BillyTommo's UE Diary

[billytommo]

Re: BillyTommo's UE Diary

I get all that. The thing is I tried to maintain relationships with two companies; one is the same as my current account and the other card has been taken over by my mortgage company. The frustrating thing is that I am over a third down the SB road with all of the others. That's why I was thinking of 'asking nicely' cos I could actually pay them off if they reduced/stopped interest which I would be happy doing.

[Never-In-Doubt]

Re: BillyTommo's UE Diary

are you able to do a F&F? If not you could cease payments, let them sell it then make a F&F and get a good deal... the time period of cessation of payments allows time to save enough to make such an offer.

Just a different view on things....

[billytommo]

Re: BillyTommo's UE Diary

It all depends how much any f&f could be for. I don't know how it would work either, what with the association with my other accounts, particularly my mortgage company.

[Never-In-Doubt]

Re: BillyTommo's UE Diary

stop worrying, are you able to generate funds for a F&F - yes or no

1. 1. How much are the debts (individually please)
2. 2. What is the maximum you could raise in say 6 months

Cheers

[billytommo]

Re: BillyTommo's UE Diary

I have a Halifax card that is just over £6600 and a Santander card that was an Asda one that is just under £4k. My CFS was done in December 2011 and the figures were £6900 and £4800 respectively!

[Undercover Elsa]

Re: BillyTommo's UE Diary

I've now got your CFS billy so I'll check it over for you, in the meantime keep all your options open and think about F&F's too as Niddy says.

I agree that the only time to send a financial statement is if it's in your own interest to do so. Many companies won't even consider stopping interest without one. I recently dealt with one where the client had zero income...they still refused to deal without an I&E!

Elsa x

[Undercover Elsa]

Re: BillyTommo's UE Diary

Are the income/expenses figures in your CFS up to date billy? I note the trigger figures in the xls are for 2011/12..
Also the one you sent me would need signing off by the named caseworker, who is no longer around on here. Might be better to do the Nedcab version..bear with me I'll get back to you

[billytommo]

Re: BillyTommo's UE Diary

I got transferred over to a self administered DMP a few months back. I was led to believe that everything should run as before. The figures should be there or thereabouts...

[Undercover Elsa]

Re: BillyTommo's UE Diary

That's fine. You are seriously leaving yourself short on your expenses, well below the trigger figures...which reflect what you can be expected to live on without hardship.

[Undercover Elsa]

Re: BillyTommo's UE Diary

I've emailed you some suggestions

[billytommo]

Re: BillyTommo's UE Diary

Thanks Elsa

[SA Gold]

Re: BillyTommo's UE Diary

i would have to say Bill i wouldn't be one voting for completing an I&E mate. Reason being they will want whatever is left over - possibly more. You are also providing them with ammunition. Just my opinion mate.

[billytommo]

Re: BillyTommo's UE Diary

Thanks for your input Missy. I am only updating my I&E so I could send it if that is what is decided to do, nothing is decided yet. The problem is basically that I have two cards that I am still paying but I am getting nowhere because they ramped up the interest rates - no surprise there then. The way I see it I have three options: stay as I am, ask them to freeze/reduce interest or default. All three options have their inherent problems so I've got to try and find the option which is the least problematic which, at the moment, looks like the middle one for which one of the cards is asking for an I&E. I will be running all of the facts through this site when I have them

[SA Gold]

Re: BillyTommo's UE Diary

hey Bill,

I guess the question to ask yourself is how long can you sustain the amount they want - with, or without interest frozen. If you aren't confident you can clear it off, or at least keep up the minimum contractual payments they can default you anyway and that's why a lot of people believe in getting defaulted asap - get it out the way, clears off your credit file sooner and starts the bargaining process.
I will never forget when i was battling to pay my creditors and sitting in my car at lunchtime on the phone. After a lot of pissing about (3 days of phoning various clowns) i got through to someone in Barclays who could comprehend what i was saying. His response?
"As long as you are paying us each month there is nothing we can do to help. If you are paying us and haven't got money to put the heating on, or fuel to get to work - that is your decision."
I see you have a default from - what a year ago, so you would be resetting the "six year clear" bit by one year, although its not as if you want to use the cards to provide credit and need to keep them happy - or is it?
Either way, it's your call, but if you turned this thread in to a vote - mine would be get defaulted now.

All the best with whatever you decide Bill

[Undercover Elsa]

Re: BillyTommo's UE Diary

I would normally recommend stopping paying and waiting for default/termination as the quickest and best way to stop the interest and start the clock ticking on the default sooner rather than later.
As I understand it, however, in billytommo's case the cards involved are with the same bank/s as other active accounts hence the wish not to rock the boat.

Can you clarify that billy?

Elsa x