I am a single mother to 2 after my partner died and we've been living on benefits because I had to quit my job. I've gotten behind on my credit card and store card (I had both before my partner died and was paying it off just fine) and because of missed payments in the last year my credit is shot to pieces anyway. Is it best to send letters to companies and offer some sort of repayment plan? What would be the best option?
I worked in debt recovery for a credit card company, they're actually very understanding as long as you're honest. Do you feel able to phone them? Prepare a list of income/outgoings and don't offer more than you can realistically afford. If your outgoings are more than or equal to income offer a token payment of £1 a month in recognition of the debt. Remember they can't take what you don't have.