Help and Advice Needed

CAR248

Hi,

I am in the process of preparing letters and statements of income and expenditure to send to my creditors. I was just looking for some advice/experiences people have had when making payment offers to creditors. I am really worried that what I am going to offer then is too low compared to the level of debt.

I hope that my situation will change and it will only be shortish term that the offers are low. My income is currently the only one in the household (its me and my fiance). I have been on reduced pay for the last 8 months. My fiance is starting a new business and we are hopeful that this will bring in some decent income but it will take time for that.

Any help, advice, thoughts greatly received, I am going out of my mind with worry.

Thanks in anticipation.

true27

Hi Car!

I know its easy to say, but try not to worry. We're in a really similar situation, only one small income but I keep telling myself they can't have what we haven't got! I currently pay £1 a month to each of my creditors and no, they're not happy about it, I get letters and they ring, but I've been consistent with them and things are starting to quieten down. Have you contacted CCCS or CAB or similar? Perhaps run through the CCCS Debt Remedy on their website, then you can mention that you've received advice from the CCCS and the mention of their name might hold a little more sway.

I hope that helps and/or reassures somewhat - please keep posting and reading, this site is a fantastic resource of information and support

pure_dead_dopey

Hi Car

I reiterate everything True says, the banks are a law unto themselves and its really difficult to judge what they will say in advance but you are trying to sort it out and you are being honest with them and they can't have what you haven't got. Just make sure that you pay all the essential priority bills first and the debt can have what's left. The CCCS debt remedy is great for working out what goes where and they are great people, really helpful and not in the least judgemental. Keep posting cos we are all here for the longhaul and it helps to talk.

Tixy

Hi Car

As the others have said the creditors will probably say to start that the offers are too low. But as long as you are offering all you can afford based on a 'reasonable' income & expenditure (ie that the expenditure is not excessive) then really there is little else you can do. Make sure you treat all creditors equally (so pro-rata the total amount you pay based on the balance owed to each creditor).

Just keep re-iterating to them you cannot afford anymore, and try not to be bullied by them.

Good luck.

wheezy57

I agree with everything that has been said. You have to find the help that suits you the best. It can just take someone being straight talking but sympathetic and you feel like youve really shared your problem. Coz I didnt face up to it for so long and I know I am in for the long haul but getting it all out into the open is like soooo good. Banks are thieves and robbers and that just about says it all. We can live without credit but it just means shedding a few things that we have got used to - on credit. I knew when I was in trouble when I paid for my council tax on a credit card let along insurances, food and utility bills. In other words I am still paying for my heating for three years ago.....

CAR248

Thank you all so much for your responses.

I am just so scared about the whole thing, worried that these creditors could make me bankrupt, lose my house (although no arrears on mortgage and all payments on time and up to date) get debt collectors to my house etc.

CAR248

Sorry, I have another question:-

I have a few credit cards which are now in arrears (just by a month, I had paid everything up to date and on time until recently). Will arrears on an account have any effect on whether a payment proposal is accepted?

Thanks.

Tixy

Shouldn't do Car

(well actually it might but in a good way - if you are not in arrears they sometimes tell you to wait until you are before trying to come to an arrangement - bonkers hey!)