www.iva.co.uk

My husband and I are living in the UK on an expat assignment. We accrued about 5000 worth of debt on a cc when we first moved over, and now that we are moving back, won't be able to make the minimum payments. We want to pay it back in some way but are not sure how to do so. Will the cc company worth with us or is that a waste of time?

Hi dawn and welcome to the forum

As your debt is very small, I would have thought that there is every chance that the creditor will accept reduced payments, as at the end of the day they are not going to take legal action against you in a foreign country for such a paltry sum. They are sure to charge you interest though, so do try and get the debt repaid as quickly as you can.

Hi dawn

there are a couple of debt management companies on the site that may be able to help you negotiate a reduced payment and manage the ongoing process.

What monthly repayment would you be able to make on an ongoing basis?

Hi Dawn,

If it is just the one card suggest that you write to the CC Company explain the situation and offer a reduced monthly repayment on a financial hardship basis.

Best if you supply an income and expenditure statement - basic earnings and spendings that reflects that the amount you are offering is appropraite to your circumstances. You will be surprised at how low a payment will sometimes be accepted.

Finally and most importantly ask for interest and charges to be suspended so that the reduced repayments will make an actual reduction in the debt


All the best Alan

www.debtdr.co.uk

Hello Dawn,

Some very good points raised here already. I'd suggest to try to resolve it yourself as suggested.

If you find that you aren't making the progress you hoped for a debt management company could be of assistance to you.