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Large amount of Halifax debt - can I negotiate reduced payments or freeze interest?


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Hi,

 

A combination of being out of work for a few months last year and moving to take a substantial pay cut means I'm starting to struggle financially and it's got to the point where I'll have to borrow to meet my commitments which obviously isn't really a sensible path for me to go down. At the moment I have around £280 a month left after all my direct debits etc, and I still need to buy food, gas, electricity, clothes etc out of that.

 

I'm currently considering a debt management plan, however the bulk of what I owe is with Halifax so I was wondering what my chances were of negotiating directly with them to make payments more manageable or freeze interest/charges.

 

This currently consists of:

 

£10k overdraft, maxed out, paying £93/month in 'fees' - this one is the killer for me because I don't see any hope of reducing this even in the medium term with the monthly fee. There's no way I can make a dent in it so I'm just paying the fee at the moment

£4k credit card - maxed out, minimum payment of ~£40 a month

3 x loans - total balance around 15k and monthly payments of around £600 a month

 

I'm not looking to get out of paying them what I owe, because I knowingly took on the debt. I just need a more manageable monthly payment and a way of actually paying some of the capital off the overdraft rather than the £93 a month fee.

 

Is it worthwhile contacting them? If so, which address should I be using and is there a particular template I should use?

 

Does anybody who has been in a similar situation have any experience of this?

 

I'm keen to avoid DCAs and having to formalise my issues with a DMP if I can, and they'd probably end up getting less from a DMP anyway..

 

Any help would be greatly appreciated. I've been putting off tackling this for far too long..

 

Thanks in advance!

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Right welcome to the Forums, :)

 

Next.... Go to stepchange!! :) Amazing DMP Company, All Free :)

DCA's are powerless... Could i suggest setting up a new Bank account with Coop - Cashminder online or try An account with a bank youve never been with so you have a backup.

 

Im thinking PPI here too... Any PPI on loans or CCs at all?

 

And congrats on trying to tackle, this... Its not easy but we are here for you.

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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