Advice please

Dickens66

Hello

I need to pay the minium repayments on my loan and credit card for a few months.

Can you please tell me the best way to do this without incuring high charges.

I have done this in the past with them - due to ill health - but they are not always easy to communicate with

Regards

P.S - sorry if this thread is in the wrong place

Nottoobadyet

Do you meant minimum payments or token payments?

Dickens66

Nottoobadyet wrote: »

Do you meant minimum payments or token payments?

Ahhh - now sorry to be naive. What is the differnce please?

lvm

Minimum payments are the minimum amounts the company expect you to pay (and is perfectly fine to do).

Token payments are when you can't afford the minimum payments and send them a "goodwill" reduced payment. They are likely to make it as a late payment on your credit file. Some companies have even been known to issue defaults after a few months of them!

Mrs_Arcanum

Write to them immediately stating you are having financial problems at the moment. Include a statement of means with a sensible budget showing how much you can actually afford to pay each accordingly. Then wait & see if they are OK with this.

Interest "might" be frozen for 6 months or so.

Dickens66

Thank you all - I will write to them now

dancingfairy

I think the National Debtline website has factsheets and sample letters and things which you may find helpful.
df
Edit: Link here: http://www.nationaldebtline.co.uk/england_wales/