Self-managed payment plan - SoA check needed first please

exponential

https://forums.moneysavingexpert.com/discussion/comment/82186036#Comment_82186036

Hi. Thanks for your input. I will make some alterations and keep information sent to a minimum.
Is there a template I can use for offering payments to them?

Smudgeismydog

https://forums.moneysavingexpert.com/discussion/comment/82186240#Comment_82186240

I haven’t seen one

As noted most people on here would suggest limited communication, they can’t refuse your payment, so just set it up and start the process

exponential

https://forums.moneysavingexpert.com/discussion/comment/82186249#Comment_82186249

Morning. Thanks again, I have made huge changes to the document I was going to send keeping it as simple as possible. Really appreciate the assistance and I'm looking forward to being able to celebrate Christmas this year with my family without having these creditors at the back of my mind.
Last year, I received numerous letters from each account days before Christmas and that completely unsettled the whole event. Fingers crossed they accept my offer (which I'm sure they have no choice about as suggested) and I can finally focus on my family and trying to save a little money. :)

exponential

Just a quick question. I have literally just received an email from MCS which includes their version of a statement of affairs. Do I have to fill this in or will my offer letter be sufficient?
Don't want to fall at the final hurdle.

Rob5342

I wouldn't worry too much about it. They'll be dealing with a whole load of debts and will just stick a few details into their system and let that deal with everything else before moving on to the next letter. I'd send what you have and if they start whinging about the SOA then just stick some numbers into the one they send to shut them up. What you tell them doesn't have to be accurate, you can just make up something plausible that arrives at the figure you want to pay so they can tick their "we've checked it's affordable" box.

sourcrates

Creditors are not bothered why you have failed to pay, they operate a basic assistance program where if your present circumstances are only a temporary glitch, say up to six months, they can offer you a payment plan for that time frame.

However if your situation is likely to last longer than that, they will simply recommend you seek help from one of the debt charities, usually stepchange, who will assist you in finding a solution.

So explaining yourself to your creditors may help you feel better, but it does absolutely nothing to change the course of events about to unfold.

maxaxe

Your mortgage rate is very high. Is there some special reason or are you on the standard variable rate? If you are, look to get a fix asap

exponential

https://forums.moneysavingexpert.com/discussion/comment/82187482#Comment_82187482

The joys of sub-prime borrowing.

By the looks of things, it's highly unlikely we'll be able to switch to mainstream mortgages any time soon.

The mortgage is fixed for another 3 years though which is good because, as high as the mortgage payment is, it won't change in those 3 years so no nasty surprises.

exponential

Thanks Rob. A commonsense answer which to be honest, was much needed.

Sometimes I feel like I'm doing something wrong when the actual reason I'm in this financial position is because of desicions made others (government generally) which impact jobs, the economy and ultimately, the financial stability of the working people.

Same thing happened with Northern Rock back in 2008......I lost everything I owned back then too.

exponential

Agreed. They have to now follow strict guidelines now whereas in the past, not so much.

Well the offer letters have been sent so the course is now locked in place.

See what happens from now....