temporary payments..how long can this go on?

summerstreetallotments

Good Morning
I am just about to offer temporary payments to the people I owe money to...how long will they accept this? I'm on disability benefits now...but am likely to have the amount of money that I receive reduced soon and then I'll be on basic benefits...so I'll have a much lower income...I'll look for work but I cant see my income ever improving..my debts are just a few pounds over £15,000 and...yes...I do feel terrible and guilty..

Thanks x

fermi

Do you have property with equity, or do you rent?

Honestly, if you are on long term disability or have no reasonable prospect of paying these back on anything other than token payments, then it might be worth looking into bankruptcy or a DRO.

Have you talked to CAB, CCCS, National Debtline for an opinion?

However, some people go for a very long time on token payments, especially if it's very clear that creditors would achieve nothing by taking further measures.

Hannah_10

The short answer is - forever.

Although it would be unusual for temporary payments to go on indefinately, if someones circumstances mean that another option does not become available then the temporary payments would continue.

I kind of got the impression reading that you were affraid someone would say "right well you've had 2 years, we now want £100 a month for each creditor". That's not the way it is, in case you were worried. No one can have what you don't have and if your SOA shows that only temporary payments are truly possible then no court in the country will ever order you to pay more.

summerstreetallotments

Thanks...it's a huge worry isn't it? We rent here...housing association so we are aware that we may lose the tenancy if the Government decides to change the "accommodation for life" bit...yes I'm scared of the rate being increased to a level that I cant pay...not sure about Bankruptcy as it is harsh and people aren't allowed a penny these days,,..thanks x

Hannah_10

You wont lose the tennncy if the government changes the home for life bit unless you are on a high income, which from what you've told us is not the case at all.

Are you sure bankruptcy is harsh? A lot of people say it isn't. Have you actually looked into that? We have a board all about it if you wanted to pop next door and ask some people who are living it right now.