Token Repayments - help?

Limmy

Hi there,

I was wondering if I could get some help, I've tried searching but can't seem to find what I'm looking for.

I am hoping to set up token payments as a temporary measure while I am unemployed.

Could someone give me an example of, or point me in the direction of a template letter to this effect that I can send with a SOA with my intended payment.

Also could you advise me on whether the charges are froze when this is set up?

Anything else I should know? How does this affect my credit rating?


Thanks

Tixy

Hi
Possible template here - http://forums.moneysavingexpert.com/showpost.php?p=21937969&postcount=51
or this one http://forums.moneysavingexpert.com/showpost.php?p=21654579&postcount=49 to send a SoA

You ask for charges/interest to be frozen, some probably will but they don't have to. If its more than 1month it will affect your credit report, if its more than 3months or so its likely to affect it long term (possibly up to 6years, as if they issue a default then thats stays for 6years).

Do you owe your own bank any money? overdraft or credit card or loan? if so then before you send the letter to them open a new bank account with a new bank not connected to any of your creditors and ensure your benefits are being paid in there first.