Pat's Debts

[MrsD]

Re: Pat's Debts

Hi Pat

Have you CCAed them? catalogues are notoriously bad at paperwork, might be a good idea to stick everything on a paper trail and see where it goes from there?

[Pat]

Re: Pat's Debts

I decided to stop paying the catalogue company. My phone went mad, I was getting 3 or 4 calls every day. I found a letter which told them to only write to me which I sent. They are still adding interest and charges.
I have written to them complaining that they are not being fair as it is not out of choice I am not working. They have said they will reply within 4 weeks, that was 3 weeks ago, so far nothing

[cymruambyth]

Re: Pat's Debts

That is often the first response. An option is to not pay, then it will move to different departments in the company who will have different powers. They may then offer a repayment deal.

[Pat]

Re: Pat's Debts

Erm
The catalogue have finaly written me. They are offering nothing. They want minimum payments and will add interest. The letter was really rude and I suppose was sticking 2 fingers up

[Pat]

Re: Pat's Debts

Well the bank have said they can give me a 6 month payment holiday but will still keep adding interest and the credit card have said they will freeze interest for 6 months as long as I can pay £25 a month. Not heard from the catalogue yet but the bill is due to be paid

[Pat]

Re: Pat's Debts

Thank you Deepie

[Deepie]

Re: Pat's Debts

Good luck ...

[Pat]

Re: Pat's Debts

I thought I would update you. I have written to my creditors making a small monthly offer. After talking to my GP she was very kind and on my fit note said about needing hospital treatment and that I would be unable to work until after that. I copied it and included it with my letter. So far I have not heard back .

[Pat]

Re: Pat's Debts

Thank you all for the help so far. I am beginning to get things sorted , rent, benefits etc . The more I look around the more options I see but non of them seem to have an overall good side.

I have read different things about insolvency, know that a debt relief order lasts a year but does that till ruin your credit for 6 years, would they take the car?

Now my money is sorted I think I have about 6 weeks to get arrngements made

[PlanB]

Re: Pat's Debts

I telephoned stepchange who suggested selling my car to clear the small things like Credit card and OD then asking the bank to accept smaller monthly payments , maybe interest only with the remaining money. It does seem like a workable idea, anyone agree?

Wow that was a BIG suggestion by Stepchange to resolve your current financial problems

Your question is "anyone agree" so my answer to that has to be "no I don't" until you've considered all your options.

Cym is right. Selling a decent pair of wheels to pay your debts only to replace it with inferior wheels which will cost you more to maintain is not a good idea.

Let's chat more about your overall situation before you take the plunge

[Never-In-Doubt]

Re: Pat's Debts

It depends on whether you're likely to need credit again and also whether they are likely to offer you it. If the latter is a no (missed payments / DMP etc) then you may as we'll fight and have 6 years of no credit as the defaults / late markers won't really help anyway so it's lose/lose.

[cymruambyth]

Re: Pat's Debts

If you aren't paying the full sum I believe your credit rating will be damaged.

[Pat]

Re: Pat's Debts

I know, this is the problem about the car, just don't know what to do for the best. If I keep the car then I can only afford small payments , stepchange called them token payments but said that will damage my credit rating but the car should last a few years yet . If I sell it and buy an old banger then I might be able to keep my credit rating so that when I get a job I can buy a newer one but then if it falls apart I will struggle to fix it and keep up my repayments

I just don't know what to do for the best at the moment

[cymruambyth]

Re: Pat's Debts

Hi Pat in post 4 you say that you need your car. If you buy an old banger will your potential running costs put you worse off financially?

[Pat]

Re: Pat's Debts

Thank you again.
I telephoned stepchange who suggested selling my car to clear the small things like Credit card and OD then asking the bank to accept smaller monthly payments , maybe interest only with the remaining money. It does seem like a workable idea, anyone agree?