debt management plan, please read

crazyguy

most of the debts I have are and have been froze ie : catalouges and the likes so the bigger debts of wich are a bank loan and overdraft did keep adding up so when I was in a position to make the offer I looked back at the first amount owed as opposed to the latest statement on the said loan and it was approx £5000.00 in total, after nearer side of 2 years had gone up to nearer £6000.00 so I offered £1000.00 as total payment and after a bit of bartering got them to accept £1200.00, now if you are with almost any of the debt managment companys they will all state that the interest is frozen, in most case this is not and lets say you have 10 creditors in all only about half will agree to freeze the amount owed.

Its just a case for me anyway to look at the creditors I still owe to and the ones who still have interest mounting up on are going to be settled sooner than those without it mounting up.

GOLFER

All my debts are credit cards and loans, so probably no chance of freezing interest with them.

I was wondering if you wrote to all ur creditors and did u have to give them details of income and expenditure before they agreed to reduced payents.

I was hoping to write to the CC for reduced payments and finish the loans, then pay off CC's. Do you know if I offered to ransfer the debt into a loan with reduced payment terms they would accept that.

thanks again

crazyguy

GOLFER wrote: »

All my debts are credit cards and loans, so probably no chance of freezing interest with them.

I was wondering if you wrote to all ur creditors and did u have to give them details of income and expenditure before they agreed to reduced payents.

I was hoping to write to the CC for reduced payments and finish the loans, then pay off CC's. Do you know if I offered to ransfer the debt into a loan with reduced payment terms they would accept that.

thanks again

Golfer,

It depends on all your circumstances ie: income/ outgoings and total amount owed,

In my case I asked the bank the bank for a consoldation loan and was refused so then took the route as explained.

Lets say you owe out 15k across 3 debtors bank and 2 cc's if you fail to get a consolodation loan then perhaps look into what I did, you should note that every company that you owe to will treat cases differently some will be ok and accept a reduced payment while some may kick up a fuss but I also listed all my debtors on my initial letter and stated that I would only go ahead with a payment plan if they all inturn agreed to smaller payments for the forseeable future and wether it was a case of being lucky or just upfront they did agree.

This may work for you and as long as you are not overly concerned with your credit file then give it a go.

massey_2

Hi
just thought i would let you know what i did, i wrote to each creditor and sent them a list of all my creditors and an expenditure summary of all my out goings and asked each creditor if they would accept a token payment of betweem £5 - £20 pound a month and i will review it in 6 months the ones that i owed more to i payed them the £20 and the other 0thers £5 because they may turn round and say it should be par rota. i have been doing this now since 2009 and all the creditors are happy no phone calls from them but make sure that you keep updating them with the expendure list and a list of creditors and the amounts and they should accept.
some may pass them to a debt collection agency but just continue paying them what you paid the other company.

shanikang

Hi

I have just finished work now and read all the posts, thank you to you all for the advice, i am definately not going to go ahead with it.
In fact i am going to ring them now and let them know.
I am too gullible for my own good and tend to believe everything i am told.
If it weren't for you guys i would have been stitched up for 11 years.

THANK YOU :j