Third Party Payments

927

Hi,

This may seem like a silly question but can anyone tell me the best way to make third party payments to my four credit cards. Parents have offered to do this to drop debt below £20k. Can they make online payments to my creditors or do they need to call them and do over the phone?

Thank you

Craig1981

how are you making payments at the moment?

best to call each credit card company whilst with your parents, you go through DPA and then had over to your wonderful parents to make the payments on your behalf

ToxtethO'Grady

online banking is best as you do not have to talk to them, from your parents account and that way it is on record it is a 3rd party payment.


Best to pro-rata the payments so it does not look like a preference and you work it out:
individual debt x surplus / total owed = individual offer
If you pay them all the same amount you may be showing a preference if one of them has a lower balance than the others also if you have other debts apart from the credit cards they should be paid as part of the reduction, that includes arrears on household bills etc

927

Yep, thank you - been through this with the debt advisor at CAB so have worked out pro rata payments. Just wanted to check it was ok for them to make the payment electronically from their bank to the four credit card companies.

Thank you for your help.

927

Craig1981 - token payments standing order for £1 a month. I have £7 surplus on my sfs and all creditors have accepted this payment. I’ve had it hanging over me for years and years and just desperately want it gone now.

Craig1981

927 wrote: »

Craig1981 - token payments standing order for £1 a month. I have £7 surplus on my sfs and all creditors have accepted this payment. I’ve had it hanging over me for years and years and just desperately want it gone now.

if you have the details for online banking, then yes, thats the easiest way to do it. - i was going under assumption that this was not the case.