Assessment due to being unable to pay?

mafitman

I'm not sure if this is in the right forum, so apologies if it isn't!

I've recently lost my job and am currently serving my notice out. I'm currently trying to communicate with my CC Companies to advise them that I'm not going to be able to make the payments this month (or any other month) as I don't have a job, but instead of coming to agreement with a reduced payment, they're telling me I need to advise them of what my income will be, so they can run a full assessment and come up with a repayment plan...and they can't accept offers without knowing what my income will be.

At present, I am unable to pay due to lack of cash so they're telling me to wait for the collections department to get in touch and then they will do the assessment after that.

Is that right?

themull1

Yes, they will want to know what, if any benefits you will receive after you finish work. you may still have to make a token payment, speak to the Citizens Advice if you're not sure.

mafitman

Thanks, the system is a joke!

You don't appear to be able to speak to the credit companies to ask them to freeze the account and make a token payment.

They seem to actively encourage you to go into arrears and then introduce their money management or assessment units, who then offer advice for customers in financial difficulty which can include secured or non secured long term loans!

All I want to do is freeze the accounts, and make a payment of some sort, so I don't end up losing my record !!!!!!!

What a joke...

Hax

mafitman wrote: »

All I want to do is freeze the accounts, and make a payment of some sort, so I don't end up losing my record !!!!!!!

What a joke...

Without wanting to sound harsh as I know this is a hard time for you - but your situation is exactly the reason they sell their insurance policies. It would be highly unfair on those who have paid money for their policies only for you to receive the same benefit without having paid the insurance premiums. Preserving your credit record is not going to be possible - late payment markers are inevitable.

It is generally the case that banks, etc will only provide help once the account is in arrears - possibly only once it has been passed to the debt collection department (or external agency).

In my experience, loans are not offered to those in difficulties, but repayment plans and interest being frozen are - but only when difficulty has been demonstrated.

I would suggest you have a look on the debt free wannabe board and consider contacting one of the free debt help charities such as CCCS.

paulmcerlean

The above post is completely accurate - all of your credit cards will have offered you insurance at sign up to protect your payments (and credit file) in a situation where you could not work or have a job.

By forfeiting this you are saying you will be able to pay, job or not, which is why they have no sympathy.

bengal-stripe

mafitman wrote: »

...and they can't accept offers without knowing what my income will be.

mafitman wrote: »

....to ask them to freeze the account and make a token payment.....All I want to do is freeze the accounts, and make a payment of some sort, so I don't end up losing my record !!!!!!!

Why should they take your word, without any proof? - You could be telling porkies, couldn't you!

opinions4u

I've recently lost my job and am currently serving my notice out

I assume you get paid for this?

Whichever route you take, it's unlikely you're going to be able to protect your credit rating unless another income appears in the immediate future.

It is quite reasonable for them to establish an income and expenditure assessment of your circumstances before agreeing to a token payment.

It works both ways as well - they cannot insist on you paying your credit card ahead of your mortgage (repossession risk) or council tax (fine or prison risk).

Tell them the situation. Document the date, the response you get and who provided that response. Take it from there.

It ain't their fault you're in this position. But it's reasonable that they understand what you can truly afford to pay before agreeing to let you make token payments.

Good luck with the job hunt.