The Creditors Response
In total we wrote to 9 different creditors, included with our offer letters was a break down of our monthly expenditure so that they had complete clarity of our situation. 8 of the creditors accepted our offer and one rejected, this was due to the (car) loan being secured against the vehicle, so they advised that we either maintain the repayments or sell the car, this was an error on our part.Conditions
Although the offers were accepted by our creditors they came with conditions and it's worth detailing them. If you do decide to proceed down a similar route you should be aware that it's likely that your credit score will be adversely marked. We've been advised that our credit score will have a negative mark against it for the next 6 years. It will take us around that length of time to clear our debt, so we were prepared to accept this caveat.Light At The End Of The Tunnel
We are now in a position that we can afford all of our monthly payments, bills, living costs and debt repayments. We don't have too much slack at the end of each month but we're now taking steps to reduce other commitments and give ourselves some more breathing space. In my next post I'll talk about some of the other steps we've taken including how we've reduced our bills and increased income. For the first time in a long while we are starting to sleep a little better.
Written by Money Saving Tips
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