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Setting up a debt management plan
leoniestacy
Posts: 164 Forumite
Hi all.
Right I've got alot of debt which I will list.
Natwest loan 10,000 repayment £250 a month
Natwest credit card 1 £3500, repayment £65 a month
Natwest credit card 2 £2800, repayment £65 a month
Natwest Overdraft £500
Argocard £1000 repayment £20 a month ( but have some things on interest free still)
Very £150 (interest free, bit ends next month hoping to pay off before it ends)
Barclaycard £4000 repayment £120 a month
I cant afford to pay the full amount for my barclaycard and natwest loan at the moment, does anyone know of its possible to ring up and get them to reduce the repayments for around 6 months to around £50 a month or would I have to go through a debt company, I would rather not go through a debt company and pay off these debts myself. I'm unemployed at the moment but want to be working after conova, I'm unable to at the moment as I have two kids who need looking after.
Right I've got alot of debt which I will list.
Natwest loan 10,000 repayment £250 a month
Natwest credit card 1 £3500, repayment £65 a month
Natwest credit card 2 £2800, repayment £65 a month
Natwest Overdraft £500
Argocard £1000 repayment £20 a month ( but have some things on interest free still)
Very £150 (interest free, bit ends next month hoping to pay off before it ends)
Barclaycard £4000 repayment £120 a month
I cant afford to pay the full amount for my barclaycard and natwest loan at the moment, does anyone know of its possible to ring up and get them to reduce the repayments for around 6 months to around £50 a month or would I have to go through a debt company, I would rather not go through a debt company and pay off these debts myself. I'm unemployed at the moment but want to be working after conova, I'm unable to at the moment as I have two kids who need looking after.
£2014 in 2014 challenge v-£30 c-£176.23 £201.23/£2014
cs-£46.51 ms-£40 slp-14.32 sb-£30 TCB -£35 gm-£30 dy-£50
cs-£46.51 ms-£40 slp-14.32 sb-£30 TCB -£35 gm-£30 dy-£50
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Comments
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A Self managed DMP is what you are referring to.
But you cannot do a DMP without any disposable income, I would write to your creditors explaining your situation, and let them roll the dice.
unsecured credit payments are all non priority debts, so if you cannot pay them, you cannot pay them.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Are you in receipt of DWP state benefits?
https://benefits-calculator.turn2us.org.uk/AboutYou
A bit of information about how a DMP could work for you:
https://nedcab.cabmoney.org.uk/dmp.asp
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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