token payments to creditors

doyda

was wondering if anybody knew how long token payments would be accepted against a debt before colection agencies getting involved, as i am looking to make a full and final settlement on my credit cards in june when i recieve an inheritence.

I am going to write to the credit card comapnies and explain the situation re: not having enough money to make the minimum payments therefore making token payments until june when will be in a position to arrange a settlement figure with them - do u think this is ok?

Deep_In_Debt

Hi
I guess it depends on the creditors and how much "token" payment you offer them. Check out the National Debtline website - they have some good template letters you can use to send to your creditors offering payments.

Not sure that I would mention that you will have money coming to you - creditors are funny beasts and may think you are hiding something from them. I'd just write and offer token payments and when the time comes offer a F&F settlement. Just my opinion though.

doyda

hi thanks for reading any opinion is appreciated - i thought about putting the bit about coming into some money topay it off as it was reccomended via the cccs site - also just a bit panicy that if they think i am not going to be able to come to a settlement at some point they may turn it over to a dca

doyda

anybody any idea if cc comapnies will pass the debt over to a dca if i am offering to pay it off in june but just make token payments until then>?

badgerbread

I think it depends on the cc company mbna have not passed mine over yet and I have not paid them for about 6 months

Ames

Barclaycard haven't passed mine over yet and I've been making token payments for about 18 months. I wish they would pass it over though!

Deep_In_Debt

Neither MBNA or Barclayshark - my 2 largest creditors - have sold debts on either and it's been over a year since I've been on my dmp and making reduced payments - both have written to me to re-shedule my repyments so don't hold your breath.

It can have it's advantages going to a DCA as they buy the debts for peanuts - pennies in the £ and are often easier to negotiate with than the original creditors and you will get a better settlement offer. I've waited for a couple of my debts to be "sold on" and then made offers with the DCA.

Good luck.