Asing creditors to reduce monthly payment?

etheridge

Hi Guys / Girls
First Hello I’m new to the forum.

I’ve a question about my monthly payment to my credit card(s) and load creditors.
My wife and myself have quite a lot of debt, we are currently able to pay them all okay.

However, we are now expecting a baby and she will have to reduce her days at work… also we are currently living rent free but this will go upto £400.

On the basis there will be no way to pay our debts in full each month.

Do you know if it is possible to call / write to the providers and ask them if it is possible to make a lower monthly payment.

I know there are IVA’s and other debt plans however I’m keen not to go down this route.

I would really gratefully receive any advice on this matter.

Cheers!
Jase.

Lucy1982_2

I guess you can ask. Explain your situation and state that it will only be until your wife goes back to work.

The worst they can do is say no and you have to go through a debt management plan. It's worth a shot.

But I'm sure someone else will be along to offer some more advice.

angelavdavis

Hi and welcome to DFW!

Probably the best bet is to start by digging out all your paperwork and doing a statement of affairs. This allows you to see all your incomings/outgoings and by posting it up on here, the good folks here will add their advice as to where you could be reducing your expenses.

You will also need to find out information such as the aprs, terms of loans, whether you can overpay loans, etc.

See Southernscousers post for newbies for more info.

You can send a letter to the creditors, but unless you are fully aware of how much you can afford to offer, it is a bit risky offering before you have worked through your outgoings (and intended outgoings once OH goes on maternity leave and baby comes)