them about the savings etc

would be greatly appreciated.

 

My concern is that if they learn that there are savings they will demand those now and I will not be in a position to offer a full settlement later.

Or is there any prospect of offring a F&F with what there is now?

 

Also I have read on here in other threads that it is advisable to move all money to a non-linked bank account to prevent the CC comanies just taking money via DDs.

 

For various reasons it is not possible to close the existing current account from which the DDs are paid for the monthly payments and it is in any event not linked to any CC companies.

it is the account from which household etc expenses are also paid.

 

Also the savings are protected by not being linked..

 

So my question is if I cancel each DD in favour of the CC companies

will that not protect the bank account from variable amount DD requests in the event that CC companies became difficult?

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Welcome to the site.

I will flag this up for some help.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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unless any of your debts are within the same banking group [then they can off set and you cant stop it]

 

cancelling the DD'd is good enough.

 

it might well be an idea to start a thread in each of the company forums

and give us the history of each one.

 

my initial reaction is to look toward reclaiming PENALTY charges & PPI where they exist.

 

as for 'offering' token payments.

 

my view is you dont

 

you TELL them what they are going to get as a GOODWILL payment during your time of need

 

you ask them to reciprocate by refraining from levying PENALY CHARGES & please freeze the interest

 

if they wont , then you drop them down to £1PCM till you die.

 

you might find worth in investigating CCCS or Payplan free DMP compainies.

 

there is also a thing called CASHflow

 

poss list your debts and who they are with here for now too

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks. I've no penalty charges as the debts have been servicedas per contract to now.or PPI issues as i never took PPI. It's just that I can no longer make the payments from now.

 

I take the point about token paymeents v goodwill payments. I assume then I don't tell them anything about the savings at this time as the aim is to get to a point where finances are clearer after divorce and hopefully I can make full and final. settlement offers?

 

The debts are:

 

MBNA £12332

B'Card £13296

Cap One £4626

Halifax £7148

Marbles £6654

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Its suprising to hear there are no penalty charges from those listed.

Just to clarify,penalty charges are considered so for late payment,overlimit,admin charges for sending letters etc etc.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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At the moment all payments are up to date. there are no missed payments, defaults, letters, overlimits etc so no extra charges. I have however got to the situation where I can't go on paying. So I was looking for advice on how to approachthe CC companies for reduced ie token payments and no interest during a period when my divorce is going through. Hopefully at the end of the divorce I will then have funds to offer a partial settlement on a full and final offer but will not have sufficient income to fund ongoing payments..

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then i must tip my hat to you

 

well done!

 

can i also assume that all the debts, ofcourse show on your CRA file?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Yes all show.

I don't know if it is my original post that is the problem.

If so apologies for not being clear.

 

Has anyone any advice for dealing with the cc companies when you are about to not be able to pay

- hence my wanting to seek token payments?

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if it was then sorry

 

ok

 

the bottom lines is they MUST help you - end of.

 

they'l want you to jump through all manner of hoops

 

giving all manner of info.

 

pers i wouldn't.

 

it won't make a nats difference.

 

p'haps if you contact CCCS or payplan or cashflow

 

it might be more prudent to let someone else manage it all

but DON'T ever go with a fee paying DMP !!

 

you can do it yourself with help from us.

 

there are 1000's of people here is worst pits than you

 

so if they cando it so can you.

 

justremember what i said before , you need to be commened for keeping your plates spinning for so long.

 

they WILL accept your offer, so DON'T give up

 

but play your card close to your chest.

 

dx

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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