Payplan and clearing debts

RAS

Not exactly. You have your current SOA, so you know what you can afford to pay towards your total debt?

You know your total debt and the value of this debt? This debt divided by total debt= percentage of money owed, say 15/75 = 20%.

You can afford £50 per month so you pay no more that £10. I'd suggest aiming slightly lower and boosting your emergency fund, as you implied in your post.

davetheman007007

Link Financial have taken over my Newday debt, Current Balance: £3,688.83

I offered a single payment of £1844.00 which they have declined but would be prepared to accept the sum of £3319.95 in settlement of this account.

This is hardly any lower, I cant afford to pay £3319.95, any suggestions on best way to go back?

Rob5342

I'd just try again in 6 months time, they'll probably want to see a bit of history to judge what they might be able to get out of you before agreeing to a significant reduction.

davetheman007007

Thanks, so I discuss a low monthly payment or pay nothing and ignore

davetheman007007

One of my debtors has only agreed to a 30% discount and I can't afford this to pay in one go so we have agreed a monthly payment, the account has defaulted, will the default come off 6 years from the default date or 6 years after the final monthly payment?

RAS

If it is a proper default, check the date on your credit record, it is 6 years after the default date.

davetheman007007

Thanks, myself and wife currently don't have a joint bank account, her credit report is good, am I correct we are best not to open a joint account?  Are there any benefits in having a joint account?

RAS

Good, protect your wife's credit record by avoiding any joint accounts