Advice needed please!

mrscmr

Hello

I would really appreciate some advice. OH and I have a financial situation due to his business going into insovency and this means that until he can find a proper job that we are really stuck with our monthly repayments on cc'd and loans.

My question is this: is it acceptable practice to call your cc companies and say "hello, i have always paid each month but im struggling at the moment and can i pay less for a few months?"

i dont think our situtation will go on for months and months but its really tough. obviously its our own fault that we are in this mess and we are dealing with it.

Thanks if anyone can offer advice.

mrs cmr

CLAPTON

perhps you could clarify a little

are you saying you can't make the minimum payments on the cards and loans?

when you say the business is going in insolency does that mean that either OH or you will become bankrupt?

mrscmr

Hello Clapton thanks for replying...

OH is a fd of a company which is going into insovency - forgive me if i dont know all the info - but it means that we do not have the income from his salary. the insolvency is at the stage where the accountants have recommended insolvency and its moving on to insolvency practitioner. the bankrupcy part - i am unclear of - but hoping this is not the case.

i was looking for advice as to whether it is acceptable to call the credit companies and say we have always paid our cc'd bills never missed etc BUT we are in short term difficulties - can we just pay interest only or a lower monthly payment?

sorry if this is not clear - im bit scared of this part of the forum as i have been posting happily in the debt diary section - but posting here is more serious.

thank you

kkk79_2

Its is perfectly ok to let your lenders know you are having difficulties. In fact, most lenders would prefer being kept in the loop rather than you missing payments and they would rather have a little money coming in than none at all. Call all of them and explain the situation and they should be able to consider your past record of prompt payments. Some of them may not want to listen but keep insisting and keep a clear record of who you speak to and when. If you can't the customer service people to reason with you, then write letters to their crdit control departments and keep copies. This is just so if they get really nasty and start putting pressure on you, you can positively prove you tried all means to reason with them. Hopefully it won't get to that stage.

mrscmr

thank you kkk79 - i was hoping that it might be possible. i will make some phone calls now.

runmichellerun

mrscmr wrote: »

thank you kkk79 - i was hoping that it might be possible. i will make some phone calls now.

Let us know how you get on

mrscmr

thanks yes i will!

CLAPTON

Just to say...

You can call or write to the companies and ask them to allow token payments (say £5) and ask them to suspend interest and charges due to your unemployment / change in circumstances ..suggest for ask for 6 months while you sort things out.

However be aware this may be recorded on your credit reports. If the debts are in OH's name and he's a FD then make sure he understands whether will adversely affect his future employment.

difficult to give advice without the full facts...

mrscmr

thanks clapton.. thats exactly what i hope to do. infact 95% of the cc'd are in my name and thats fine! we have to keep our heads down and concentration on debt

dfh

I would say put things down in writing and keep copies of all correspondence.Good luck.

KonkyWonky

Its refreshing to actually see someone with financial difficulties actually wanting to repay there debt. Most people are asking for ways to wangle out of repaying the debt they knowingly took on.

It certainly won't be held against you by contacting your lender, they will probably appreciate it. They might ask for further financial info before they take any decision, depends on the lender I guess.

Sorry to hear of your problems and hopefully it all works out well for you!!