arrangements with debtors

keithboy40

I am struggling to pay my debts. I have loans through 3 separate banks totalling £19000. I was considering contacting the banks and trying to arrange reduced payments.

Has anybody had experience of this. What can be done and what should i be saying. My debts are as follows

RBS - £5000
Northern Rock - £8800
Lloydstsb - £ 5200

I want to pay off my debts. I want to honour my debts and i want to pay the full amount. The facts are i am struggling at the minute. Any advice.

Forris

Hi, welcome the the forum!

I would suggest that if you are going to contact your creditors then it is best to do it in writing (sent Signed For and keep a copy). This gives you 'evidence' should things get nasty.

The best suggestion for most newbies to this forum is to post a Statement of Affairs - see http://www.makesenseofcards.co.uk/soacalc.html. There is an option to format for MSE, the copy and paste to here. Make sure you include your apr's against your loans.

I'm sure some of the more experienced members will pop up later to assist but I hope this will get you started.

keithboy40

anybody else

cheesedoffwithdebt

Well you could do this on your own but creditors can be very agressive to deal with- my advice would be to contact one of the free companies who specialise in this area- like Payplan or CAP (Christians Against Poverty). Having someone else do the paperwork for you and manage negotiations will be less stressful, although not entirely stress free for you-and these organisations (I am in a payplan DMP and volunteer with CAP) are utterly sympathetic and not at all judgemental.
Hope you get this sorted!:cheesy: