Account termination letter... What now. Help!!!! Please

National_Debtline

Hi

As the others have said, you should let your creditors know that you are having financial difficulties and are going to take some advice. There is a ‘hold action’ letter here you can use:

www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx

Make sure you don’t use a bank or building society account with any creditor you have a debt with if you’re in arrears, otherwise there’s a risk they could take money from the account.

Overall it’s best to contact an independent advice agency for full advice on your options. Stepchange is a good suggestion or you’re welcome to call National Debtline.

James
@natdebtline

fishfinger1

National_Debtline wrote: »

Hi

As the others have said, you should let your creditors know that you are having financial difficulties and are going to take some advice. There is a ‘hold action’ letter here you can use:

www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx

Make sure you don’t use a bank or building society account with any creditor you have a debt with if you’re in arrears, otherwise there’s a risk they could take money from the account.

Overall it’s best to contact an independent advice agency for full advice on your options. Stepchange is a good suggestion or you’re welcome to call National Debtline.

James
@natdebtline

Thankyou, thankfully I don't have any debt with my bank other than my overdraft which is in limits, all my debts are on credit cards, which I really need to get sorted out 1 way or another

fishfinger1

TheDebtinator wrote: »

Phone Stepchange first, and do it ASAP. Talk to them about all of your debts. They are best placed to help and advise you.

thanks I will do that now, really need to get this mess sorted out, nothing but stress

fishfinger1

Fairyfingers wrote: »

I put off a DMP for about a year but it really has been a god sent Stepchange didn't judge or patronise me, I got breathing room because as soon as you tell the predators your with stepchange (or who ever else) they put things on hold. You can make token payments for a few months to save for emergencies then pay within a budget, Please read the DMP support thread. Take the leap I wish I'd done it years ago.

thanks for your reassurance, ive been putting all this off for weeks, its done nothing but stress me out

TheDebtinator

RE debts with bank. If any of your credit cards are with your actual bank, they will take whatever they can from your account.

heartbreak_star

It means they will continue to send letters for a while and then either try for a CCJ or pass it to a debt collection company who will then send you more letters.

Definitely get in touch with them, I am sure they're rather get their cash back it small regular amounts than not at all. Good luck!

EDIT: Cross-posted! Great advice above!

HBS x

Stevie_Palimo

You don't need to use nosy parkers are us and or any other debt reduction Company or charity, It is very simple to do and all need is a SOA and write to all your creditors with this attached to an offer to pay x amount that is suitable and affordable to you.

Any debt charity or Company that takes this over from you will want the full in's and out's of everything you do right down to the times you go to the toilet and what shoe size you are, Just helped a good friend out by doing the above and he is in full control of managing his debts with agreed repayment structures in place.

TheDebtinator

Stevie_Palimo wrote: »

You don't need to use nosy parkers are us and or any other debt reduction Company or charity, It is very simple to do and all need is a SOA and write to all your creditors with this attached to an offer to pay x amount that is suitable and affordable to you.

Any debt charity or Company that takes this over from you will want the full in's and out's of everything you do right down to the times you go to the toilet and what shoe size you are, Just helped a good friend out by doing the above and he is in full control of managing his debts with agreed repayment structures in place.

Which is also what I did, however there is nothing wrong with speaking to the likes of Stepchange for free advice. Also, not everyone is able to do this themselves, as you aptly demonstrated. If the OP isn't as fortunate as your friend to have someone like yourself, then their best option is to speak with someone like Stepchange.

fishfinger1

TheDebtinator wrote: »

RE debts with bank. If any of your credit cards are with your actual bank, they will take whatever they can from your account.

I have no debt with my actual bank other than my overdraft which is within limits

fishfinger1

heartbreak_star wrote: »

It means they will continue to send letters for a while and then either try for a CCJ or pass it to a debt collection company who will then send you more letters.

Definitely get in touch with them, I am sure they're rather get their cash back it small regular amounts than not at all. Good luck!

EDIT: Cross-posted! Great advice above!




HBS x

thanks ive just literally posted my letter off to them informing them im seeking advice hopefully that will fend them off for a while