Negotiating With Creditors - help please!

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

rainman31

Hi, first thing try not to worry too much.

It's good that you rang the NDL for advice as it's the first step to getting some help.

The advice you got was basically a "self managed DMP". If you head over to the DMP thread there are lots of people who will give you loads of advice. you might even see me over there form time to time!

http://forums.moneysavingexpert.com/showthread.html?t=1735087

Good luck

lataniakn

Well that was one option and the other option was to go through a debt management company... he advised Payplan, to do a payment plan with them. So I've just filled in a form to get information from them.... Any advice about that? thanks again!

rainman31

If you head over to the DMP thread it specifically deals with debt management plans using payplan etc...

IMO it will be the best thing you ever do, I'm on one with the CCCS and I'm sorry i didn't do it sooner.

Head on over to the DMP thread and say hello, no one will bite! i promise:rotfl: