Hi, i wondered if anyone can help. I have decided to try and settle with creditors myself as i dont qualify for an iva and really dont want to go BR.
I have looked at sample letters offering pro-rata payments, but wondered if the creditors will send in the bailiffs and how would i avoid that. all debts are from credit cards and 2 bank loans.
Help and advice very much appreciated.[xx(]
It is all down to the creditors. If you are opting for a debt management programme, it is easier to let a company handle it for you.
If you are doing it yourself, you will have to offer pro rata payments to all your creditors, and it will possibly be very long winded.
They will probably freeze interest, but that is not guaranteed, and of course it will take you much longer to pay the debts off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Creditors will tell you that the moon is made of green cheese if they think it will help them to collect more money from you, so you should certainly expect letters than hint at bailiffs, if you haven't already had them.
However, for the debts that you have, only a court can appoint bailiffs, and that would only happen if you refused to pay a court judgement. That is unlikely as you seem to be making every effort to do what you can, and no court will order you to pay more than you can physically afford. The alternative for you, if you don't wish to have the hassle of doing all the legwork yourself, is to approach a 3rd party to arrange a DMP for you.
Hope this helps and let us know how you get on.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
You can make yourself bankrupt even if you are in a DMP. It is only an informal agreement and can be terminated at any time by either side.
If you are thinking of possible going br at some time in the future, why not do it now and get your life back on track?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
