We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
re-negotiating payments
Atlantique
Posts: 1 Newbie
Dear All,
I have a three debts (one credit card, one personal loan and one which is a managed loan account combining an original loan and a credit card with the same bank - HSBC). The total is about £35,000 (yes, I know!) The two non-HSBC debts have been sold on to Blair Oliver. I am meeting the negotiated payments and interest has been frozen. My mortgage and another secured loan are all up to date and I have no other debt and a reasonably high income. I would say I am just about making ends meet. Every 6 months or so I receive a letter from the two non-HSBC debts asking if I can increase my payments which I've done a couple of times. I'm paying about 10% of the debts monthly split roughly equally between the 3 creditors. I know that in April my monthly income will drop by about £350-£400 per month as I've been on a protected salary which will come to an end. Do people think I can renegotiate the payments back down? Are there any other options? Thanks so much for your advice. This is my first post!
I have a three debts (one credit card, one personal loan and one which is a managed loan account combining an original loan and a credit card with the same bank - HSBC). The total is about £35,000 (yes, I know!) The two non-HSBC debts have been sold on to Blair Oliver. I am meeting the negotiated payments and interest has been frozen. My mortgage and another secured loan are all up to date and I have no other debt and a reasonably high income. I would say I am just about making ends meet. Every 6 months or so I receive a letter from the two non-HSBC debts asking if I can increase my payments which I've done a couple of times. I'm paying about 10% of the debts monthly split roughly equally between the 3 creditors. I know that in April my monthly income will drop by about £350-£400 per month as I've been on a protected salary which will come to an end. Do people think I can renegotiate the payments back down? Are there any other options? Thanks so much for your advice. This is my first post!
0
Comments
-
I am dealing with Blair Oliver for a debt and I would have to say that they are accommodating as long as you are paying. I would give them a call and explain that your wages are going to drop and ask if they would accept reduced payments. The worst they can say is no, but it is best to be proactive and not reactive and get in touch with them before the event so that you are prepared.
Good luck!LBM - August 2008 - Debts then - £33390 :eek:- 2nd LBM - November 2009 - Debts then - £18500:mad:
Current debt levels: OD £3860, Loan 1 £6091, Loan 2 £5052, Parents £260, Total £16133 :eek: As at 01 May 2012 - 51.69% paid off :j
Aiming for a No Spend Christmas 2012!0 -
I haven't been in this position but have found BOS pretty helpful to be honest.
It might also be worth talking to one of the debt charities like CCCS or Payplan, just to see the best apporach to take.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.8K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 245.9K Work, Benefits & Business
- 602K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards