Can I reduce my card payments

pandaman_2

HELP PLEASE:

I will lay my cards on the table so to speak I need some good advice on which way to turn.

1. I do not live in the UK anymore I live half way round the world and will not be returning to the UK I do all my banking on line.

2. I am retired and my Pension is paid into a UK bank and I do all my banking online.

3 I am still meeting my card payments at the moment with the exception of one. (lloyds platinum) only just dropped into arrears.

Okay here is my income Pension 1237 per month.

Now the outgoings.

1. Egg card 6000 137 mnth
2. lloyds as above 15000 331 mnth
3. mbna gold card 13300 181 mnth
4. barclay card 2500 54mnth
5. Northern rock loan 8000 134 mnth

The only one I have defaulted on by one month is lloyds.(Where I made a partial payment) But I have sent lloyds a letter asking them if they can freeze the interest and let me make a reduced payment.

As you can see this does not leave me with much to cover outgoings with my new life on the otherside of the world.

I have no savings or assets only my Pension

Pandaman



Can you friends on here help.

Snaggles

Difficult one because you're not UK resident - what are the APR's on your cards and what are the credit limits? Is there any scope to transfer balances around to get the majority of your balances on the lowest limits? Can you ring the credit card companies and ask if it's possible to reduce the APR? (I know some people on these forums have tried this and had some success). Are you able to work out an SOA with rough sterling equivalents so we can try and make suggestions for areas that savings could be made? (Might be tricky with you living abroad but worth a try?).

Sorry, I'm not being much help but at least it will bump your thread back up to the top so hopefully others can make suggestions.

pandaman_2

thanks snagglepuss I will prepare outgoings I have already sent these to lloyds. and post it tomorrow. I am meeting payments but extremely tight now a little arrears with lloyds.

There is no leeway for moving moneys about.


pandaman

pandaman_2

Up-Date:

Income 1237

All credit patments equate to 854 pounds per month.

Other outgoings in the Country I live in total in Stirling 155 ponds per month

Total o/g 1009 pounds

left 224 pounds.

MBNA have reduced my APR thats better

Egg say no to APR reduction

Barclays say no to SPR reduction

lloyds are not being co-ooperative I will write to them again they have not disscussed my previous communication at all.

I have a wife and baby on the way.

Things will get better I am determined 4 previous UK marriages have not helped my financial situation at all, its not the end of the world.

But forums like this help you see the way.

MARTIN LEWIS MAY GOD THANK YOU FOR THIS SITE

I am new here and need some support in what to do

Pandaman

joolz43

If you don't think you are coming back to the UK, perhaps you should just work out an amount of money you can afford to pay each creditor each month and then stick to that payment. If the debt is unsecured then no one can actually take anything from you, and they are hardly like to come after you are they?

You say you have a pension, is there any scope for part time work?

Snaggles

Found a link for you with some info from Payplan about UK debts when you live abroad - try here

Never posted a link before so bear with me if it doesn't work first time !

Edit - Oooh, it seems to work! So it may be worth speaking to Payplan or CCCS as it seems they may still be able to help even if you are not living in UK. Good luck xx

pandaman_2

joolz43

THis ideally is what I want to do, but not sure if they make attachment to my pension, and of course they will just keep adding charges, but despite credit agreements surely if you are making the effort to pay what can they do?
I am on a Retirement Visa so I am not allowed to work where I live

Thanks Julie

Pandaman

pandaman_2

Snagglepuss wrote:

Found a link for you with some info from Payplan about UK debts when you live abroad - try here

Never posted a link before so bear with me if it doesn't work first time !

Edit - Oooh, it seems to work! So it may be worth speaking to Payplan or CCCS as it seems they may still be able to help even if you are not living in UK. Good luck xx

[Found that link Snagglepuss looking at it now, what a headache this all causes. Iam 57 now and still messing around with my finances wish I had never made certain mistakes in my life but there you go.]

Thank again xx

Pandaman

pandaman_2

Hope some of you will find my results so far useful or interesting.

I have had a reply from LLoyds Platinum Card. Balance owing 15000 monthly payment 331. I sent them a letter outlining all my Creditors and expenses bearing in mind I live outside the UK now, and explaining I have only my Pension to live on with no assests.

The reply was very good they have excepted my proposal of 100 per month on a repayment plan to be re-viewed in 6 months also they have frozen charges and interest. Stipulation make the payments each month.

I have now sent the same letter to all my other Creditors not wanting to give any creditor preferential treatment. The equation is pick your largest creditor first decide on payment you can afford. divide this percentage int your others creditors monthly payments ( ie as i did 330 divide by 3.3 =100 ) so on and so forth)

more up-date soon

Pandaman

Wonder_Girl

You should defiantly give CCCS or Payplan a call, We (CCCS) have many clients who live aboard. It’s just as easy to set up really.

A DMP would make things a lot easier for you, we would deal with the creditors and you would only have to make 1 payment.

Good luck

WG xx