Paying off a loan

satchboogie_2

Hi i think i need some help, i have had some health problems for a couple of yrs and had a loan before my problems started, which i payed without fail every month, when my health deteriorated i was forced out of work. I missed a few mths payment then sought advice @ CAB , they advised me to get in touch with CCCS which i did and am paying back the £1 a mnth, now here's the problem, i have been lucky enough to win £1000 on a scratch card(1st one i ever bought) lucky sod :j. Now can i phone the creditors and try and do a deal with them (i owe £1600) to see if they'll take £1000 and call it quits, or carry on paying them £1 a mnth , and then pay off some bills..

just need some good advice really.

thanks

tara1082

satchboogie wrote: »

Hi i think i need some help, i have had some health problems for a couple of yrs and had a loan before my problems started, which i payed without fail every month, when my health deteriorated i was forced out of work. I missed a few mths payment then sought advice @ CAB , they advised me to get in touch with CCCS which i did and am paying back the £1 a mnth, now here's the problem, i have been lucky enough to win £1000 on a scratch card(1st one i ever bought) lucky sod :j. Now can i phone the creditors and try and do a deal with them (i owe £1600) to see if they'll take £1000 and call it quits, or carry on paying them £1 a mnth , and then pay off some bills..

just need some good advice really.

thanks

First congrats on winning. But if you cant afford your debts then spending money gambling on scratchcards is not so good.
I owuld ask for a full and final settlement from your creditors in writing! and then pay them off.

DCFC79

You can ask them but they dont have to accept. Id do it in writing if it were me.

Tixy

If you are considering a full & final settlement it worth nothing unless you get it in writing from the creditor/debt collector that your payment will be accepted in full & final settlement.

National debtline has a useful factsheet on full & final offers, and a template letter you can adapt.

satchboogie_2

thanks tixy for the help..

Slowhand

You can also pay the £1000 towards your debt and continue to pay £1/month until you pay off what you owe.

bigadaj

Slowhand wrote: »

You can also pay the £1000 towards your debt and continue to pay £1/month until you pay off what you owe.

Not the best suggestion, this scenario would leave you debt free In Fifty years, with a trashed credit record for at least another six years.

jonesMUFCforever

Winning a grand on your first and only scratchcard - pull the other one please!

satchboogie_2

Thought this board was for help not to doubt what people post..Or to insinuate they are liars.:mad:

jonesMUFCforever wrote: »

Winning a grand on your first and only scratchcard - pull the other one please!

jonesMUFCforever

I don't believe you, but good luck in paying all of your debts not a portion of them.

dealer_wins

If I were in your situation with (Im assuming) ongoing long term health issues, I would keep paying the £1 a month and use the £1000 as an emergency fund and for essentials.