token payment question-and some more questions

daraya

hi,
I was reading MSE for a while now and only today decided to register.
Me and my partner have around £31K debt between us (cards and overdraft). We are self employed and business is not doing good at the moment so we can not afford to pay anything to cc companies.
We got advice from CCCS and last week I sent letters along with budget and token payment of £1. Since that only Barclay was calling me and when I answered and try to explain the situation I was told that they haven't received any letter not budget from me. Funny enough they accepted payment which I can see on my online statement and I sent it in the same letter...
I will be posting another letter later on today and I will make it recorded.

I am really surprised other companies are not trying to contact me...Maybe they are pretending they haven't received letters like Barclay...I remember missing payments and having phone calls after phone calls...

Can anybody tell me how long it could take before they stop charging interest and adding to our debt?

Any advice will be appreciated.

Hannah_10

Barclays were plain lying on the phone, your bank statements prove it, so ignore them. It's why we say not to deal on the phone- creditors lie so much that it's almost weird if they don't. Read this >> https://forums.moneysavingexpert.com/discussion/2719675

Sending all your token payments recorded is the way to go. You could even point out that recorded post is costing you 72p a time (or whatever it is now) and if they'd let you set up a standing order you would have 72p more to pay them.

How long before they stop adding interest is unanswerable. It varies with the creditor and the individual debtor. You can write and ask for the interest to be stopped, you will find a template letter for this on National Debtlines website.

Tixy

If you only sent the token payments last week then there is probably still time for them to decide to start phoning you etc. It might be that until the end of the month you being behind with payments doesn't actually get flagged by their computers etc.

You might find one or 2 creditors will agree to stop interest almost instantly, some might after a couple of months, some might write to you to ask for further info or proof of income etc (which you don't have to provide) and some might decide to continue to charge it ongoing. Its impossible to predict really. As you are self-employed I'd half expect it to take a bit longer for them to agree/accept your financial statement but thats a guess rather than anything more.

If you do find you are getting a lot of calls there are letters you can send to ask for all communication to be in writing.

daraya

Hannah, thank you for your reply.
I asked all of them in the letters to consider stopping interest and charges so lets see what happen.
Thanks for the link too.

daraya

Thank you Tixy for reply.

I have just received letter from Natwest. It says that before my offer of payment is consider, a default notice will be issued and that their Debt Recovery office will contact me shortly to talk about repayment proposal.They will continue to add interest until payment proposal is accepted.

What should I expect now from them?What will they ask me? Is it better to talk to them or or ignore?

daraya

Tixy wrote: »

some might write to you to ask for further info or proof of income etc (which you don't have to provide)

So Santander asked for income/bank statement. Tixy, what do you mean saying that I don't have to provide it? What do I need to write to them now?
Is there any other post about similar problem?
Thank you

daraya

just wanted to add update
First cc (natwest)agreed on token payment for 6 months with revue after that.When I send them first letter with token payment they haven't charge late payment fee only interest but that stopped to.
Few more to go...