Negotiating With Creditors

lataniakn

I recently left my partner 3 weeks ago and where he used to pay a few of the bills I am left with a bit dent in my budget. After working everything out in a budget sheet I am -£75 in the doodoo. So before I sink into bad debt I've just rung National Debt Helpline who advised me to write to all of my creditors and give them an offer of what I can pay them a month.

Now this totally scares me as he started talking about 'if the courts and baliffs get involved' blah blah. I've never missed any payments with anything in my life and the whole prospect of court action just fills me with dread.

I went through everything on the phone with the guy at National Debt Helpline who worked out that i could afford to offer each of my 3 creditors 1/3 of what I pay them now. Where i did pay them all £174, I'd be paying them just £60 - spread.

This to me sounds like they would probably turn me down, obviously i dont know til i try, but was wondering if anyone has done the same thing and had a good or bad result from this. I think I'd rather struggle with little food and heating than face possible court action. This is all rather new to me!

I initially rang them to enquire about a DRO but he advised me against this and try for this action instead.

Thanks!

ps and sorry if i'm in the wrong forum

Rafter

try the debt free wannabe board - the fact you have taken advice ads weight to your offer but you will be 'defaulting' on your credit agreements and find it difficult to get any loans or credit cards until you are back on track.

You probably did it with debtline, but worth filling out a 'statement of affairs' and posting it on the debt free board to see if you can get any other tips about how to reduce your costs or increase your income.

Good luck

R.

http://www.makesenseofcards.com/soacalc.html