whats next

viewsonic_2

hi
have 3 cards with balances all over the 9k mark.
i have just sent the 3 of them letters with a copy of my budget sheet asking the to take a token payment of £40 and freeze the interest until i get the mess i'm in sorted out (which is due to my income being slashed by 6k per year)

what will be the likely response from them?
one is MBNA and the other 2 are RBS

If i managed to raise enough cash to pay one off would i be better splitting the money between them or pay one off altogether (APR is about same on the 3 of them)

Milarky

Welcome viewsonic
I'd guess that they will accept your £40 each if your budget shows there isn't anymore cash to go around. MBNA minimum payment is £5 plus interest which probably is more than £40 anyway, I'm guessing. Strictly speaking, you should make a pro-rata offer AND STICK TO IT as lenders get nervous when you stop and FEES would be charged and added to the account for late payments or non-payments.

Make those payments you mention 'without predjudice' by the due date anyway - whatever their replies. As soon as you depart from the 'normal' pattern of meeting ALL minimum payments on time [and you are proposing to pay less than min payments at £40 per £9,000 per month] you won't be able to borrow money from anywhere else, and the pain of paying it back to the original lenders begins.

As you are in difficulties, try to get the companies to freeze interest on the accounts [this would be 'good practice' for a borrower in difficulties, but I'm not sure if they are actually required to do at the end of the day]

Seek proper face-to-face free debt advice [and post your message on the debt discussion forum for anwsers and help far more specific than I have provided]. When you have more answers, then you may have further questions to put here.

Good Luck

Niteflyer

viewsonic wrote:

hi
have 3 cards with balances all over the 9k mark.
i have just sent the 3 of them letters with a copy of my budget sheet asking the to take a token payment of £40 and freeze the interest until i get the mess i'm in sorted out (which is due to my income being slashed by 6k per year)

what will be the likely response from them?
one is MBNA and the other 2 are RBS

If i managed to raise enough cash to pay one off would i be better splitting the money between them or pay one off altogether (APR is about same on the 3 of them)

You don't work for the NHS do you?