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Payday Mess

edited 30 November -1 at 1:00AM in Loans
32 replies 4.5K views


  • HaxHax Forumite
    890 Posts
    It's better to make some payment rather than none at all - otherwise, it looks like you're avoiding the debt completely.

    As for them continuing to add interest, regardless of you sending them a payment, they're likely to do that up until the point you get your agreement with them in place - so at least your interim payments will help to keep the total debt down a little.

    As I said previously, be aware that in many cases, negotiations will not be entered into until the account is in default and even then, sometimes not until is has been passed to a DCA. This doesn't always happen - but you need to consider this.

    As Jamesd said above: Just make the payments you can afford and keep supplying them with you offer letter with each payment.
    My posts are my own opinions based on my experiences and info gathered from sites such as this.
    They are not a substitute for professional financial advice - but you knew that already didn't you? ;)
    VSP 2011 - Member #25 - Started 6th December 2010 - Total As Of 4th May 2011 (21 weeks in!) - £323.67/£500 - So far so good!
  • paddyrgpaddyrg Forumite
    13.5K Posts
    On the other hand, £20/month for Sky may come across a bit soft when there is perfectly decent free TV. And I would personally want to apply that £240/yr against loans at four-figure interest rates - it will probably save you a huge amount in future interest! When I was in a slightly similar (but much less drastic) position my princess and I bought a sack of potatoes and went into hyper-frugal mode, dumping the car, etc. Since then I have only ever earned (admittedly pitiful) interest, not paid it, and we are no longer on a tatties and kwiksave diet!
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