Want rid of the Millstones!!

spacemonkeypg

Hi all,

We are not new to the forums but are new to posting so here goes. I decided I've had enough of burying my head in the sand and so I set to work gathering our paperwork and looking through our credit records.

Between us we owe about £6k to 9 different companies (one of them a £4k credit card debt).

We have done the National Debtlines budget sheet and are going to send it off to the various debtors today in the post along with an offer of payment. We estimate to be debt free by my 30th birthday next August. In the interim I intend to save some money aside each month (as much as I can) and then when the debts get smaller I can pay them off one by one.

The only thing that worries me is that the budget planner has worked out our monthly payments to be around £10 each - that really is all we can afford to pay - but I wondered if the companies will accept that or just reject it and pursue it through the courts? Has anyone had any success with offering to make small payments to debtors?

The other thing I was wondering is how long settled debts stay on the credit record - I have two settled debts from 2001 which are still showing.

Thanks guys,
Tess & Phil

Jesscat

Settled debts show for 6 years!!

spacemonkeypg

Oh boo, 6 years is just plain silly, it was a £13 catalogue bill that went over by one month, and now it shows there for six years!!

Annie_Fanny

Hey spacemonkeypg

It would be really helpful if you posted up your Statement of Affairs (SOA) which is basically a list of your incomings and outgoings with a list of your debts. We may be able to help you claw some cash back! A link on how to do an SOA is here:
http://forums.moneysavingexpert.com/showthread.html?t=107280

Good luck!

Annie
Xx

livinginhope

spacemonkeypg wrote:

The only thing that worries me is that the budget planner has worked out our monthly payments to be around £10 each - that really is all we can afford to pay - but I wondered if the companies will accept that or just reject it and pursue it through the courts? Has anyone had any success with offering to make small payments to debtors?

Morning Tess and Phil,don't worry about offering small payments,if National Debtline have sorted your SOA and think that is all you can pay,then creditors will normally accept.It really isn't in the creditors interest to take it to court because the court normally agree with your offer.
As Annie says post an SOA and see if someone can help.