Studio late payment charges

tibawo

I have been trying to search for information but all the links i have found seem to be old threads or not quite related to my case and i am hoping someone can point me in the right direction.


Basically I am on reduced payments and pay no interest to Studio of £5 per month. Due to the way i am paid ! am sometimes late with payments which i get charged for. Although I can partly understand this is my fault the charge is £10 a time, this means that every time I am late with a payment another two months is added onto when i can clear the amount.


For example is i owed £60, this is a year to pay off but n the worse scenario,if I am late paying then I would get charged £120 meaning that the debt keeps rising not going down.


Where do i go from here? Does anyone know of a similar recent case or letter template to help me sort this?


Thanks in advance

Nasqueron

You're already on a plan where you get no interest charges, are you unable to set aside just £5 given that you know full well the money is due each month? There is no template, you've already got the help the company will offer

Post on the Debt Free Wannabe part of this site for help on saving money

[Deleted User]

Understand that if you continue to be "late" with your payments, the company can choose to close your account and set debt collectors to obtain the outstanding amount. This could lead to a CCJ.

If money is really so tight that you cannot afford to set aside £5 a month, you urgently need to reassess your financial affairs.

Post on the Debt Free Wannabe forum for help and advice regarding paying off your debts.
http://forums.moneysavingexpert.com/forumdisplay.php?f=76