Token Payments with ratesetter and Natwest Loan

yoos

Hi, I am planning to TPP with Ratesetter and Natwest Loan. I have contacted to them that I would like to set up Standing Order payment (without telling them about my plan of TTP) However they said my payment has to be Direct Debit payment under Loan contract so they didn't provide me any details.  Does anyone know Ratesetter and Natwest Loan details, sort code, account no. for set up standing order?  
Thanks for your help!  

sourcrates

Hi,
Unfortunatly things don`t quite work that way, you are still under contract, as far as they are aware all is pip and dandy, so in order to start making token payments, you first need to default, which means stopping your payments altogether.

Once time has passed, your account will be sent to collections, they will have discretion to accept lower repayments, but token payments are likely to see your loan sold on to a debt purchaser, sooner rather than later.

You would then be able to make arrangements with the new owners.

What is your situation, why token payments ? who has advised you on this ?

yoos

I've heard Token Payment Plan can be work with original creditors. so I am thinking to do this way rather other options.  
Debtcamel site 
Also I have seen some article that original creditors cannot decline my offer of TPP.  

Is this correct information? 

Thank you for your advice in advance. 

I have about 10 creditors with debts including loans and credit cards. I was recommended not to do bankruptcy options. 
Halifax CC
MBNA CC
Natwest CC
Nationwide CC
Aqua CC
Virgin CC
Ratesetter Loan
Natwest Loan

sourcrates

Its hard to recommended any course of action without knowing the details, different advice applies to homeowners, than if say your renting, debt advice is also based on income/expenditure/working/not working, what your level of debt is, no two cases are exactly the same.

If you want a fair assessment of your situation, then fill out and post your SOA (statement of affairs) link is here -

SOA Calculator (stoozing.com)

Be honest on it, then when done, click format for MSE and post on this thread.