Before you can start making monthly payments it is important to calculate exactly what is owed to each creditor. Then an Income and Expenditure is calculated which will provide us with your monthly disposable income.
The disposable income is then split between your creditors on a pro rata basis and on offer of repayment made. Should the creditor refuse the offer then negotiations may ensue Alternatively we may be better to wait until the debt has moved from the creditor to a debt collection agent to gain agreement for the plan. Their job is really to collect the debt via a Debt Management Plan.
It is critical to ask for interest to be frozen.
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