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Step 5: PAYING YOUR CREDITORS....
Make a list of your non-priority bills. These will include the items in the following list.
If you have met all your household bills etc but find out that you have nothing left to repay the contractual payment on your monthly credit commitments then you will need to work out an affordable repayment plan, enabling you to repay the debts at a smaller amount over a longer period of time.
Payments will need to be calculated on a ‘pro-rata’ basis. This means that the creditor who has the largest balance would receive the larger payment and the creditor with the smaller balance would receive a smaller payment.
Click here to see how to work out ’pro-rata’ payments. These payments could then be offered to your creditors. Creditors are more likely to accept a reduced payment a) if you are making reduced payments to your other creditors, b) they are receiving a payment based on an equal proportion of debt/monies available.
If you have no disposable income left to offer creditors then a small token payment of £1.00 is an acceptable amount. Creditors are not usually happy to accept such a small payment, but as you are offering something then it shows that you accept that you owe the money and are willing to pay but you are unable to offer a higher payment until such time as your circumstances improve.
For more details please see the Sadeh Lok website.