Abbeyloan help

monday_blues

hi guys, please help me. I have an Abbeyloan as well as credit cards from IF, Barclaycard and Nationwide. The abbeyloan was always my priority as it is a really low interest rate of 6.9% and as my mortgage with them too, I wanted somehow to protect my name with Santander. However, I approached them for money advice as really struggling and they are non too helpful, given that they flung the money at us initially! Anyway.... I am not on a DMP but may need to, can I somehow maintain monthly payments on the loan but arrange a dmp payment on the cards (I know not fair but the loan due to expire in 2 years which would free up £320 per month and really help get on an even keel again). I phoned them a while back to ask if I could lengthen the loan term but they said they cant even discuss really until you are in arrears, which is what i wanted to avoid at all costs!!! - So, how do I get them to agree to lengthen the term which would perhaps avoid dmp, or do i just write to the other companies i.e. credit cards and ask them to reduce interest/reduce min payments, refund late payment fees, and just continue with my £320 Abbeyloan/Santander, in the hope that I can continue for 2 years and then that will give some relief??? Please help, cant see the wood for the trees????

pauletruth

i doubt the other companies would be very impressed by that idea. the normal idea is to clear the highest intrest accounts first. you could ask for payment holidays. or ask for the loan to be stuck onto your morgage.

CHR15

Nothing to stop you writing to any of them offering whatever you like.
They will all ask for some kind of SOA from you though so will see the other creditors.

Talk to someone like CCCS first though before plunging for a DMP - you have to be serious about clearing debt so a jog into the DFW board would help.

They can help you (through their own experiences) by cutting down on non essentials. Live like a miser and drrag yourself out, or eliminate yourself from ever getting sensible credit again after DMP (well, the forseeable anyway).