Need advice reg. Isme catalogue debt

AcertainMonk

Hi all,

I'm not too sure if this is the correct place to post this (hope so!) but I couldn't find a 'catalogue' sub-forum, this seemed most relevant.

I have a few Buy Now Pay Laters' which are due to be activated on my Isme account within the next few months ahead and am greatly concerned that I will not be able to afford them.

I've been with them for about 5 years now and have always paid above the minimum, not once have I missed a payment. As it stands my minimum payment is about £85 per month.

I'm making every effort to clear as much of these B.N.P.L's before they are added to my account but due to a change in circumstances I am struggling to clear them entirely.

By about the end of September, I expect my minimum payment to shoot up within the region of £300 and there is simply no way I will be able to afford that. In fact the most I will be able to afford at that point is about £50 per month.

What I would like to know is would it be best for me to call them, explain my situation and make my offer of £50 until my circumstances have improved (come March of 2014 I will have far more surplus income and will be able to start repaying above the minimum each month. Or... Should I contact Payplan and see if they can negotiate with Isme/Shop Direct, get them to freeze interest and consider my offer until March?

I'd sincerely appreciate any advice and again, sorry if this in the wrong forum.

Many thanks

Tixy

Hi and welcome, this is the right place.

You could try to set up a reduced repayment plan with them yourself. If its for a fairly short period of time (say up to 6m) they may be willing to agree to this and not enter a default on your credit file, but to mark as an arrangement to pay instead.

If you do contact them by phone then I would either follow it up with a letter, or ask them to write to you to confirm whatever they have agreed. Its best to keep a paper trail.

If they say they cannot set up an agreement without seeing an income & expenditure account, or are unwilling to set up an agreement by phone then contact one of the debt advice charities or payplan.

AcertainMonk

Hi there,

Thanks very much for your response.

Yes I've seen people mention that it is best to keep a paper trail, therefore I think i'll record the call itself and back that up with a letter. My concern is what will happen if they refuse my offer, worse still if I go on to Payplan and they refuse them too.

Thanks again

sharp82

If they reject payplan, chances are they will send it a debt collector who are more willing to accept payment plans (or so payplan have told me!)