Offering Reduced Monthly Amount to CC Companies

Rocket

I have recently used the imoneymanager template letters and wrote to all my CC companies offering a reduced payment amount please find the info below so you can get an idea and then hopefully respond to my question.

CARD BALANCE MIN AMOUNT OFFERED
SKY CARD 2150.10 65.00 20.69
NATWEST 3117.78 70.00 30.01
HALIFAX ONE 6668.56 75.00 64.19
BARCLAYCARD 463.03 9.00 4.49
CAPITAL ONE 8449.23 253.00 81.32

cap one and natwest are both 0.00% interest the rest averaging 15.9%.
Has anyone had experience of offering their CC company a reduced amount?
If so what was the outcome?
Obviously keen to concentrate on any spare cash going the cards that have the high interest.
Any thoughts or comments would be much appreciated, I am worrying about this day and night as really keen to clear debt, not got blacklisted but will probably do so as I have asked for payment reduction. I have not involved a debt agency as I am strong enough to take control of the situation and deal with the creditors just hope they accept.
If they let me do this I can then clear my 2.5k overdraft and will also have a surplus of £150.00 which I will put towards clearing the cards, I dread to think how long this is all going to take but need to get rid of the cards. Please tell me you have been there and there is a light at the end of the tunnel
thanks in advance

Rocket

CLAPTON

what did you say in your letter?
what reason did you give for asking for a reduction?
did you ask them to freeze interest and charges?
did you enclose a spending and income statement?

who is your bank a/c with?

Rocket

I am hoping you can help me. Regrettably I am unable to maintain my current monthly payments due to unforeseeable personal circumstances.

Due to the economic downturn I have now found that I am finding it difficult to meet my monthly payments. My overtime has been cancelled; the rising costs of general every day living expenses have ultimately had a knock on effect on me trying to clear the amount of money I own to you. Whilst I am extremely conscious of the amount owed I am asking if you would consider the following.

Please find enclosed a breakdown of my financial situation including my income expenditure and debts outstanding to current creditors. Also included is a pro-rata split of my available income amongst all my creditors. The following is the amount I can afford to pay each month.

SKY CARD: Pro rata monthly payment £20.69.

I would be very grateful if you would confirm your willingness to freeze interest and charges on the account. Also please confirm your acceptance of the repayment proposal along with details of the company I should make payments to, if this is different to the original lender.

If my financial circumstances improve, then I will of course inform you and increase my repayments accordingly. I look forward to hearing from you.

I also enclosed a full financial statement of income and outgoings which everything single item I am responsible for was included, my current account is with the nationwide each month I get paid £1575.00 and am only in the black for approx 4 - 6 days.

I have started taking my own lunch to work and have no more that £10 in my purse which has to last Mon - Fri and really only for emergency, if not used carried over to the next week.

Started all this beginning of the year but have made my mind up to try and sort it out.

CLAPTON

I would suggest you repost on the debt free wannabe board... post up your circumstances and details of income , spending and debts (An SOA).
http://www.makesenseofcards.com/soacalc.html

You will find a lot of support there and people in similar situations with direct experiences to share.
I would also suggest you contact one of the free debt management agencies CCCS Payplan or CAB... there first two have a debt remedy section on their websites which you may find useful. Even though you have said you are strong enough to deal with the situation yourselve advice is still worth seeking.