Going it alone?

trevorsminted

You went into unauthorised overdraft "due to circumstances beyond your control"??? thats a new one!

AndreaE

Back in January I could no longer afford the minimum payments on my credit cards. I cancelled the direct debits and wrote to each of the four CC companies saying that due to a change in my circumstances I could no longer afford to pay.

They all started phoning me and I couldn't face speaking to them at that point. After a couple of weeks I knew I needed to face up to the situation so as each of them rang me, I did the very thing the good people here advise against (with good reason) and I spoke to them about my financial situation.

All of them were very nice to me. Over the phone I went through with them my outgoings and income details which showed I had £x leftover at the end of the month.

All of them froze interest immediately and agreed to accept £x each month with x being a percentage of my 'spare' money - the percentage being their percentage of my total debt - for example available money £100, their percentage of my total debt 40%, they accepted £40.

After 6 months, one of them made me a good offer to settle (they were just about to pass it to a DCA) and my dad, bless him, saw it for the good opportunity it was and paid it off for me.

One of them passed me on to a debt collection agency after 6 months and the DCA agreed to continue with the same monthly payment I had previously been paying the CC co.

The other two remain unchanged.

I am very glad I went this route. It means that my credit rating is now appalling but at least I pretty much make ends meet nowadays.

Andrea

little_miss_T

trevorsminted wrote: »

You went into unauthorised overdraft "due to circumstances beyond your control"??? thats a new one!

What happened to MSE forums being non judgemental?? I think that was a bit harsh!! The circumstances beyond my control were that I lost my job, and some DDs failed which led to charges that we couldn't afford to cover so went over overdraft.

This was not about me anyway, I was just advising that the natwest may not be as helpful and why... So Trevorsminted, maybe you should not be posting on a forum like this if you have such critical view on what people do ( cos some people on here are in worse financial situations than me, and were all trying to help eachother)

saltnvinegar

trevorsminted wrote: »

I am relatively new finally asked a question about my credit card and got a reply saying check my credit card FAQ's on their website?? obviously i had done this prior but since then have found the certain person that replied is sarcastic in his answers in general and a bit of a know all on the credit card forum so i am not taking it personal but yes i would imagine not nice if you come on for support to be met with unhelpful comments

I think Trevorsminted has forgotten this post they made not such a long time ago......

me123

Homershairdo wrote: »

Hi me123

Have the banks said anything about the impact to your credit rating, or whether they will mark it as a missed payment / default?

Thanks!

H

Hi homer!
Bank didn't say anything about them. I'm not sure if it would show as a default as I'm paying them? The lady on the phone did say I would be in arrears afterwards. Have to call back end of December and they will advise what else they can do for me if circumstances change. Went better than I thought!

mtd-142128

Hi
Can anyone suggest a draft letter please as I would like to change from my DMP to a DIY one but still paying the same payment figures
I'm just not sure how to word it
Thanks
mtd

winner12

Hi
Try National Debt Line they have loads of template letters you can utilise I self manage mine its hard work but still battling with Capital One after a year so be prepared