Advice please guys n gals..

MaxD1976

Hi folks, have known about this site for ages but only now have I used it so I'm hoping someone can offer me some advice..
I know someone has undoubtedly posted something similar but I'd rather ask my own questions relating to my problem in the hope someone can advise me. Not sure how much information you need so gonna give it all...

I have three creditors wanting me to pay back money I owe them. I am willing to offer each £20 per month but do I just send them the money via a payment from my online banking say on 16th of every month?

Do I have to call them first?

I have threats of court etc for them... just want to know if I can offer them that money and be done with it?

Creditors are:
Mortimer Clarke Solicitors (Vanquished credit card) Outstanding balance: £351.30

Lovell Funancial/Solicitors (Capital One credit card)
Outstanding balance: £1182.30

Moorcroft debt recovery
Outstanding balance: £214.50

That's all of them. So, can I negotiate a lesser total balance to pay back with all?
I've heard that this is possible...

I really want to get my head out of the sand but as a full time working single dad to an 11yr old daughter I don't have much spare to pay back.

Just so you know too, I have a steady income now and am managing my money far better now (I generated most of the debt two years ago when I was quite unwell and unable to work).

Any advice would be VERY welcome.
Thanks people
Xxxxxxxxx

sourcrates

Hi,

You just pay them what you can afford to pay them, that's it.

Don't be looking for there approval, you can pay these people either from online banking, or on there individual website, whichever is easier.
Most DCA's will accept what you can afford to pay, if not, they will just keep passing your account round various collectors.

Threats are par for the course, less than 10% of defaulted accounts end up in court.

Heard it 1000 times before, don't worry about it.

National_Debtline

Hi MaxD1976,


You should write/email your creditors to make your offer and attach a SOA to show them how you calculated what you are offering - there is no need to call them. If you have £60per month spare then you should really be making proportional offers. So Lowell would get the most, then Mortimer and the Moorcroft.


If they write back to you and says the offer isn't good enough then you should be firm with them. Don't change the offer just because they have said no - you can only offer what you can afford. Send the money even if they haven't formally accepted it and it is fine to send it via bank transfer if that is easier for you.
All of the organisations that are chasing you at the moment are debt collectors - not bailiffs. They reserve the right to sue you in the county court to get a CCJ.


You could also try and do a lump sum settlement if you have a lump sum available. Again, make sure your offers are fair and proportional. Good luck,


Laura
@natdebtline

Bouncybubbles

Hi Max

If you are struggling to work this out yourself then maybe speak to a debt advisory service such as step-change. I am being managed through them and although my situation is different to yours they have been very helpful good luck!

EssexHebridean

Definitely get yourself a SOA (Statement of Affairs) in place in any event - post it here as well if that helps and people can make suggestions of where you may be able to shave a saving or two to make life more comfortable - sometimes the forum can come up with suggestions that you might not even have thought about!

MaxD1976

Thanks for your responses folks!

Where can I get one of these SOA forms?...

Does anyone also have some kind of template letter I can send them? I really want to get this stuff done this week as beginning to panic now...

Kind regards,

Max

sourcrates

MaxD1976 wrote: »

Thanks for your responses folks!

Where can I get one of these SOA forms?...

Does anyone also have some kind of template letter I can send them? I really want to get this stuff done this week as beginning to panic now...

Kind regards,

Max

Well stop panicking Max, and look on the National Debt line website.
You should find what you need there.

MaxD1976

Just got off the phone to Stepchange - the lady was VERY helpful and Im going to talk to one of their debt advisors in full later today. Thanks guys for your help/advice so far
xxx

fatbelly

Your £60 per month divides as follows:

Mortimer Clarke Solicitors (Vanquished credit card)
Outstanding balance: £351.30
monthly payment 12.05

Lovell Funancial/Solicitors (Capital One credit card)
Outstanding balance: £1182.30
monthly payment 40.58

Moorcroft debt recovery
Outstanding balance: £214.50
monthly payment 7.36

debt cleared in 29/30 months - very reasonable