Help, Letter to creditors

Worried_Girl

I hope you can help. My husband and I have large unsecured debts (Around £50K jointly). We have a reasonable income after priority debts however we are only managing to make minimum payments (just) and therefore making no inroads to debt.

We have an appointment with Money advisor at the beginning of August to discuss Debt Arrangement Scheme (DAS). We are in Scotland. This month we are really struggling and I won't be able to meet all minimum repayments. I was going to send a letter to all our creditors explaining that I will pay 50% of the minimum payment this month and ask them to hold any action on account as we are taking advice.

Is this a good idea? Should I be doing anything else? Will it affect the likelyhood of DAS being accepted if we don't meet minimum repayments this month?

Any help greatly appreciated, and if anyone has any ideas on how to word a letter to creditors that would be a great help.

Thanks

Tixy

Hi

A potential starting template letter you could use is here - you'd need to change it to say how much you want to offer.
http://forums.moneysavingexpert.com/showpost.php?p=21937969&postcount=51

I would probably check with whoever is advising you on your DAS that is okay to send this type of letter though (I would imagine it is but don't know enough about the scottish system or DAS).

Worried_Girl

Thank for that, it's a great help! I've sent off letters today and made token payments to each creditor. Roll on 11th August when I meet Money Advisor.

I want to get the ball rolling and open new bank accounts for my husband and I which aren't affiliated to any current creditors but i''m not sure where to begin! This is a list of creditors, does anyone have any ideas who we can open an account with?

Creditors:

Barclaycard, Bank of Scotland, Virgin, Mint, Egg, RBS, Santander, Lloyds TSB. We currently bank with RBS but we have credit card and overdraft debts with them.

Thanks in advance for any advice!

DNW_2

Worried Girl, your creditor list looks pretty similar to mine and we opted for a co op basic bank account as they seemed one of the few who weren't linked to one of our creditors.


These links should help:

http://www.moneysavingexpert.com/savings/safe-savings#whatcounts
http://www.fsa.gov.uk/pages/consumerinformation/uk_groups/index.shtml