Asking to make Lower Repayments?

Mistybreeze

Hi all,

I was made redundant after taking out a loan from a bank. I was unemployed for a year, and despite my attempting to offer said bank a small payment each month (as my only income was benefits), they refused, and continued to ask for an amount I couldn't pay.

Anyway, my debt was finally passed on to a Solicitor, who threatened to take me to Court. I've finally recently gotten a new job, and panicking at the thought of a CCJ (I have good credit history otherwise), I rushed to make an agreement to pay off my remaining loan, agreeing to pay too much each month.

Would the solicitor consider a smaller amount if I offered it? I have to be completely honest here; I can afford the amount I offered, but I'm looking to move, and I need to save up the initial Deposit/First month rent, and it would be very helpful if I could pay less than what I first offered.

Thanks for any help.

Tixy

Whilst you were unemployed then you could have made smaller payments at that point and sent proof it was all you could have afforded (the could have defaulted you and possibly even taken you to court but the judge would not have insisted you paid anymore than you could afford - which is often just £5 per month for someone on benefits).

However now that you can afford the amount you have offered you are probably unlikely to get a solicitor/DCA to agree to take any less. Repayment of debts should take priority over savings.

Instead to earn some money to put into saving towards a deposit for your new home you might want to check out the 'Up your income' board here on the forum. A lot of people earn a bit extra each month using a variety of tips from there (such as completing online surveys/reviews, selling unwanted items, mystery shopping, doing 'daily clicks' etc etc)