can you really just offer £1?

annie46abbie

Hi a few months back i told everyone about the fact we were in severe financial difficulties and were considering going bankrupt. After a lengthy discussion we decided to change our mortgage to interest only for 6 months. We are still very short.

The reason we are behind with all our secondary bills...i.e capital one,catalogues etc. Some of them i am upto date with but capital one are harassing me. i told them i only had £11 in my bank to get my little ones nappies and he told me i had to pay him i promptly swore very loudly and hung up.
I spoke to CCCS and they told me to write to me creditors and offer to pay them £1. Can you actually do that and do they have to accept,also how long can you pay them £1 for? The CCCS worked out we get £1800 a month in but with £2100 going out you can see the mess we are in.

Any help greatly appreciated,as i am 5 months pregnant and losing sleep about it. My ,mortgage is uotp date my council tax is behind but they are being very helpful so it is just the stupid credit i owe to.NEVER AGAIN!

Many thanks

pepe2008

Yes, you can only offer to pay what you have got. That even stands up in Court.

However you need to be aware that you have a property and that may be seen as an opportunity for a Creditor to make you agree to higher repayments than you can afford by making threats against it.

But as long as you keep the Mortgage up to date there is little any Creditor will try to do as it is v expensive for them to take such action.

Dont be tempted by an IVA no matter how hard it is sold to you, they are not the solution to all your problems.......not by a long way!!! They help in a very small number of cases.

Be honest with your Creditors, put them in the picture completely. Tell them 'I am doing all I can to repay my debts in a manner which is fair to evryone concerned.When my situation improves then I can increase my repayments, in the meantime it would be in everyones interest to stop making any charges to the Account...etc'.

Any probs, come on here and we'll help.

annie46abbie

pepe2008 wrote: »

Yes, you can only offer to pay what you have got. That even stands up in Court.

However you need to be aware that you have a property and that may be seen as an opportunity for a Creditor to make you agree to higher repayments than you can afford by making threats against it.

But as long as you keep the Mortgage up to date there is little any Creditor will try to do as it is v expensive for them to take such action.

Dont be tempted by an IVA no matter how hard it is sold to you, they are not the solution to all your problems.......not by a long way!!! They help in a very small number of cases.

Be honest with your Creditors, put them in the picture completely. Tell them 'I am doing all I can to repay my debts in a manner which is fair to evryone concerned.When my situation improves then I can increase my repayments, in the meantime it would be in everyones interest to stop making any charges to the Account...etc'.

Any probs, come on here and we'll help.

Thank you for your quick reply, it's not even that we are that much in debt,it's just the monthly repayments we cannot afford to make.as if we were to pay everything we have no money left to live on and the worst thing is when my 4 year old comes to me and says mummy when you have some money can we do this that and the other. I feel like i am letting them down so badly x