SOA completed. Desperately Need help on letter

xe0n

Hi guys.

After a very depressive weekend we have worked out our fincncial situation. To the tune of a deficit of -£840.04 Clearly we need to grab this by the horns and get it under control.

Now my immediate worry is TWO payday loans.

QuickQuid (They want 10 monthly payments of £179 to settle) I CANT afford this, and they sent me a SOA form to which I have answered honestly. Do you think they would accept a min payment of c.£10 / c.£20 until we are back on our feet?

PoundsToPocket (They want 10 monthly payments of £122 to settle) again same as above I cant afford. Could I make a min offer?

I have typed this letter to include with the Statement of affairs that is due to be sent to, both payday lenders AND council tax office.

Any advice is very much appreciated as today is deadline day for sending this in.

[QUOTE:

To whom concerned

Please find the attached Statement of Affairs as requested.

This is a covering letter to accompany the SOA document. Please note our current financial situation is in limbo at the moment due to my partner being signed off sick from work and subsequently relying on a statutory sick pay to the sum of £370per month as compared to her usual £1100 per month. This has caused us severe financial stress that I am trying to come to an arrangement plan for the coming months whilst my wife is off work.

Also this month we were faced with large costs associated with our eldest son (5 years old) starting school for the first time so without any aid we needed to supply c.£250 worth of uniforms etc. This would have been fine but unfortunately the unexpected news of my wife’s health and work situation has meant we have paid bills, uniform costs etc and now are faced with the rest of the month with no financial backing nor house hold supplies.

I am due to contact the Citizens advice burro as once the end of this week (as of 09/09/13) I will no longer be able to commute to work nor have the funds to feed my family.

We are in the process of initially applying for any additional benefits to help top up our house hold income, however this may take up to 8 weeks for final figures to come through.

Finally, I have been put on strong medication currently to help deal with the stress of our financial situation that has started to take a detrimental effect on my mental health. It is of most importance to minimize this as my work is being directly affected with any days taken off a large deduction in my month salary which indirectly causes us to slip further into financial problems.

I am asking to make a sensible payment arrangement plan to see through the coming months whilst our financial situation is worked on. As can be seen from the Statement of Affairs we have a monthly deficit of (MINUS: £840.04) and that is not including payment plans for Electric/Council tax which is currently being negotiated.

To be able to work out a payment structure to all my creditors I need to make a minimum payment offer per month of a figure of no more than £20 until our financial situation improves, again this will still leave our household with a large deficit, however to service the debt I can make the above offer at present.

Please contact me (Via Email OR letter) to discuss this further and any documentation to prove the current medical situation/financial situation can be supplied. Due to my anxiety problems talking on the phone with aggressive collections departments could compromise any negotiations to the current situation.

Kind Regards,
Mr XXXX XXXXXXXXX

sharp82

Have you spoke with stepchange or payplan yet?

Do so before sending that letter. They will give you a reference number, and the PDL companies should accept this and halt proceedings until a payment plan is set up.

Wonga wanted £120ish when I tried to set one up with them. They now receive £11

xe0n

sharp82 wrote: »

Have you spoke with stepchange or payplan yet?

Do so before sending that letter. They will give you a reference number, and the PDL companies should accept this and halt proceedings until a payment plan is set up.

Wonga wanted £120ish when I tried to set one up with them. They now receive £11

I couldn't get round to calling Stepchange over the weekend, was very busy rushing about everywhere the joys. I can call them tonight, but then the SOA forms will be One day late?, I am worried they may penalize us even further when we already are flat broke.

worried48

I don't see that you can even afford to pay them £20. Make toekn payments of £1 a month. They are not priority debts. They will rant and rave but there's nothing more they can do. If they take you to court, you still won't be able to pay.

You need to maximise your income, that's clear. Is there anything else you can do and are all beneftis being claimed?

sharp82

xe0n wrote: »

I couldn't get round to calling Stepchange over the weekend, was very busy rushing about everywhere the joys. I can call them tonight, but then the SOA forms will be One day late?, I am worried they may penalize us even further when we already are flat broke.

I wouldnt worry to much about the forms being late. Perhaps give them a call, or drop them an email explaining that you are discussing with stepchange/payplan and you will contact them further depending on what stepchange/payplan advise.

They wont like it, because they know they will be getting less than they have asked for. Not much they can do. As the poster above mentioned, send them a token payment too. £1 is the usual.

Stepchange have a debt remedy tool on their website. Fill that in (and be honest) and it will advise on the best route of action - DMP, IVA, DRO or Bankruptcy

Also post your SOA up here. People will be able to check it over before submitting

xe0n

sharp82 wrote: »

I wouldnt worry to much about the forms being late. Perhaps give them a call, or drop them an email explaining that you are discussing with stepchange/payplan and you will contact them further depending on what stepchange/payplan advise.

They wont like it, because they know they will be getting less than they have asked for. Not much they can do. As the poster above mentioned, send them a token payment too. £1 is the usual.

Stepchange have a debt remedy tool on their website. Fill that in (and be honest) and it will advise on the best route of action - DMP, IVA, DRO or Bankruptcy

Also post your SOA up here. People will be able to check it over before submitting

Okidoki, will do. The thing is, what is this going to do "long term" to my rating?, obviously its pretty shot with the last year or so missing payments here and there etc but myself and my wife would be looking to get onto the property ladder in the next 5 years or so.

I know they say its only "6" years but is that REALLY true?, I just dont want to screw myself over long term, however until I can grab this beast under control its going to continue spiraling until its over 10k worth of debts which at present its not thankfully.

I will type up my SOA later this evening and post up. My version at present is hand written for scanning over to the company's.

xe0n

OK so took on your guys advice and contacted StepChange. WOW they are really helpful!, The lady was very understanding and went through all the finances with me on the phone to arrange for the debt advisor to contact me next week on Tuesday (apparently they are inundated with people across the UK in similar situations!) IF only the dam government listened to these charities and did something to stop people being extorted! (then again the poor tories who are boardmembers for the likes of Payday loan companies wouldn’t be happy!)

They gave me a reference number to give over to debtors that will let them know to put things on hold until I have sought the advice.

HOWEVER, the council tax DO NOT CARE, they are the most rude unhelpful people I have EVER dealt with. They speak to you on the phone like absolute rubbish when at the end of the day they are glorified PUBLIC SERVANTS who are frankly overpaid with too many perks and also seem to have a requirement for a heart of stone.

ANYWAY, they sent me another SOA form, this has been completed and they said we will write to you in the next couple of weeks…. Not really helpful given we are sinking by the day financially. Even the flaming loan companies showed high levels of empahy. Proves the world we live in lol.

So I will keep things updated, I am super ontop of the figures now and can pin point to the T how much is owed to who. I have been living in Excel putting together payment structures and calculation templates to help in the future and even started using an expense calculating app on my android devices that is updated daily to the spreadsheet.

How much I want Tuesday to hurry up!, need to get things set in stone for our monies ASAP.