our first steps

Ted_H

we've missed two payments on our nat west credit card and phoned them up to say we will probably be late paying the third. We can only afford the minimum on a 10k balance
They were all very nice about it and said they would send a letter asking for our income and outgoings where they would then send it to a panel to consider what we should pay.
They also say this letter will be followed by two other letters closing the account and another asking for the outstanding amount in full... is this an IVA are we going to loose everything??? Having discussed out income etc over the phone they recon we have a deficit of just over £100 each month in our income ....where do we go next .....

ciderwithrosie_2

No this isn't an IVA, more like a Debt Management Plan. When you submit your incomings and outgoings, be very careful to include everything you spend your money on, bills and commitment wise. I wrote down everything - pocket money, school dinners, bus fares etc. otherwise on paper it looks like you have more disposable income to pay your debt. You're not going to lose everything, they can't take what you haven't got.

How much is the minimum monthly payment? And do you really have £100 left over each month? you don't have to agree with the payment they come up with if you can prove you don't have that much. Have to say, I owed a lot more to Nat West, 2 credit cards and a loan - in the region of £42,000 and they were very accomodating - agreed to my suggested much reduced repayments for over a year until I went for an IVA, they agreed that too. Am just 2 payments from finishing it now.

I suggest you correspond in writing rather than over the phone from now on and keep copies of everything.