Financial Statements

[dizzydeedee]

I'm in debt up to my eyeballs, but I must say that for the past 18 months I have paid each debt every month. However my situation has changed. I don't have the same income coming in as I did when I made the original arrangements to pay back, and I have way more going out than I have coming in, and that is without including food and nappies etc. If I write to each company with a copy of my financial statement, what if they won't accept my offer of repayment saying it is too low? I'm also expecting another baby and all the stress is making me ill.

[dizzydeedee]

Can someone please advise re this problem?

[blackrain]

If the offer is what you can reasonably afford (don't offer more than you can) then they can either accept it or not BUT if they decide to take you to court the Judge won't be impressed with them AND they won't make you pay anymore than you can afford. Might even be less. Don't let them scare you.

 

I would contact the Consumer Credit Counselling Service. They are very good and will help you. And they are free.

[Delisnape]

hi, Being i very similar situation to yourself and not to bore you with the details, I have over £80,000 worth of debt and I have agreed through providing upto date income and expenditure forms from £1 per month to a maximum of £13 per month and believe me my individual debts are not small. The main thing is to write to each individual company explaining the change in your financial situation enclosing the upto date income and expenditure form with your letter and chase there receipt- I found enclosing a list of my other creditors total debt and amount offered worked best for me. I do have copies of the blank forms I used if this would help you I could forward you a copy tomorrow?

 

Delisnape

[luckysandpiper]

I endorse everything that has already been said here. In March 2009 I wrote to my 4 creditors with a financial statement (National Debtline template) and asked them to accept reduced payments. 3 out of 4 accepted within 7 days, I went ahead and reduced my payments to the 4th one anyway - with 3 of 4 in favour they had no chance of refusing.

This last one agreed after 28 days, but asked for an increase after just two months I told them not to be silly

[MossSideBorder]

Why not use someone like the CCCS? They're a free charity and can manage your debt for you.

[luckysandpiper]

Why not use someone like the CCCS? They're a free charity and can manage your debt for you.

 

Reasonable advice, Ben, but, there are many on here with problems that DM agencies have allowed to surface unchallenged - payments credited to wrong accounts, interest charges allowed etc.

 

If you do the job yourself, you are in control.

The work is easy enough if you have an enquiring mind, and there are dozens of people on here willing to share your problems and give you the benefit of their own experiences. You only need to be competent on an average word processor.

There is much truth in the old adage: "if you want a job doing properly, do it yourself"