I first saw you last year and took your advice. I'm now making token payments (£1) to two of my creditors and the 3rd has recently been in touch. Seriously, if it wasn't for you, I wouldn't have been able to take the step to change my carer because I was a prisoner to my debt! Now I'm working part time and studying... Thank you!!!
@@Oye_TheRealDebtGuy I'm sure I've already said this (or something similar) on one of your other videos, but that's how much I can't believe I'm now living a happy life and managing my debt!! ... No where online have I see your kind of advice and I almost got caught by one of those "we can clear your debt" companies, wanting me to do an IVA - pure gratitude x
@@hinesy89 A simple letter will do, explain you are in serious financial difficulty and it is affecting your family. If you need advice contact debthelp@oyetvchannel.com. I did and got some great advice on dealing with my situation.
Just want to say thanks again, I have gotten very into your content. I have started to receive settlement letters and watching this has made me realise that I shouldn't accept these offers as they do not suit my situation. You have saved me so much stress and upset over the last couple of years. So I thank you eternally for this.
It's best to just let the debts default by not making any payments or having any contact if you can't afford to pay. Having an "agreement to pay" adds another negative marker on your credit files for an additional 6 years AFTER the debt is cleared.
@@Oye_TheRealDebtGuy Really? I am currently talking with a number of people on the Money Savings Expert forums about my situation and they are all in agreement that this is the case. If what you say is true, I feel more confident about approaching my creditors to reach an agreement on a payment plan. 🤔
Great video, very informative, tho is pure gold.I recently subscribed on the channel, very useful even for me being a foreigner, you have explained everything in a simple way. HUGE THANKS .
I really appreciate your commitment and work just came across your channel. Please explain where your information in from when you say they buy the £10,000 debt for £300. Thank you in advance. Hope you are still around 🙏🏽
how can they give you a loan out of thin air?..I got a loan for £5,000..I withdrew it from my bank, held it in my hand, then spent it on a new car...so how did the bank give me money that doesn't exist ?
I have possibly 2 questions: 1) if you have a job why don't they seize your account? or a car seize your car? 2) can they seize your salary before you get it?
Hey King, thank you so much for these videos and for this community. Do you have a referral scheme that I could tap into? Also Do you have a video about secure Loans that I might have missed?... How to write if off and how to negotiate settlement payments on them? Much appreciated 🙏🏾
Hi, Oye. I am nearly 40K Pounds in debt to like 8 creditors (unsecured). Mostly loans, few K overdraft.. I am about to lose my job, I have no assets, am single. I was planning a Bankruptcy, but - After watching your videos I came to a conclusion that Token Payments and trying to negotiate with lenders directly is a better solution. Am I right, could you comment on that?
@@Oye_TheRealDebtGuyThanks. But I do have to lose my job/lose the surplus of income in order to start that? And why is it better than just going bankrupt in a lawful way if I have nothing to lose?
years ago we had a weekly pay packet, no credit cards , you new what your cash flow was, now monthly pay checks , credit cards, buy now pay later, etc and lots more, when you bought goods years ago they worked, now everything breaks, and cant be repaired, we need to take a step back in time, real men worked in the shipyards, mines, engineering, construction sites, etc now lets go to work and press a button, give me a car that's fixable, why cant everything last as long as stainless steel knives spoons forks,, I could right a book about whats gone wrong
Hi I'm 22 with 2 personal loans which I defaulted on in 2021 one is 9200£ and the other is 11,000 , would it be time for me to tell them I'm willing to pay £1 a month maximum until they can give me a serious reduction ? Ideally I want to settle both in total for no more than £5000
The only goal of this tbh is to hopefully have improved credit score in the future so I can take out more loans because right now my credit score is 474
What if you haven’t been making token payments and it goes to a CCJ?? Do you have any advice about this? Please, I feel stuck. I received a court letter but haven’t opened it, I sent it back by ‘return to sender’. Yh my accounts have been defaulted
Say the debt collector finally agrees to the lesser sum you offered them and you then accept to settle. Will this clear any potential negative credit score to your name?
I’m already paying them zero and sending them stupid prove the debt letters / the only thing I want is the default they put on my credit file removed so I can get credit again / how do I get them to do that ?
Should be aware that if you negotiate a reduced full and final sum the outstanding unpaid amount shows on your credit file as an unpaid sum and could affect your ability to obtain credit in the future.
I have a creditor im.trying to settle a small debt with but they have tacked on double the amount of the credit limit in fees and late charges and when I ask them about certain charges they put me on hold for 15 minutes then the phone goes dead , this happened 4 times in a row ....I think they are playing games
Great video......but why is council tax, water bills etc a bigger shark in the water with much more muscle? Surely that's just figures in thin air also?
What actually happens to your credit score once you start token payments and it's been sold on/written off? Will the debt automatically disappear from your credit file if someone hard searches you? How hard is it to build your credit rating back up? (Given you're consistently making token payments)
Looks like I need another Debt Q&A. You will be defaulted and that will disappear after 6 years. Watch my "How To Increase Your Credit Rating" it's not that hard it just requires time.
Let's say you negotiated a lower amount for a larger sum of debt, but that lower amount is still unaffordable to be paid in one payment, can you arrange a payment deal for the reduced debt amount?
Does that work for parking tickets where the bailiff is chasing you and just keeps adding more fees. The problem now it’s impossible for me to pay these fees but is willing to give them £5 per month.
What advice fornthose who you can afford to pay the debt, just, but are struggling to do so, but also dont want to miss payments because of it ruining your credit score?
Hi Oye, Can banks and collectors do anything to pursue credit card debt after I have left the country permanently, moved abroad and have no assets left behind ?
Love your videos.They have helped me out so so much. Thank you for sharing all this information with us all. I have found myself in a debt situation where i have not been able to repay my loan due to being off work through my lower disks in back being out of place. Now on basic Employment Support in England which is terribly low amount each week. Not even enough to feed myself. The Citizens advice recommended i go bankrupt but after watching your video i am glad i have not gone down that route of bankruptcy. I am now going to offer the debt company a small amount each month and will certainly get a final settlement letter etc off them. Your videos have truly opened my eyes to what is available to people like me where as before i did not know what to do. Can not thank you enough for all your help. Dave
Hi, can I ask whether you'd recommend using the 3 letter technique on these debt collection companies who have purchased your debt at a low cost? Basically asking them to prove that they have the correct documentation on the original loan (which most do not!) Or is it better to just negotiate a lower settlement figure with them as advised in your video? Many thanks.
Read these two articles: www.therealdebtguy.com/guides/4-methods-used-to-tackle-debt-you-should-avoid www.therealdebtguy.com/articles/token-payment-method-and-debt
Ive got 16k in credit cards but since covid work had gone down the pan. Im currently on holiday plan which is ending now and feel like im going to struggle to keep up with the payments.. is there anything i can do? Would this work for me? Also longterm implications against credit file?
Yes, depending on your debts. Go through my videos as they will give you answers. If you need to speak to me check the description box for details how to.
So can this be done with any kind of debt or is this debt specifically limited to credit and store cards ? Can we pay a toke payment to settle other debts too ? Please reply 🙏
Write to them don't call. Watch my this video about Income and Expenditure ua-cam.com/video/SLsqeK9xWv8/v-deo.html as sometimes it may be easier to fill it in but watch this first.
What if you have loan from Barclays and you have a current account with them where you are getting paid. Can you freeze you funds or deduct money from your current account.
hello Oye, I am £50000 in debt with four different debtors. I've been making £5 payments for over 4 years now. The debt has been passed around a lot to different companies which made it hard with them always contacting me. My dad has offered to help clear the debt for me as the worry of all this is making me very unwell. What % do you think i should offer them ? Thanks a lot darren
I have 12.5k personal loan defaulted with halifax in-house debt collectors and I'm current paying £5 token payments. I want to settle this debt off. How do I go about this? Via email? Letter? Over the phone?
hi mate you are such a legend I'm feeling so relieved after watched it ,i will definitely will try with the debt collectors and the bank the token payment option i just have a question , if i offered the debt collectors the token payment and they rejected it , can they simply take me to court ? thanks mate
Hi Oye I had a personal loan year 2006 for £9 thousands pounds to pay back in 6 years time. I have paid for 4 years about £12 thousands pounds. So in 4 years I have paid back about £3 thousands more that what I got After 4 years my circumstances changed so I couldn't effort to make payment. So lender sold it to debt recovery. I made a arrangement with debt recovery pay £5 token payment for untill 2019 and stop. Now last week they send me pursued letters. What do I do now?? Can I defends in court and what chance I have??
Hi. I owe 10k on a credit card, and only recently managed to get the bank to freeze the interest so that I only pay the balance. They say I should pay what I can but there’s still a minimum payment attached to it and if I don’t meet it, my account goes into arrears and after a while of being in arrears they would pass it on to debt collectors. What room do I have to negotiate a reduction of the debt amount (especially since I don’t have a lump sum to offer). Thx
Oye Tv Channel thank you so much for replying. So should I continue making the minimum payment in the meantime? Let say I get a bonus next year and manage to get 2k, can I then offer this as a lump sum and would they look at it favourably if I’ve not been in arrears all this time ?
If you're not in arrears then they it is highly unlikely they will take a reduced settlement. Your account is still an asset for the bank. It is usually only when your account is looked at as a liability settlements are discussed.
Oye Tv Channel ok! I see. So the downside is a damaged credit rating for falling in arrears (and the risk of being passed to debt collectors) but the upside is being able to half the outstanding balance ! Gotcha 👍🏾 thanks
@@Oye_TheRealDebtGuy thanks for that! Quick info you could answer please single mum 3 kids 56k debt currently on a nurse on benefits so working part time and the rest universal credit etc... only have £150 left after all essential costs! Own a flat which I live in with about £60k equity! Should I token payment creditors and avoid StepChange! I live in Scotland. How likely is it for my creditors to get me to sell my house or turn the unsecured debt into secured against my house! Debt was left behind by my partner but it’s in my name not his. Thanks in advance.
Hello, I have received a letter from a solicitors who are working on behalf of a debt collector asking me if I own the debt. Should I ask for proof from them I do own the debt or is this something you should never admit to? Thanks in advance
Good evening, I had a personal loan dated back on 2006, after long time I couldn't make payment so I have been defaulted, now my credit file is clear. I have been chasing for 7k by a debt collection agency. Today I had a letter, they gave me court notice to take me court. The letter they send me with a court reference number for sherif court but doesn't have any court stamp or logo on it. Just sign by solicitors. So Sir Its nearly 15 years I can't even remember how much I have borrowed from bank. So I need your help. Please help me.
O have ignored my dent for a few years how do i go about setting up token payments? Pls can you guide me? Will they accept despite the fact I have ignored reduced offers? It gear anxiety video really calmed me down thanks for the advice
I am paying token payments to a debt collector. Have been for some months now. Do I wait for the debt collector to contact me about a settlement or do I initiate talks about a settlement?
I have watched the video a few times. I understand the process. What I'm struggling to grasp is whether I should initiate a final settlement request or just wait for them to offer me a settlement? I have been with both my debt collectors for 10 months now. Paying £1 on a £1k debt and £3 on a £12k debt.
Wow well said i am in exact same position ,a quid a month ,the fu===== asked for my monthly expenses ,exactly as in your brilliant video my debt is £1500 another 50k stat barred 12 years now they offered me a settlement figure £700 seeing your video i will reply £200 end of ,at 70 years old what can they do i continue with a quid a month in the meantime ,many thanks to you
Hi Oye, Can I set a 1£ token payments with debt agency and then leave back to my country for a while and try to work and stand on my feet over there where I could still work from home and accept work from around the world and uk as a freelance video editor while living in my parents house and saving money not paying rent in uk? Or isn’t possible and they will chase me there using local debt agencies?
I first saw you last year and took your advice. I'm now making token payments (£1) to two of my creditors and the 3rd has recently been in touch. Seriously, if it wasn't for you, I wouldn't have been able to take the step to change my carer because I was a prisoner to my debt! Now I'm working part time and studying... Thank you!!!
I am so pleased to hear that and you are welcome.
@@Oye_TheRealDebtGuy I'm sure I've already said this (or something similar) on one of your other videos, but that's how much I can't believe I'm now living a happy life and managing my debt!! ... No where online have I see your kind of advice and I almost got caught by one of those "we can clear your debt" companies, wanting me to do an IVA - pure gratitude x
Awww love this comment. Victory for to the small (not so) people
Hi how did you go about sending a letter to the creditors I’m stuck as to how to word it lay it out, I got do with a template from somewhere
@@hinesy89 A simple letter will do, explain you are in serious financial difficulty and it is affecting your family. If you need advice contact debthelp@oyetvchannel.com. I did and got some great advice on dealing with my situation.
KNOWLEDGE IS POWER. Oye, you're a badass. Thanks for sharing
Just want to say thanks again, I have gotten very into your content. I have started to receive settlement letters and watching this has made me realise that I shouldn't accept these offers as they do not suit my situation. You have saved me so much stress and upset over the last couple of years. So I thank you eternally for this.
You’re very welcome
After watching this I got on the blower and I’ve saved myself £500 😎thank you
gold. I wish your channel the best
🙏🏾
i just love this channel. very educational and instructive , thank you so much. i can use your info to help others.
Thank you - really helpful. Mines been purchased by a debt collector. I’ll do token payment.
You're welcome
This has helped me beyond measure
It's best to just let the debts default by not making any payments or having any contact if you can't afford to pay. Having an "agreement to pay" adds another negative marker on your credit files for an additional 6 years AFTER the debt is cleared.
Definitely not the case. If that happens the credit reference agency will remove it.
@@Oye_TheRealDebtGuy Really? I am currently talking with a number of people on the Money Savings Expert forums about my situation and they are all in agreement that this is the case. If what you say is true, I feel more confident about approaching my creditors to reach an agreement on a payment plan. 🤔
So, everything in writing to cover your tail. Thanks. Fantastic Knowledge to have. Your a great guy for sharing all your information.
Cheers, In debt to you for the knowledge bro...didn't know debt collection was a business in its own right.
Tim Sintim Offer him token payments
Great video, very informative, tho is pure gold.I recently subscribed on the channel, very useful even for me being a foreigner, you have explained everything in a simple way.
HUGE THANKS .
You are very welcome.
I really appreciate your commitment and work just came across your channel.
Please explain where your information in from when you say they buy the £10,000 debt for £300.
Thank you in advance. Hope you are still around 🙏🏽
Here it is - www.therealdebtguy.com/articles/why-do-debt-collectors-settle-for-less
brilliant vid as always, succinct and passionate 👍🏻
how can they give you a loan out of thin air?..I got a loan for £5,000..I withdrew it from my bank, held it in my hand, then spent it on a new car...so how did the bank give me money that doesn't exist ?
I love this question. Your answer is here:
ua-cam.com/video/m52bnn4N2hM/v-deo.html&feature=shares
Thanks my brother that was awesome
I have possibly 2 questions:
1) if you have a job why don't they seize your account? or a car seize your car?
2) can they seize your salary before you get it?
So basically. You have more leverage with you cc debt when it goes to the debt collector?
Hey King, thank you so much for these videos and for this community.
Do you have a referral scheme that I could tap into?
Also
Do you have a video about secure Loans that I might have missed?... How to write if off and how to negotiate settlement payments on them?
Much appreciated 🙏🏾
Hi, Oye.
I am nearly 40K Pounds in debt to like 8 creditors (unsecured). Mostly loans, few K overdraft.. I am about to lose my job, I have no assets, am single. I was planning a Bankruptcy, but - After watching your videos I came to a conclusion that Token Payments and trying to negotiate with lenders directly is a better solution. Am I right, could you comment on that?
Yes
@@Oye_TheRealDebtGuyThanks. But I do have to lose my job/lose the surplus of income in order to start that?
And why is it better than just going bankrupt in a lawful way if I have nothing to lose?
VERY interesting. Thanks!!!!
years ago we had a weekly pay packet, no credit cards , you new what your cash flow was, now monthly pay checks , credit cards, buy now pay later, etc and lots more, when you bought goods years ago they worked, now everything breaks, and cant be repaired, we need to take a step back in time, real men worked in the shipyards, mines, engineering, construction sites, etc now lets go to work and press a button, give me a car that's fixable, why cant everything last as long as stainless steel knives spoons forks,, I could right a book about whats gone wrong
Can they refuse the token Payment ? Like . Argos, very , credit cards ? Thank you
Just by your video !! You have helped me beyond means ! Thank you so much
Asad Ali you're very welcome
Hi I'm 22 with 2 personal loans which I defaulted on in 2021 one is 9200£ and the other is 11,000 , would it be time for me to tell them I'm willing to pay £1 a month maximum until they can give me a serious reduction ? Ideally I want to settle both in total for no more than £5000
The only goal of this tbh is to hopefully have improved credit score in the future so I can take out more loans because right now my credit score is 474
Should I book a zoom call with you or would that be a random member of the team:
Great and informative video, thank you very much, it’s a great help!
Lisa Hodgkinson *Hey guys😄mystery_hacker79 on Instagram he’s an expert💯*
Oye I can't tell you how much these videos have helped me. Thank you man
Glad I could help 🙂
What if I'm not behind in payment yet?
You are a smart, smart guy!
🙏🏾
What do you think the chances are that a debt company will accept a 40% payment to write off my account
This article will help - www.therealdebtguy.com/articles/discount-debt-offer-make-sure-the-price-is-right
What if you haven’t been making token payments and it goes to a CCJ?? Do you have any advice about this? Please, I feel stuck. I received a court letter but haven’t opened it, I sent it back by ‘return to sender’. Yh my accounts have been defaulted
You should exchange the written negotiation BEFORE you pay.
Once again good advice. Have you made a video on Promissory notes yet?
Peter B not yet but it’s one I may do.
Say the debt collector finally agrees to the lesser sum you offered them and you then accept to settle. Will this clear any potential negative credit score to your name?
Brilliantly informative video.
🙏🏾
I’m already paying them zero and sending them stupid prove the debt letters / the only thing I want is the default they put on my credit file removed so I can get credit again / how do I get them to do that ?
thanks for the advice
Love you bro… Thank you 🙏🏾
Do you have to default on a payment before you can make them an offer of final settlement, ie become a non asset first.
Should be aware that if you negotiate a reduced full and final sum the outstanding unpaid amount shows on your credit file as an unpaid sum and could affect your ability to obtain credit in the future.
Thank you for this content!!
You're welcome
Thank you got the video. Is there a way to negotiate debt if your account is still in good standing ???
How do I contact you to help?
I have a creditor im.trying to settle a small debt with but they have tacked on double the amount of the credit limit in fees and late charges and when I ask them about certain charges they put me on hold for 15 minutes then the phone goes dead , this happened 4 times in a row ....I think they are playing games
Which of the free debt help organisations do you think is best to get advice from IN SCOTLAND for credit card debt, please?
When do debts become statute barred and unenforceable?
Read this - www.therealdebtguy.com/articles/what-is-statute-barred-debt
Great video......but why is council tax, water bills etc a bigger shark in the water with much more muscle?
Surely that's just figures in thin air also?
Very good question, one for another day....
and the creditors file suit if u give are doing token payments, and how do you arrange a small token payment as low as one pound
Is unpaid default debt will be written off after 6 years?
I’ve written this article which will answer your question - www.therealdebtguy.com/articles/what-happens-to-your-debt-six-years-after-defaulting
Does it affect your credit score or show up on you credit file?
OMG i think you just might have saved my life, I hope it works
I have tried it and it honestly works
What actually happens to your credit score once you start token payments and it's been sold on/written off? Will the debt automatically disappear from your credit file if someone hard searches you? How hard is it to build your credit rating back up? (Given you're consistently making token payments)
Looks like I need another Debt Q&A. You will be defaulted and that will disappear after 6 years. Watch my "How To Increase Your Credit Rating" it's not that hard it just requires time.
Are there long term consequences at the end of this? Say the debt has been written off, will there be a black mark put against your credit file?
This article will help - www.therealdebtguy.com/articles/token-payment-method-and-debt
My debt has been passed to a collection agency. Is it to late to offer a settlement still?
Great video bro , what happens a company accept your token payment, but you forgot to pay it for a month?
Thanks bro. Don't worry too much you can start the plan again.
Oye Tv Channel I’m on point
Why would I pay on a debt from a collector?
what is the implications of reducing the debt by debtt collector does that affect the credit rate.
Read the near the bottom of this article - www.therealdebtguy.com/articles/token-payment-method-and-debt
Let's say you negotiated a lower amount for a larger sum of debt, but that lower amount is still unaffordable to be paid in one payment, can you arrange a payment deal for the reduced debt amount?
Text *jameskosta2* on ¡nstagram, for help. He did mine.
Does that work for parking tickets where the bailiff is chasing you and just keeps adding more fees. The problem now it’s impossible for me to pay these fees but is willing to give them £5 per month.
MrKayvonbanton it's not as simple with parking tickets.
What advice fornthose who you can afford to pay the debt, just, but are struggling to do so, but also dont want to miss payments because of it ruining your credit score?
It really depends on the details of your financial situation
Hi Oye,
Can banks and collectors do anything to pursue credit card debt after I have left the country permanently, moved abroad and have no assets left behind ?
Can I negotiate a better interest rate on a credit card I have debt on?
Love your videos.They have helped me out so so much. Thank you for sharing all this information with us all. I have found myself in a debt situation where i have not been able to repay my loan due to being off work through my lower disks in back being out of place. Now on basic Employment Support in England which is terribly low amount each week. Not even enough to feed myself. The Citizens advice recommended i go bankrupt but after watching your video i am glad i have not gone down that route of bankruptcy. I am now going to offer the debt company a small amount each month and will certainly get a final settlement letter etc off them. Your videos have truly opened my eyes to what is available to people like me where as before i did not know what to do. Can not thank you enough for all your help. Dave
You’re very welcome Dave
Only offer £1 pm
Top guy!
What happens if you don't pay a ccj debt after 7 years can you still get a mortgage
WOW..... GREAT CONTENT ....
Are you Nigerian? If so, how do you deal with the social-emotional affects of personal debt when the common assumption of this is being a failure?
Hi, can I ask whether you'd recommend using the 3 letter technique on these debt collection companies who have purchased your debt at a low cost? Basically asking them to prove that they have the correct documentation on the original loan (which most do not!) Or is it better to just negotiate a lower settlement figure with them as advised in your video? Many thanks.
Read these two articles:
www.therealdebtguy.com/guides/4-methods-used-to-tackle-debt-you-should-avoid
www.therealdebtguy.com/articles/token-payment-method-and-debt
Will this not affect my credit rating?
@@Oye_TheRealDebtGuy11:40 11:40
Thank you
You're welcome
Hi oye . I hope you are staying safe bro , a quick question, can I pay token payment to my business loan ( EFG ) ? thanks
Ive got 16k in credit cards but since covid work had gone down the pan. Im currently on holiday plan which is ending now and feel like im going to struggle to keep up with the payments.. is there anything i can do? Would this work for me? Also longterm implications against credit file?
Yes, depending on your debts. Go through my videos as they will give you answers. If you need to speak to me check the description box for details how to.
HELP! But what if am they automatically charge me $40+ monthly. that would add up if am ONLY paying $1 CANADIAN
So can this be done with any kind of debt or is this debt specifically limited to credit and store cards ? Can we pay a toke payment to settle other debts too ? Please reply 🙏
This link covers the different types of debt and your options - www.therealdebtguy.com/help/i-need-help-with-debt
No thanks for ur reply should u call them direct and do I have to do an income and expenditure form as all debt advice saus u must do this pls help
Write to them don't call. Watch my this video about Income and Expenditure ua-cam.com/video/SLsqeK9xWv8/v-deo.html as sometimes it may be easier to fill it in but watch this first.
How long after taking a loan/credit can I contact the lender and look to start the write offer process?
Eg I took a loan last month but now struggling to pay it?
This is very good information. But in the US debt collectors are now taking people to court to collect on unpaid debt so what does one do then?
I haven't started looking at US systems fully yet but it's on my list.
naturalgirl75 *Hey guys😄mystery_hacker79 on Instagram he’s an expert💯*
What if you have loan from Barclays and you have a current account with them where you are getting paid. Can you freeze you funds or deduct money from your current account.
Read this article - www.therealdebtguy.com/articles/token-payment-method-and-debt
hello Oye, I am £50000 in debt with four different debtors. I've been making £5 payments for over 4 years now. The debt has been passed around a lot to different companies which made it hard with them always contacting me. My dad has offered to help clear the debt for me as the worry of all this is making me very unwell. What % do you think i should offer them ? Thanks a lot darren
How many years do you have to be in bad debt repayments before the bank try and sell the debt?
Watch this video ua-cam.com/video/xT-mZYLiGu8/v-deo.html
I have 12.5k personal loan defaulted with halifax in-house debt collectors and I'm current paying £5 token payments. I want to settle this debt off. How do I go about this? Via email? Letter? Over the phone?
Letter
hi mate you are such a legend I'm feeling so relieved after watched it ,i will definitely will try with the debt collectors and the bank the token payment option i just have a question , if i offered the debt collectors the token payment and they rejected it , can they simply take me to court ? thanks mate
Hi Oye
I had a personal loan year 2006 for £9 thousands pounds to pay back in 6 years time. I have paid for 4 years about £12 thousands pounds. So in 4 years I have paid back about £3 thousands more that what I got After 4 years my circumstances changed so I couldn't effort to make payment. So lender sold it to debt recovery. I made a arrangement with debt recovery pay £5 token payment for untill 2019 and stop. Now last week they send me pursued letters.
What do I do now??
Can I defends in court and what chance I have??
Hi. I owe 10k on a credit card, and only recently managed to get the bank to freeze the interest so that I only pay the balance. They say I should pay what I can but there’s still a minimum payment attached to it and if I don’t meet it, my account goes into arrears and after a while of being in arrears they would pass it on to debt collectors. What room do I have to negotiate a reduction of the debt amount (especially since I don’t have a lump sum to offer). Thx
Not a lot if you do not have a lump sum.
Oye Tv Channel thank you so much for replying. So should I continue making the minimum payment in the meantime? Let say I get a bonus next year and manage to get 2k, can I then offer this as a lump sum and would they look at it favourably if I’ve not been in arrears all this time ?
If you're not in arrears then they it is highly unlikely they will take a reduced settlement. Your account is still an asset for the bank. It is usually only when your account is looked at as a liability settlements are discussed.
Oye Tv Channel ok! I see. So the downside is a damaged credit rating for falling in arrears (and the risk of being passed to debt collectors) but the upside is being able to half the outstanding balance ! Gotcha 👍🏾 thanks
Correct and you're welcome. Also debt collectors are very easy to deal with so never think of them as a risk.
I’m not currently on a token payment plan can this method been done if I’m on a DMP? Can I still offer my creditor an offer to settle the debt?
Read these 2 articles -
www.therealdebtguy.com/articles/token-payment-method-and-debt
www.therealdebtguy.com/articles/discount-debt-offer-make-sure-the-price-is-right
Is it just as good to do debt management plan through a charity or is it better to do it yourself? No Iva etc just non legal dmp?
Watch this video ua-cam.com/video/ds3u9ER32bA/v-deo.html
More videos here ua-cam.com/play/PLBBAdQdW7iIWJy5MZ8lGo8N7d3GaJjGgR.html
@@Oye_TheRealDebtGuy thanks for that! Quick info you could answer please single mum 3 kids 56k debt currently on a nurse on benefits so working part time and the rest universal credit etc... only have £150 left after all essential costs! Own a flat which I live in with about £60k equity! Should I token payment creditors and avoid StepChange! I live in Scotland. How likely is it for my creditors to get me to sell my house or turn the unsecured debt into secured against my house! Debt was left behind by my partner but it’s in my name not his. Thanks in advance.
what about your credit rating
Won't a creditor simply pursue iva?
great video i going to make an offer to my creditors
Hello, I have received a letter from a solicitors who are working on behalf of a debt collector asking me if I own the debt. Should I ask for proof from them I do own the debt or is this something you should never admit to? Thanks in advance
Watch this video ua-cam.com/video/YSW9VY7QmIk/v-deo.html
Good evening,
I had a personal loan dated back on 2006, after long time I couldn't make payment so I have been defaulted, now my credit file is clear. I have been chasing for 7k by a debt collection agency.
Today I had a letter, they gave me court notice to take me court. The letter they send me with a court reference number for sherif court but doesn't have any court stamp or logo on it. Just sign by solicitors.
So Sir
Its nearly 15 years I can't even remember how much I have borrowed from bank.
So I need your help.
Please help me.
Use this link to speak to me directly - www.therealdebtguy.com/join-our-community
I have recently received 2 default notices, would it still be possible to set up token payments with the companies? Thank you in advance Oye ✨
Here's the process - www.therealdebtguy.com/articles/token-payment-method-and-debt
Hey Oye, great video. Question, how will your credit file be affected?
getfitwith raaj thanks. You will receive a default.
O have ignored my dent for a few years how do i go about setting up token payments? Pls can you guide me? Will they accept despite the fact I have ignored reduced offers? It gear anxiety video really calmed me down thanks for the advice
Ameen Yousaf watch my How To Write Off Debt Video in my debt playlist.
I am paying token payments to a debt collector. Have been for some months now.
Do I wait for the debt collector to contact me about a settlement or do I initiate talks about a settlement?
Watch the video again, I explained in detail what you should do.
I have watched the video a few times. I understand the process. What I'm struggling to grasp is whether I should initiate a final settlement request or just wait for them to offer me a settlement?
I have been with both my debt collectors for 10 months now. Paying £1 on a £1k debt and £3 on a £12k debt.
Mr Intoku how did you go about setting up the token payments through letter ? Is there any templates about ?
If a person were to employ the strategy that Oye describes, what impact would it have on your credit score?
The following article with tell you in the question and answer part near the bottom - www.therealdebtguy.com/articles/token-payment-method-and-debt
@@Oye_TheRealDebtGuy Thanks.
Wow well said i am in exact same position ,a quid a month ,the fu===== asked for my monthly expenses ,exactly as in your brilliant video my debt is £1500 another 50k stat barred 12 years now they offered me a settlement figure £700 seeing your video i will reply £200 end of ,at 70 years old what can they do i continue with a quid a month in the meantime ,many thanks to you
Hi Oye, Can I set a 1£ token payments with debt agency and then leave back to my country for a while and try to work and stand on my feet over there where I could still work from home and accept work from around the world and uk as a freelance video editor while living in my parents house and saving money not paying rent in uk? Or isn’t possible and they will chase me there using local debt agencies?
Watch this video ua-cam.com/video/qrUuvFx7xXA/v-deo.html
Please help, how can I give token payments if I have a personal loan on direct debit???
Read this - www.therealdebtguy.com/articles/token-payment-method-and-debt
Does this work with a threatened ccj from united utilities?
Thank you for your info. Channels like yours should be up there.