Hi Newbie here

pendulum44

Hey guys, new to this site and really want to get my debt cleared.

Just after some thoughts,suggestions please.

I'll be taking redundacy soon and should be able to clear the majority of the debt. In the mean time I need to set up as self employed and become established so the last thing I want to do is pay off the debt and then have no backdrop if the job doesn't work out.

We was told by our bank manager that we could put a letter together and write to our creditors asking them to take so much a month until the redundancy comes in and then state that we would be able to give a settlement figure.

Any suggestions? Letters we could use as a template?

Thanks

Tixy

Hi

Have a look here http://forums.moneysavingexpert.com/showpost.php?p=21654579&postcount=50 as a starting point or on the national debtline website (standard letters section).

If you are going to be paying less than the 'normal' monthly repayment for more than a month then you need to be aware that your creditors could notify the credit reference agencies and issue a default notice which will stay on file for 6years. Which will make getting any new credit agreements difficult.
You may be able to negotiate with them to not do this but its possible that they may so something to be aware of.
Also if you owe money to the bank you have a current account with then they are allowed to offset any money in your current account to repay any loan/card arrears etc.

david_hellier

Pay off our debts and sign on. If you do any work inform them each time you sign on.