What do you all think?

so84

Hi guys and girls,

Thanks for your advice a few weeks ago.

Since then I defaulted one payment on my HBOS card as it was my biggest debt and the highest interest. I called them to say I cannot afford my £130 min payment and offered £70 the woman said no love you need to default a payment before we can do a DMP.

So I defaulted and sent the letter template I found from here somewhere with a budget sheet.

Within one week I have received a letter to say they are only asking for £21 a month for 6 months with the interest frozen.

What do I do with the spare £50 should I keep it to pay them after the 6 month and keep some money back or should I pay it off another credit card to reduce that too?

I was considering defaulting on my Virgin (MBNA) card at the end of this month and send them the same letter and see if they freeze the interest too then i will have more money to clear my other cards whilst these ones are frozen.....

Advice will be appreciated, please dont be mean to me - ive had my lbm and I am sorting myself out - I have come this far already in two weeks.

Also I have a big PPI claim with egg at the moment - IF a big IF i get this cheque I want to learn to make full and final offers, but I do understand you need to default with the credit card first before they let you make and F& F am I right?

dazla

so84 wrote: »

Hi guys and girls,

Thanks for your advice a few weeks ago.

Since then I defaulted one payment on my HBOS card as it was my biggest debt and the highest interest. I called them to say I cannot afford my £130 min payment and offered £70 the woman said no love you need to default a payment before we can do a DMP.

So I defaulted and sent the letter template I found from here somewhere with a budget sheet.

Within one week I have received a letter to say they are only asking for £21 a month for 6 months with the interest frozen.

What do I do with the spare £50 should I keep it to pay them after the 6 month and keep some money back or should I pay it off another credit card to reduce that too?

I was considering defaulting on my Virgin (MBNA) card at the end of this month and send them the same letter and see if they freeze the interest too then i will have more money to clear my other cards whilst these ones are frozen.....

Advice will be appreciated, please dont be mean to me - ive had my lbm and I am sorting myself out - I have come this far already in two weeks.

Also I have a big PPI claim with egg at the moment - IF a big IF i get this cheque I want to learn to make full and final offers, but I do understand you need to default with the credit card first before they let you make and F& F am I right?

I also have an HBOS card which I can't afford to make the min payment on, thoI just sent them £1 and the letter template to say am in difficulties. I may do what you did then, default first and hope they reduce the mim payment level. it seems you have achieved a result with them, I hope I do too

so84

yeah i defaulted last month, and then felt guilty so paid them £40 as a token - only to find out token payments are ment to to be £1!! haha

Good luck - I just defaulted one payment sent the letter off with a budget sheet and they agreed. Im worried they wont all be like that.

Im just thinking should i do this for all my credit cards???

each month I am on this plan with them is that leaving a default mark on my credit file each month? Will I now have no credit rating for 6 years???