Wescot Credit Services Ltd accept Debt Management Plan (DMP) for £1.00 per month.
As you can see debts can be negotiated down to monthly affordable repayments.
Wescot DEBT NO: D3/
Client: Arrow Global Guernsey Ltd
We refer to your recent communication regarding the above account. We have taken into consideration your comments regarding your clients circumstances and the information you provided and are prepared to accept your clients offer of £1.00 per month, commencing on 21. 03.12
please ensure your clients payment is made payable to Wescot Credit Services. Payment can be made by the following methods:
- Direct Debit, Standing Order or Giro please call 0844 824 1155
- by card over the telephone, please call 0844 824 1155
- Online at www.paywescot.co.uk
- Paypoint, by taking the barcoded letter to any Paypoint outlet
- Cheque/Postal Order made payable to Wescot Credit Services and sent to P.O. Box 137, Hull. HU2 8HF
Please ensure the Wescot Debt Number is quoted at all times.
How to Get Creditors to Accept £1.00 per month
OK, it is not as simple as just telling the creditor that you can only pay £1 per month. Obviously, they will not believe you, as they hear that sort of thing all of the time. Creditors also know that the more that they harass a someone the more likely the debtor is to fold and settle for a figure that they can not afford for any length of time. However, you can take on the task yourself and deal with your creditors. Alternatively, you can also employ the services of one of the debt help businesses that are jostling for position to get your business. Whatever you do, do as much research as possible in order to get the right company to deal with your debt problem!
Always Deal with Creditors in Writing
There are two very good reasons for this; 1, You will have a paper trail of your current situation, that may also be of use in the future. 2, By doing everything in writing means that those harassment calls will start to go away. This also means that when you receive a letter, you will also have time to think and research your response.
Every time you get a call from a creditor, tell them that you will deal with them in writing only. This does mean though, every you receive a letter from a creditor, you MUST respond to it. Do not tell creditors that you will only respond in writing and then ignore them. Yes, this might give you some relief for a short period of time, but it can escalate your debt situation to make it even worse.
Making an Offer of Payment to Creditors
The next thing that you will need to do is write to all your creditors and inform them that you will be going into a Debt Management Plan (DMP). Or if you are using a company to deal with your debts, then they too will write to the creditor and inform them of your intentions. Once you have informed the creditors of your intention, you will then have a bit of breathing space to plan your solution. You may still get calls, but just inform the debt collector that you have written to them and that a solution will be forthcoming.
Completing an Income and Expenditure for You Debts
Now that you have sent your initial letter to the creditor and informed them on how you plan to resolve your debt issues, you will need to complete your own Income and Expenditure. If you are planning to do your own debt management plan then click on DIY Debt Management Plan.
Evidence to Help with Debt Solution
It is also a good idea to get together any evidence that you may have that can be used to support as to why you are not able to pay the full amount of your outstanding debts. Make sure that you have copies of this information, never send originals to creditors. You are basically looking for anything that supports the fact that you are not able to make full monthly payments to creditors. Medical documents, unemployment documents, basically anything that back up your inability to be able to pay more than that offered in the income and expenditure listed above.
Keep Paying your Priority Debts
Some debts you do not want to fall behind on! Rent or Mortgage should be maintained, well the last thing you want to do is end up without a roof over your head. However, moving to a cheaper property could help with your debt situation, but only you know that. Gas, Electric, Water, Council Tax etc also need to be kept on top of if at all possible. Like with all the information listed, seek as much advice as possible!
Debt Advice Handbook for Further Reading
I would recommend that you get hold of a copy of the Debt Advice Handbook for further reading. Within that book you will find a great deal of information that relates to your particular debt situation. Not only that, it will give you an insight as to what can and will happen next if you do something, or even worse, if you do nothing. The Debt Advice Handbook can be purchased here.
Will Creditors Accept £1 per Month in Debt Management Plan
Well the simple answer is yes. BUT, in order for a creditor to accept £1 per month in a Debt Management Plan (DMP), you will need to present to them, evidence as to why you cannot make the standard minimum monthly payments. An accurate full financial fact find (I&E) should be sent to the creditors, showing why higher payments cannot be made.