Asking non priorities to take less ££

muppetscotland

Having had a 20% pay cut over the last 12 months (am in oil industry so lucky to have work at all), I need to ask my creditors to accept lower payments/freeze interest and charges.

I am planning on ask if they will accept payments of half the requested monthly amount. This is to credit cards held with Creation and RBos and loans with RBoS.

Can anyone advise how likely they are to accept this size of reduction? I have done BusinessDebtLine budget form to support my request.

With thanks

sourcrates

Hi,


There's no certain way of knowing how they'll react, all you can do is inform them of what your going to pay them, then do it.


If they don't like it, I suspect they will sell on the accounts, and you would just pay the new owner.


They cant have what you haven't got, so they either accept it, or they don't and they sell it on, either way, it wont affect what you pay.

January2015

As long as you are making a payment and even if debt sold on you are not likely to face any legal action - even if you only make token payments for a while.

What is likely to happen is that your credit file will be marked AP (arrangement to pay) or similar. This could affect your chance of obtaining credit in future (or at least obtaining credit at good rates). However, that said - you are on a forum where most of us never want credit again so what happens to our credit files in terms of markers does not bother us. In fact, I would go so far as to say many of us actively seeks default markers on our credit files as quickly as possible.

pennystretcher

How much do you have on CCs and what is the interest rate on them?

Worth looking here if you can reduce the interest to start with:
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#longestdeals