Is this good or not ??

[nutcracker]

I have a loan with Barclays and have been struggling to afford the repayments recently (£140 a month).

I rang them today to ask if there was anyway I could lower the payments and they said the only way to do that was to take out a larger loan which I didn't want to do.

They gave me the number of their debt department, so I rang them. They at first refused to help me, saying that my account wasn't with them cos i wasn't in arrears and that I should go back to Barclays and ask to restructure the loan.

Went back to Barclays and they said no they couldn't restructure because it is a fixed term loan.

They told me to ring the debt department back and tell them that I would soon be in arrears and needed help.

Anyway I did and they agreed to help. They have stopped my loan payment and I have to ring them Monday morning with a list of our income and expendtiure.

I'm not entirley sure what will happen after that, but I'm hoping they will let me reduce my payments even if only temporarily.

Have I done the right thing ?? I know it will look bad on my credit file but my credit is crap anyway.

It sounds like you've done exactly the right thing, creditors are much happier to help you BEFORE you miss payments than afterwards.

yes you are completely doing the right thing

it is best to sort these things out before the debt gets unmanageable

good for you nutty, good luck for monday

Really, oh good am glad to hear that.

I do feel a bit better about it, cos at least I know they know i'm having trouble and am trying to sort it out.

You have actually done the correct thing. However I would put it in writing with your details. With this type of request, the company has little choice but to accept your proposal of a limited amount. You should make the offer as opposed to letting them tell you what you can pay.

In relation to your credit rating, no default notice should show up. Barclays can comment that you have an arrangement to pay with them but providing you keep to this you will continue to get your little 00000000 meaning you have paid as requested.

I think that they will then ask you to make an offer of a payment which you can comfortably afford.

It is the right thing to do as it shows that you are aware of your debt problem and serious about looking at ways in which to deal with it.

it would look worse on your credit file if you ignored the problem and missed payments.

im still trying to sort myself out with debts, i cant get credit cards etc and the mortgage is in dp's name as no bank would touch me with a 10foot barge pole.

hopefully the reduced payments will help you x

Good am glad I have done the right thing for once.

Hopefully I'll get it sorted soon.

Thanks