Hey Andie. List all your debts and add them up then work out how much you have per month to offer. For example:- Total debt £1500, you owe credit card £500 and loan £1000. You can offer £100 per month so you divide 100 by 1500 then multiply 500 for credit card = £33.33 for them and then the same for loan so that is £66.66 for them and so on. Therefore it is YOUR OFFER divided by TOTAL DEBT mutiplied by INDIVIDUAL DEBT AMOUNT equals PRO RATA PAYMENT. X
Last edited by Viki.W on Wed Sep 03, 2008 9:09 pm, edited 1 time in total.
To answer the question of how the creditors react, be prepared that they will not like it in the slightest and that each one will suggest to you that their debt is far more important than any other debt, or indeed any living expenses that you have. Stick to your guns though, and nobody can really argue too much.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
