Can i reduce payments on payment plan????

magoogy

Im really struggling at the moment and have a few catalogues i have a payment plan to pay odd amounts on a month....one at £7, one at £5 and a couple at £6......I am wondering if i could claw back a few quid by asking if i can reduce my payments and make all of them say £3 a month....I would explain I was making all my debts the same offer and would they accept it??????

is there any chance do you reckon????

On another subject the one loan i have with lloyds which im paying at £5 a month has just asked me to increase payments even though ive been making them all on time...can they do that?????

thanks

Tixy

Then can ask you to increase at any time. Just like you can ask to decrease your payments at any time.

You need to show them that your offers are fair (in terms of treating each creditor equally) and that you are paying all you can reasonable afford (and not spending on luxuries for example)

Have you at any point sent them an income and expenditure account?

To treat creditors fairly you either need to pro-rata the amount of the payments based on the balance you owe, or if you are only making token payments then all payments should be the same.

magoogy

thanks hun...yes, i sent them an income/expenditure form but, my income is being reduced now due to my son moving out and i dont get his board any more.....ive been trying to make it work but im struggling....i wish i did have luxuries but no chance......

Numpty_Monkey

If you put your figures in the SOA calc it can work out a "pro rata" payment offer

What about getting a lodger in?;)

Tixy

If you send a revised income & expenditure that shows that you no longer have his income then you could tell them you are having to decrease your payments to all your creditors, 'until your circumstances improve'

magoogy

thanks for your replies all...numpty - gosh, no way would i have a lodger lol - its bad enough living with those you know and their oddities pmsl.....im looking forward to having the 'spare room' to declutter my bedroom then my hubby can have more space ......(hes disabled so the extra space will be a godsend)....

thanks....