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Owe £1900 to a credit since last Sept - advise please?
picklednut
Posts: 102 Forumite
My OH is in the building trade and we've really struggled this year. We have been paying the tax man £500 a month in tax and along with other bills its really hard to meet payments each month. We currently have an outstanding bill of £1900 owed to a building merchants and whilst they have been really supportive in us being able to pay them back I think its coming to be a bit of a crunch time. We've managed to pay £500 back over the last six months but still owe them £1900. We literally have no extra income at the moment to pay them and fear being taken to court. We want to pay them back and have every intention of paying them back but at the moment the tax man and household bills come first.
Once the tax man is paid up in November we could then afford to pay them large lump sums of money to pay off the debt.
If we agree to pay them a certain amount each month would this prevent them from taking more serious action? eg. If we said for the next few months we will pay £100 a month but them increase the payments would the tax is paid off.
Would this sound reasonable? I'm loathed to try and increase our CC limit in order to pay this debt.
Advice please?
Once the tax man is paid up in November we could then afford to pay them large lump sums of money to pay off the debt.
If we agree to pay them a certain amount each month would this prevent them from taking more serious action? eg. If we said for the next few months we will pay £100 a month but them increase the payments would the tax is paid off.
Would this sound reasonable? I'm loathed to try and increase our CC limit in order to pay this debt.
Advice please?
0
Comments
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picklednut wrote: »If we agree to pay them a certain amount each month would this prevent them from taking more serious action? eg. If we said for the next few months we will pay £100 a month but them increase the payments would the tax is paid off.
Would this sound reasonable? I'm loathed to try and increase our CC limit in order to pay this debt.
Advice please?
I think it's a reasonable suggestion.
However, if I was the Builders Merchants I may feel more aggrieved. Especially if you were able to get a CC on 0% but were reluctant for whatever reason.
IF I was in your situation I'd look at getting a 0% CC for purchases then deal with the Builders Merchants with the money that was being put on the CC. Then once the tax man was paid off I'd save towards paying the CC off. - This all assumes you'd qualify for such a deal!0 -
Can you reduce the payments to the taxman by £100 a month?which means you would settle it in december?29th June -Beginning Credit Score 422
£2575
12th July - Credit score 471
22nd August - Credit Score 550 Still very poor just but only just!
Remaining to pay off: £1370.950
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