Advice required please

[carolbl]

My daughter has got herself in a financial mess.

 

She has written to the bank and credit cards stating she cannot afford to pay them as they require but is willing to pay a reduced figure. She has set out her own financial statements setting everything out. She has not offered to pay a rediculous figure for instance to the HSBC its £150 per month. She has requested they stop interest and charges. One credit card company has agreed, one she hasn't heard a thing from but the HSBC state they require the £150 each month but interest will still accrue. Thereby reducing the debt by only £50 each month.

 

My advice to her is refuse to pay. Send them a letter stating that she will continue to put the £150 aside each month but will not send it to them until they agree to stop the interest and if they didnt agree them they should sell the debt on.

 

I said she would probably get a default notice but once they sell the debt, the new company will no doubt accept the £150 but all interest and charges will stop.

 

I dont want to tell her the wrong information, so is there anyone here who can advise.

 

Carol

[martinhw]

Carol,

 

Take a look at the letters in this link:

http://www.consumeractiongroup.co.uk/forum/debt-bailiffs-advice/20758-creditors-dcas-letter-templates.html

 

I would suggest she do an Income and Expenditure sheet to attach to the letters, look at all the letters in the above link and amend as appropriate.

 

Is any of her balance related to charges? If so, start claiming them back.