Credit card issues

LittleOne83

Was advised to post this here rather than the credit card forum where I originaly posted it.

Hi guys, I need your advice please.

I'm a student midwife getting a non-means tested bursary of £510 per month. I can't get a student loan as I'm a diploma student and unable to get regular employment due to placement work, the demands of the course and having trouble stabilising depression.

I came onto this course with 2 credit cards, one was half full and the other was clear. Now I will admit that I have been naughty and the other card is now also half full. So I have £2500 on a virgin card and £2358 on a nationwide card.
I've been finding it difficult making the repayments and am well and truly in my student overdraft.
I sent letters to nationwide and virgin with a budget sheet which states that after rent, bills and living expenses I have £52.90 left for my creditors. Split between the two that's £26.45. I know my debt isn't much in the grand scheme of things but I'm not coping with it.

I had a letter back from nationwide today refusing my offer of £26. They also stated that if I dont phone within 7 days I'll have a default notice and they'll also refer me to the debt recovery team and consider legal proceedings. I called and was told by a very rude man that my offer wasn't acceptable and that they would only accept the minimum repayment.
I haven't heard from Virgin yet.

What should I do now? Make another offer to nationwide?
Starting to wish I'd never written the letters!

Sorry if that was a bit long.

Runnybabbit

Hi Littleone83, 1st things first, don't panic, the fountains of knowledge will be along shortly with their fantastic advice and help - sorry I can't help you, I'm a bit new myself but learning new things every day. Good luck and well done on biting the bullet.

10past6

Hi

They can insist all they want on how much you need to pay, however, if you don't have the funds, you don't have the funds, THEY HAVE WHAT YOU CAN AFFORD, it's as simple as that, they can either like it or lump it :rotfl:

The only issue with that is, it will go through the debt process, in that, letters, phones calls, etc, etc, that's nothing to lose sleep over, this forum will support you as and when required re further advice.

Complete the missing details in the letter below, and forward it to both companies, send by recorded delivery.

Your address

Date

Creditor / DCA Address

Dear Sir/Madam

Re Account No/Reference No:− XXXXXXXXXXXXXXXX

Since making that above agreement with you, my circumstances have changed.

I cannot now afford to agreed monthly payments because ... [your paragraph added here]

I enclose a Personal Budget sheet which shows my total income from all sources, and my outgoings.

As you can see I have only £xxx per month left for our creditors. The offers we have made to our creditors have worked out on a pro−rata basis, and I have written to all my creditors asking them to accept reduced payments.

In view of myr circumstances, please would you agree to accept a reduced offer of £xxxx per month. If interest or other charges are being added to the account we would be grateful if you would freeze these so that all payments made will reduce what I owe you.

Should my circumstances improve we will contact you again.

I would be grateful if you would send a paying−in book to make it easier to pay you. Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully

LittleOne83

Thanks 10past6...that's the letter I sent them. Should I continue with the next step...the letter to send if they refuse my offer?

10past6

LittleOne83 wrote: »

Thanks 10past6...that's the letter I sent them. Should I continue with the next step...the letter to send if they refuse my offer?

I personally would leave it for now, you've informed them you canot make the contractual agreements, not a lot more you can do at this stage.

Continue to make whatever payments you can, remember, any letters you recieve are not personal to you, they are system generated letters, nothing to lose sleep over.

Remember, as your unable to make the contractual agreements, this may have a knock on effect on your credit file at some stage.

LittleOne83

Is that not a bit risky or ar they empty threats?