Reducing payments

SB19

Hi,

I am struggling to meet my payments due to a change in circumstances, although haven't defaulted. Am I best to contact the loan company direct or go via a debt charity like step change to try and get my monthly payments decreased? 

I appreciate that either will ruin my credit rating but is there a better way to do it?

Thanks

[Deleted User]

it depends on how severe you think your cashflow problems are, how long they are likely to last, and how many other creditors you have.

The main issue is how quickly to default.

SB19

Currently paying 325 a month, I can manage 200 a month. So it's not completely dire, I can pay it back I just need it over a longer term perhaps. 

[Deleted User]

Sounds like defaulting is the best solution if you have no end to it in sight.

But you should list out your SoA and post on the DFW boards to get a full picture.