Pays dropped £800 pm , wondering how to manage £7k debt

[Gary1981]

Evening all , since been furloughed I’m losing £800 pm , when we go back we are only going to be 1 shift for foreseeable as well.

Got a few payments which are currently £200 pm ,

how would I go about getting them reduced to £100 pm ?

 

Also a credit card with £2000 on .

Would I be better getting the interest froze an coming to an agreement to pay that as well ?

 

Moving forward.

Crazy times an I know of ppl a lot harder hit than me.

 

Any help would be much appreciated. 

[dx100uk]

is all your credit still owned by the original creditors still?

 

dx

 

[Gary1981]

Thanks for getting back to me , Yes it certainly is an I’ve not missed any payments. Just a bit of a restructure if that’s possible. Regards Gary. 

[dx100uk]

ok well most creditors should give you even more forbearance since the covid rules from the fca etc.

 

but anyway..

they are still duty bound to help you by freezing interest and any charges regardless.

 

see the 2 pro rata letters in the debt collection section of our library.

 

dx

 

[Gary1981]

Ok will take a look much appreciated, can it affect or will it affect my credit score ? 

[dx100uk]

most probably yes.

but whichever route you take, thats always the penalty.

 

dx

[AndyOrch]

Have you spoken to the credit card provider concerned.....? The payment holiday was extended to October in line with furlough arrangements.

[Gary1981]

I’ve got some savings that we had for a rainy day, so more than likely going to go into that now An pay off some of the debts. Then do what I can to get rid of them ASAP. Don’t want cr trashed. Think this maybe best root now. 

[dx100uk]

i dont think unless you can settle the sums, you will avoid a credit file trashing.

 

but get the covid payment holidays inplace

they must help you.

 

though again i've read some creditors are still marking credit files when allowing covid holiday.

[London1971]

Yup, I think your credit score is going to suffer, but in the future there will be a lot of understanding of what happened in 2020, why people had problems.
 

Looking at the writing on the wall, perhaps you’d be better hanging on to that rainy day money.

[Gary1981]

So either way I lose ... pretty ominous isn’t it. Thanks for advice peeps taking on board. Better going the pro rata way then aren’t I. An getting bills reduced , keeping hold of money. 8-) Advice much appreciated. 

[London1971]

Yup, I think it’s unavoidable. I don’t say it flippantly as I am also losing but it could be way worse.

[Gary1981]

Yes think this is only the tip of the iceberg as well

. Can’t crash the worlds economy an not expect massive repercussions.

The fall out is going to be huge , with out furlough would of been a disaster. Thanks for advice. Better trashing mine and keeping partners in tact who has no debt. 

 

I’m beginning to think now , 2 loans are unsecured, if they are going to trash my file by me been civil trying /  to work with them would I be better not to just give them min I can afford ? Instead of asking for payments to be 1/2.

 

Go nuclear with it ?

What will they put on cf ?

If I reduce payments ?

Will they default it ?

Which pretty much ruins you for 6 yrs anyway doesn’t it. 

[dx100uk]

You will get a 14 day warning if they are going to default you.

 

Dx

[Gary1981]

So best bets @ moment is to freeze cc , an then do the x 2 pro rata letters to the loan company’s. Regards Gary. 

[dx100uk]

loans payments too are cov'd by covid .

[Gary1981]

Still in 2 minds , not gonna rush into anything . But advice much appreciated thanks everyone.