Things have been rather quiet lately but that changed today when I received a letter from Mackenzie Hall. The letter relates to my Payday UK account and an outstanding debt they are collecting.
I haven’t received many letters recently asking for increased payments so I was expecting another would be along at some point. Sure enough though one turned up.
What does the Mackenzie Hall letter say?
The letter thanks me for my payments so far, and goes on to tell me how much I have paid off and the amount I currently owe. In case you are wondering, I currently owe £537.31 so there is still a way to go before the account is paid off.
The letter also advises that I could settle the debt at a discounted rate and invites me to call them to discuss this. Maybe I will do this one day, but not yet.
The Current Situation with the Payday UK Debt
I currently make a monthly payment of £3.84 to Mackenzie Hall for my Payday UK debt. Based on that payment, it is going to take me a very long time to pay the loan back. Not to worry though. I have a plan to get rid of it at some point.
My Plans for the Mackenzie Hall / Payday UK Debt
Well I suppose considering how long the debt has been outstanding, I think it is time to increase my monthly payment. It won’t be anything drastic. Probably around the £10 mark for now. That should keep them quiet for a while. Once my Car finance is paid off I will probably start really hammering at my debts.
I have already increased payments to several debts through making what I call efficiency savings on my monthly expenses. So far I have made the following increases towards my monthly debt Payments: –
– Esporta Debt payment increased to £27.10 per month from £6.76.
– Co-operative Bank Debt payment increased to £20 per month from £10.
– Natwest Payment increased from £67.06 to £78.65 per month.
– P2PS Debt Payment increased from £98.02 to £115 per month.
I still have a lot of other debts where the payment has remained at the same level for some time. This is because I plan to settle those debts within the next 12 months, although that could change. The Payday UK debt was one such debt that I was hoping to pay off by the end of this year. Time will tell I think.
So what do you do with this type of letter?
Easy. I will write back and make a new offer of repayment. I will send an offer of repayment letter and an income and expenditure form. If my previous experience with the other Mackenzie Hall account is anything to go by, the offer will be accepted and I will continue to exist in peace. On my previous account I elected to maintain the existing payment arrangement. This was accepted.
What if you can’t increase your monthly Payment?
If you are not able to increase your monthly payment don’t worry, simply write back with the same information as you did previously and explain that your circumstances have not changed and ask to maintain the existing arrangement.
Below are two links. One to an Income and Expenditure form and another to a sample offer of repayment letter for your reference.
That’s all for now but I will keep you posted on any developments.