Token payments

bella2121

I have a number of credit card debts and have been in payment plans for a number of years with no problems' last month due to me being on maternity leave and my partner being off work sick we have missed these payments and it is likely we will miss the next due payment also,by the following month we should be back on track and able to make the payments again. So what I'm asking is the best course of action as the threatening letters have started.

I was considering writing to them all explaining the circumstances and enclosing a cheque for a token payment? How much would you guys suggest and also is this the best course of action.

Thanks for your time

Tixy

That is a good way forward if it is just a problem for a couple of months, it is in effect that same thing that you would do if on a management debt manegement plan.
As to the size of the token payment I'd say £5 per creditor if you can afford it, if not £1 a creditor.

bella2121

Thanks it will definitely only be for these few months, I'm back at work now and my oh isn't sick anymore thank goodness.

I'm going to get my letters written and sent today, I can't face ringing these companies it's not good for my stress levels I always end up in tears

sourcrates

bella2121 wrote: »

Thanks it will definitely only be for these few months, I'm back at work now and my oh isn't sick anymore thank goodness.

I'm going to get my letters written and sent today, I can't face ringing these companies it's not good for my stress levels I always end up in tears

Always do it in writing, never, ever ring these people, if it can be avoided, you will find if you write and explain your situation, they will be ok about it, guidance from government now expects lenders to be more aware of customers financial situations, it may not stop the automated letters and phone calls though, but you can safely ignore them.

bella2121

Thank you, I'm not going to ring them, I've written a letter basically saying that my partner has been sick and I've been on mat leave so have therefore had a reduced income, I have enclosed a token payment cheque to show I am still committed to making payments towards the account and hopefully within 6-8 weeks I should be in a position to recommence agreed payments but I will contact them as soon as this is possible,

Does that sound ok?

sourcrates

bella2121 wrote: »

Thank you, I'm not going to ring them, I've written a letter basically saying that my partner has been sick and I've been on mat leave so have therefore had a reduced income, I have enclosed a token payment cheque to show I am still committed to making payments towards the account and hopefully within 6-8 weeks I should be in a position to recommence agreed payments but I will contact them as soon as this is possible,

Does that sound ok?

Yep, sound fine to me, that's all you need to do. :T

Lensman_2

A token payment is £1. Spend the rest on rent, utilities and food.

Your letter(s) outlining your changed circumstances should conclude that you require all communication to be by letter only from now on.

You will be being treated unfairly if they do not respect this change in circumstance.

harveybobbles

How old are these debts and do they appear on your CRA?

Karen777

bella2121 wrote: »

Thank you, I'm not going to ring them, I've written a letter basically saying that my partner has been sick and I've been on mat leave so have therefore had a reduced income, I have enclosed a token payment cheque to show I am still committed to making payments towards the account and hopefully within 6-8 weeks I should be in a position to recommence agreed payments but I will contact them as soon as this is possible,

Does that sound ok?

I think that sounds like a good plan.

fatbelly

National Debtline have a sample letter

https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Token-payments-or-no-offer-of-payment-%28sole-names%29.aspx