YNAB...ing my way to freedom!

FootyFanDan

Another one in the avoiding Halfords at all costs column.  My experience they always seem to be finding stuff, whether this is a common theme with all mainstream garages I don’t know.  

SuperFrank88

FootyFanDan said:

Another one in the avoiding Halfords at all costs column.  My experience they always seem to be finding stuff, whether this is a common theme with all mainstream garages I don’t know.  

Hi Dan,

That's interesting because your situation back in November was one of the reasons why I was a bit wary of going to the smaller garages  I will do some research and check out local garages.  

FootyFanDan

Haha, having researched a bit more I think some of the issues with that garage was he wanted to put me off coz of the amount of work needed would have meant he would possibly need to miss out on other work. Hope you manage to sort

SuperFrank88

Morning all,
Just checking in as I didn't post yesterday. Things are all good at the moment. We have had new orders in at work so it is all systems go again. I am still on my own and I think my colleagues will be on furlough until the start of March. Keeps me busy but I do miss the chit chat (hate the word banter) with the boys. 
So this morning I have had a reply from my last creditor to default me. I asked them to close the account so that I could start making my payment offer this month. They replied with this....

"In regards to your query, we can only set a payment plan up for a maximum of 6 months, however if you require longer we are able to reset this once the current plan has been completed, we will need to review your circumstances and check affordability."

I don't know what to do?? I don't trust them that in 6 months time they will let me carry on with my payment offer and continue to stop interest/fees being added to my balance which would effectively wipe out any progress i make in these first 6 months of payments. What do you think? Should I just go for it and hope that they let me carry on in 6 months time, or do I dig my heels in and wait for them to default, which I have read that they don't tend to, and risk more interest being added?? Would appreciate any opinions.

I have also found a local mechanic that is a good friend & neighbour of my OH's mum, so I have just asked for a quote from him for my full service & MOT due end of Feb. 

Sarahwithlove

If they aren't likely to default you then I think you have no choice but to go with the payment plan. Hopefully in 6 months time they agree to extend it. Is there any way you can save along side it to maybe make it your main focus to pay off first? 

SuperFrank88

Sarahwithlove said:

If they aren't likely to default you then I think you have no choice but to go with the payment plan. Hopefully in 6 months time they agree to extend it. Is there any way you can save along side it to maybe make it your main focus to pay off first? 

Hmm I really don't like the idea of them being in control. The whole reason why I defaulted on all my other accounts and went self managed was so that everything was on my terms. To go against that now for this one creditor and risk them going back on their word in 6 months time and undoing all my work over the last year seems a big risk, but on the flip side if I don't set up the plan and go with what they say then they could just keep adding interest so the balance increases which will ultimately put me deeper in the hole anyway! So I think you're right, I will set it up today and hope that they stick to it in 6 months time. Hopefully if they see that I am willing to make payments, albeit a third of my contractual payment then they may offer me a F&F settlement. 

FootyFanDan

I think it is probably wise to setup the payment plan, although I do see your reluctance as you have been in control of every other situation creditor wise and there seems to be only this one kicking a fuss. I don't like the fact they could add more interest though and that is only going to cause you long term loss. I would say providing that is affordable its worth payment plan with the hope that they do play ball and stick to agreeing to the review. You have done fantastic to be in such a good place as you are now so I wouldn't let them throw you off course too much.

SuperFrank88

FootyFanDan said:

I think it is probably wise to setup the payment plan, although I do see your reluctance as you have been in control of every other situation creditor wise and there seems to be only this one kicking a fuss. I don't like the fact they could add more interest though and that is only going to cause you long term loss. I would say providing that is affordable its worth payment plan with the hope that they do play ball and stick to agreeing to the review. You have done fantastic to be in such a good place as you are now so I wouldn't let them throw you off course too much.

Cheers Dan, I have done some reading and seeing as it has been 12 months since my last payment and all my other creditors have defaulted, I have emailed them with one last throw of the dice and told them that they are treating me unfairly by not defaulting the account as I am willing to set up a payment plan but without them defaulting me it is putting me in a worse financial position due to my credit file taking longer to recover. Also told them that I will be sending a complaint to the financial ombudsman, so let’s see if that will do anything.

Sarahwithlove

Fingers crossed that does the trick. Like you said sadly you have no guarantee that in 6 months time they don't just add interest on again and out you further back. Have you considered giving CAB or stepchange a ring for some informal advise as they may be able to best suggest his to handle this creditor if they have had similiar experiences with them 

SuperFrank88

Sarahwithlove said:

Fingers crossed that does the trick. Like you said sadly you have no guarantee that in 6 months time they don't just add interest on again and out you further back. Have you considered giving CAB or stepchange a ring for some informal advise as they may be able to best suggest his to handle this creditor if they have had similiar experiences with them 

I use the NED CAB self manage site so I have a letter generated if they come back and don't play ball. Having had a quick read the FSO have a huge backlog of cases to get through now so if I did make a complaint then it will not be dealt with anytime soon so it may be in my creditors interest to agree to default sooner rather than later if they know nothing will happen for such a long time. Let's see what they come back with