Credit card debts

Looking4silverlining

Hi guys should I hand write a letter or print one off that Ive done on my computer? Im going to send the first one explaining that I can't make the payments and see what they say. Should I ask in the same letter for them to write off the debt?

sourcrates

Looking4silverlining said:

Hi guys should I hand write a letter or print one off that Ive done on my computer? Im going to send the first one explaining that I can't make the payments and see what they say. Should I ask in the same letter for them to write off the debt?

Why not just look at what you want to achieve here, set your goals, then make certain your actions going forward are focused on getting that result.

enthusiasticsaver

I can’t see whether it makes any difference whether it is hand written or done on a computer. You are over thinking this. You are just a number to them. 

You just tell them you can’t make repayments. It doesn’t matter what they say. On what grounds can you ask them to write the debts off? They will probably just sell them on. 

NeverendingDMP

I've handwritten most of mine as I only have access to a printer if at work and for me that's a no. I've emailed, rung, handwritten various things but over the years I've got more accustomed to saying this is what I'm doing, please follow my expenditure list cos the one you have doesn't fit my budget/lifestyle and by the way please remove my number from your file then dont ring me again ta very much. What enthusiastic saver is saying really is true you are genuinely just another number on the list. Really strange to say as it feels like a massive deal when you going through it.  If you want to do letters though stamps are going up at some so buy then now if u can afford 😂

EssexHebridean

To each individual dealing with debts, to you it is one of the most important and significant things in your life right at that point, I think the majority of us have been in that position ourselves at some stage, although it’s easy to forget once you have dealt with it and are out the other side quite how intimidating and overwhelming the whole thing was. 

Each creditor, though, has literally thousands and thousands of people in exactly the same situation - to them you really are not unique in any way, and while you let them they will just deal with you in whatever their prescribed way might be. You need to be in charge of how they treat you - to me that is a bit of a priority as it helps to manage the stress of the whole situation more effectively. That also means doing things in a way that suits you. If you feel most comfortable with a handwritten letter in the post, then do that. If email suits you - then that is your route. If typed hard copy letters are your jam, then there you go. As long as they can read the eventual contact, that is the only thing they care about - don’t imagine anything else is true! 

Looking4silverlining

Hi guys. Thanks for your comments and yes this is feeling like I am dealing with someone on a personal level and I’m sure you are right, they just dont care. I don’t see how I’m going to be able to pay them off. I’m a small business and barely making ends meet. It’s not a good outlook either even if I took a full time job at £12 per hour I would still barely cover life costs these days. I’ll write to them and explain all. I e been told more than once that there is a chance they may write off some off the debt. It’s worth asking I guess. Might give me more of a chance then. Thanks

Looking4silverlining

Hi everyone.
I just thought I would update you and also I need a bit of advice please. (If possible)

So I have sent a big letter to all of my creditors explaining the whole situation and telling them why this all started, how it got worse and why I am unable to pay anything now. Most of the banks have replied with letters saying that they had received my letter and they are freezing all interest and fees for now. They have asked me to fill in and send back their income and expenditure form.

My question is:
Should I fill in the forms that they have sent me, or should I use the one that I have submitted on here, I think it was called SOA by Lemonfool? Also Ive only done my tax return for 22 - 23 so far so have only this to go on at the moment.
Any suggestions welcome. Thanks so much. Rachel

Looking4silverlining

hoverFrog1 said:

Credit cares are unsecured. The worst they can do is take you to court and ask the court to order you to pay. Civil court litigants are now waiting an average of 78 weeks for their day in court. A court will only order you to pay what you can afford, there's no point in ordering you to pay more because you won't be able to do so. Therefore the credit card company will accept offers to repay the debts at around this level. They may make threatening noises but those threats are empty.

I suggest sending each of them your SOA with a polite letter asking that they suspend interest and accept the offer that you are making them. You have £143.95 expendable income according to your SOA. They might argue that this is too low but that's what you're telling them so they don't have a lot of wriggle room. Halifax is 16% of your unsecured credit so offer them 16% of £143.95 or £23.09 a month (round down), etc. Ask for a three month payment break so you can clear priority debts like the overdraft.

Then stop paying anything back at all, except your overdraft. They'll all respond at different rates and will probably continue to charge interest for a while. If there are old debts then write to them with a ProveIt letter. Actually, do it for all of the credit cards, it won't hurt and it will delay things. Don't give them a penny until they respond.

Yes, this will !!!!!! up your credit rating but, not to put too fine a point on it, unless you win the lottery, your credit rating is buggered anyway. What's important now is clearing those debts and getting your finances under control.

They'll drag their feet and ring you up demanding money. Other than going to court or accepting your offer, this is their only option. Until they respond with the evidence that you actually owe them money, they can whistle. When they do respond with the reasonable offer you first wrote to them with. Stick to it. You'll need to review that offer every year or so. That's fine. Just don't borrow any more and keep up your payments. Keep them informed if there's a reason you can't pay. This is all a debt management plan does. Yes, it will take you 17 years and 4 months to get out of debt at this rate, assuming you never earn more and interest rates are 0%. That isn't the case though. £24k in 2018 is worth £30k today just from inflation so get interest suspended and start paying it back.

Hi I hope you don't mind me asking you a question.
Ive stopped paying my debts, written to them with the full explanation. Most of them have asked for a statement of affairs form to be filled in. Ive re done mine with my last years earnings and expenditure and it looks as tho I don't have any money spare to pay anything at all. What on earth do I do now? Apparently I have to pay something on a DMP? What if I can never pay anything? Eek

sourcrates

Ask your creditors to write off the debts as you have no realistic chance of ever repaying them.

If you can`t afford payments, they won`t ask you to pay anything.

Its all decided by your budget and available disposable income.

Looking4silverlining

sourcrates said:

Ask your creditors to write off the debts as you have no realistic chance of ever repaying them.

If you can`t afford payments, they won`t ask you to pay anything.

Its all decided by your budget and available disposable income.

Thank you. I guess Ill have to wait and see what they say next.