Temparey reduced monthly payment stopped

k_moor25

Today I recieved a letter from sygma Bank regarding my account and have told me they have stopped the tempary monthly payment and they are wanting me to pay the normal monthly payment from my next statment.

Please can you advise me what to do as the normal monthly payment will be about £80-100 pound

Tixy

How had the temporary reduced payments come about so far?
Did you write to them to say you couldn't meet your monthly payments? did you ask to pay reduced payments or just reduced payments for a temporary period? have you sent them an income & expenditure statement at any point?

Assuming you can still not afford your repayments I would probably write to them to explain your financial circumstances have not changed and that you are still only able to afford £X per month towards this debt, then keep making your payments you can afford.

k_moor25

They gave me 6 months to sort myself out but still cant meet the normal payments, and they have told me normal payment and conditions will efect from next month. I was paying them £35.00 but looks like they will not acept that.

Tixy

Is this the only debt you are paying reduced amounts on?
Did you ever provide an income & expenditure to demonstrate you couldn't afford your full repayments?

If you cannot afford them then whether they like it or not you should pay what you can afford. What some of the CC companies do is give a period of time on reduced payments without entering a default on your credit file. It may be that if you continue to pay reduced payments they will issue a default notice and enter a default on your credit file.

k_moor25

I have been on a Debt Managment plan for 3 years now and had to put that debt onto my plan this year. I have about 6-7 creditors and they have acepted my reduced paymnets for 3 years now. This debt is the only one that will not acept reduced payments and reduce intrest. I sent them a income & expenditure sheet 5 months ago and they acepted the payment for a period of 6 months.