Token Payments?

98jdougl

Hi,
I have recently been made redundant and my OH has had his hours slashed. We are really struggling to get by and, whilst I dont want to run away from my debt I want to lower my payments for the time being, offering token payments until things get back on track.
How do I word such a letter?

Many thanks for any help you guys can offer

newyorklover

Hi,
Below is the letter I sent to all my creditors and the income/expenditure sheet I used was http://www.nationaldebtline.co.uk/scotland/budget_sheet.php?country=scotland&time=monthly

LETTER
Date

Creditor Name
Creditor Address



Dear Sir/Madam

Re – Reference No:

Since making that above agreement, my circumstances have changed. I cannot now afford to agreed monthly payments. An explantation for why you cannot pay full payments....

I enclose a Personal Budget sheet which shows my income and outgoings. As you can see I have only £xxx per month left for my creditors. The offers I have made to my creditors have been worked out on a pro-rata basis, and I have written to all my creditors asking them to accept reduced payments. In view of our circumstances, please would you agree to accept a reduced offer of £x per month. If interest or other charges are being added to the account I would be grateful if you would freeze these so that all payments made will reduce what I owe you.

Should my circumstances improve I will contact you again. I would be grateful if you would send a paying-in book to make it easier to pay you or provide me with sort code and account numbers in order for me to arrange a standing order.

Thank you for your assistance. I look forward to hearing from you as soon as possible.


Yours faithfully

Your Name
(No signature)

Good Luck

salirip

Hi Newyorklover
Here is a letter that I was given by a poster on this board that you might find useful as I did.
Date


Dear Sir/Madam
Re:− Account/Reference Number ACC NO

I would like to inform you that I am having difficulties raising the monthly repayment of XXX due to YOUR PERSONAL CIRCUMSTANCES. I am seeking help from [DEBT CHARITY NAME] and intend to shortly produce a statement of affairs / repayment plan.

While I seek advice, can I ask you to suspend enforcement action on this account for at least 28 days, and also charges and interest? I am aware that you have a good reputation for going beyond the Banking Codes minimum requirements to deal sympathetically with individuals in trouble.

Can you also send me any policy documents / information leaflets etc you produce for someone in my circumstances?

Yours Faithfully


XXXX (type don't sign)
You have to be persistent with the credit card companies because they will want to push you into paying as much as they can squeeze out of you. The advice I was given was to not pay more than you can afford and £1 is enough to be regarded as an acceptable "token payment".

good luck

salirip

sorry, my last post was for 98jdougl

98jdougl

cheers folks.