Halifax/BoS debt management

janeypoo

Hello,

I'm going in to see Halifax soon, to discuss how to sort out an £8k cc debt. Does anyone have any advice, or experience with any arrangements they came to? Ideally I'd like a lower interest rate and structured repayments, more like a personal loan but not sure if this is reasonable.

Thanks

antonic

You may find that the only way to negotiate with them is to enter a formal DMP, with a free provider like PayPlan/Stepchange, Christians Against Poverty, and get them to negotiate with BOS for you.

I have a DMP with Payplan and HBOS are one of my creditors.

Macca83_2

There may be things a bog standard bank advisor can do such as restructure the debt, but they can only do that if your credit rating with them is still in good stead. If the advisor can't do anything they can refer you to money management.

[Deleted User]

They can offer you 0% if you ask. But if you go on to 0%, I think they said to me that they sell the debt after just 6 months.

You don't need a DMP, however I suppose you could call what you are doing a self managed DMP.

I did this by contacting their money management team, the only thing I had to sort out was that I had extra money left over, if I didn't they told me to look for debt management i.e. IVA. So make sure you have some spare money to pay the debt at the reduced rate and don't go in stating you spend more than you earn (even with reduced payment amounts)

I accepted the first offer of 1% interest, then I asked for a lower rate, then I get 0.5%, then I got 0%, then I got scared of a default and paid it off quick!

You can remain on a rate of 0.5% per month for long term I think.

I was on 0% and 0.5% for about 8 months, arrangement to pay shows on credit report. HTH