sending letters to creditors advice please?

littlepinkstars44

Ok i have found the templete letter online for this letter, and changed it about a bit. I am planning to send it to all my creditors and i just wanted some opinions to make sure it sounds ok first before i print a bunch of them out!

Dear Sir/Madam
Re Account No:

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

I cannot now afford to agreed monthly payments because I am a full time student, and during summer my student loan stops. At the moment I am only receiving 9 hours a week in work, and this will not be increased anytime soon. I am looking for a second job, but so far have been unsuccessful in finding one.

I enclose a Personal Budget sheet which shows my total income from all sources, and the total outgoings.
As you can see I have no money left to make offers of payment to my creditors.
In view of my circumstances, would you please accept no payment at present to be reviewed in September when university starts back, and i will be in receipt of my student loan again.

If interest or other charges are being added to the account, I would be grateful if you would freeze these so my debt does not increase.
Should my circumstances improve before September I will contact you again.
Thank you for your assistance. I look forward to hearing from you as soon as possible.
Yours faithfully
Also i am trying to find addresses for Kays and Additions Catalogues if anyone knows them, i'd be very grateful! Thanks

Fire_Fox

I don't think I'd mention the student loan - it is intended to last you the full 52 weeks, but given to you in term time in case you have accomodation to pay for. You are expected to budget for the summer months ...

Are you behind in any payments yet? If not you will have a good credit rating and it would be a shame to mark it in this manner. Do you have a student overdraft? If not could you use this to make the payments?

littlepinkstars44

Fire_Fox wrote: »

I don't think I'd mention the student loan - it is intended to last you the full 52 weeks, but given to you in term time in case you have accomodation to pay for. You are expected to budget for the summer months ...

Are you behind in any payments yet? If not you will have a good credit rating and it would be a shame to mark it in this manner. Do you have a student overdraft? If not could you use this to make the payments?

My two student overdrafts have been maxed out for the past 2 years. I am not behind on payments just now, but have been in the past and my credit rate is terrible because of this, so thats why i want to get it sorted before fall behind again

littlepinkstars44

I have printed out 3 letters to send, i have 5 major creditors at the moment, but will see how i get on with the first three first.

But sadly i have no stamps! Or money to buy stamps
Knew this was too good to be true! lol

Fire_Fox

Why aren't you offering £1 token payments? Where is the money from the nine hours a week being spent?

littlepinkstars44

Fire_Fox wrote: »

Why aren't you offering £1 token payments? Where is the money from the nine hours a week being spent?

Sorry, what are token payments?

I have an SOA posted a few pages back i think.
I make £216 just now a month, £150 for rent, £35 for mobile then there is bus fare etc

Fire_Fox

You can't just elect to not pay your monthly payments. You must be seen to be making an effort - you have income so you should make token payments, a sign that you are willing but unable to pay the full amount.

littlepinkstars44

what are token payments though?