Reduced payment Letter template

hunnybee

Hi,

I am in contact with payplan and looking to set up an IVA. My husband and I are unable to meet the minimum payments on our debts this month and payplan have advised us to write to the creditors and offer token payments.

As my husband is changing jobs this month, his final pay is going to be a very small fraction of what he would usually take home, making our ability to meet the payments impossible. All we are able to send this month will be £1, although next month, we should be able to send more.

Does anyone have a template of a letter we can send to our creditors to offer reduced payments? I would rather use something suggested rather that one I've devised myself!

Thank you in advance

303

The National Debtline website has a 'sample letters' section - I would have posted a link but as I'm a newbie here I can't

10past6

Could you complete your SOA so the members can assist with your I&E, also, amend and send the following

Re Account No:− xxxxxxxxx

Since making that above agreement with you, our circumstances have changed.

We cannot now afford to agreed monthly payments because ... [your paragraph added here]

We enclose a Personal Budget sheet which shows our total income from all sources, and our outgoings. As you can see we have only £xxx per month left for our creditors. The offers we have made to our creditors have worked out on a pro−rata basis, and we have written to all our creditors asking them to accept reduced payments.

In view of our circumstances, please would you agree to accept a reduced offer of £xxxx If interest or other charges are being added to the account we would be grateful if you would freeze these so that all payments made will reduce what I owe you.

Should our circumstances improve we will contact you again.

We would be grateful if you would send a paying−in book to make it easier to pay you. Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully

hunnybee

Thank you both for your help, it's much appreciated! I hve posted my SOA but I can't add a link because I'm a newbie! Please feel free to look it up and comment.

With regard to adding my reason for being unable to meet the minimum payment, what should I put? Obviously this month it is because of hubby not taking enough money home, but even the following month we won't be able to make the payment. Should I put something along the lines of having over committed to credit? Basically that's the problem, we have too much debt and can't pay it.

Also, when giving them a copy of my income and expenditure, do I include the information regarding how much I owe other creditors?

Thanks everyone for being so helpful

hunnybee

Sorry, another question! If the debt is just in my name, should I write just from me but include the joint income and expenditure?

hunnybee

Just Bumping!

10past6

hunnybee wrote: »

Sorry, another question! If the debt is just in my name, should I write just from me but include the joint income and expenditure?

No, state 50%, for example gas £100.00 \ 2 = £50.00