what is the minimum monthly payment you can give them to them a month if you cannot afford to give alot?
£1?
1) if you give £1 can they reject it?
2) If you set up £1 a month by direct debit (with your ref number), and you pay it monthly, are they obliged to accept this as your payment ?
3) if you do 2) Without any communication with them, and just
set up the £1 Direct debit, with the REF, then what could be the worse case scenario ? they reject, and keep sending you reminder letters?
The minimum payment is that agreed on the loan agreement and it is at the discretion of the loan company whether to accept reduced payments or not. If you pay less without agreement they can take whatever enforcement action they wish, up to and including bankruptcy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
