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sending I&E to creditors - please help


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Hi everyone,

 

I have some credit cards and a few payday loans that I can't afford to pay (even the interest and roll over fees) due to a change in personal circumstances.

I wrote to my creditors asking for 28 days whilst I try and put a repayment plan together and also requesting that they hold off on interest and charges.

 

I need to contact them again with an offer but not sure what info to send to all creditors. Do they need to see all other debts by name or just under categories like prioity debts , and other creditors. Sorry if this seems a daft question but am new to this and any advice is appreciated.

Thanks

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Hi,

 

You have NO legal obligation to send them an I&E:

 

Sir/Madam Re:− Account/Reference

 

I am sorry I am unable to pay the original monthly payments because YOUR PERSONAL CIRCUMSTANCES.( I'm seeking advice from [DEBT CHARITY]) I have discovered that I have disposable income of XXX. Since I have XXXX total debt, your share of this pro-rata offer is XX. Please find enclosed the first payment, and I also request that you send me a paying in book / account information so I can make further payments monthly. Also, could you please consider using your discretion to freeze any interest or charges that might accumulate, which I am aware is the standard practice for socially responsible companies such as yourself.

 

 

Yours Faithfully XXXX (type, don’t sign)

 

Remove the bit in red if it dose'nt apply.

 

Regards.

 

Scott.

Any advice I give is honest and in good faith.:)

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thanks for the template.

Some of these creditors are payday loan companies ( payday uk, wageday adavance and money shop)

Do you know if they would be likely to freeze interest as i think it may take some time to pay these guys back - maybe 8 to 10 months.

 

thanks

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