Advice Request - MINT

[Des Colada]

Hello All,

I was hoping I could get a little advice on how to proceed with a MINT credit card debt?

I have been paying a reduced payment by agreement on a MINT credit card debt of 12,000UKP for about 18months. Periodically I would be asked to resubmit an income and expenditure sheet in support of this agreement.

During the past 18 months (and due to the credit crunch) I have seen some improvement in my circumstances as the interest on my mortgage has dropped in line with UK interest rates and this was highlighted in the last I&E sheet I sent to MINT.

MINT have now written back to me insisting that I use the additional 188UKP available to set a new repayment level which will be reviewed in six months.

My options are a little limited as they say that if I do not accept this they will use "other methods to recover the debt".

Obviously I have huge concern over what happens if I start to pay this new amount (an increase of over 140UKP on the original payment) only to see the interest rates start to climb (as they are certainly going to do) thereby pushing me back into the red at the end of each month.

If I refuse to pay the new amount I am sure they will just begin a formal process of recovery. If I pay and then in six months they demand more (which I can not pay) then they will again begin formal proceedings.

It may also be the simple case that they have completed their last batch of recoveries and my name is next on the list, which means that they fully intend to use all in their power to recover the debt. In paying the additional amount I may simply be postponing the inevitable.

Any advice on how to proceed would be greatly appreciated. Their letter arrived last Friday and I have not responded to it yet.

Regards

Des

[Amethyst]

Re: Advice Request - MINT

the 188 extra available needs to be spread proportionally between all your creditors, so if there are others then you need to work it out and up payments to all of them (so could be 3100 to one, £50 to another, £20 to another etc - or not and just up the one to MINT to the amount it would be if you did if you know what i mean lol)

when interest rates rise then review the situation again, payments can go down due to circumstances as well as up.

IF they begin a formal process of recovery, then you will have all the evidence to show you have made what payments you are able, have communicated with them and are not reneging on your financial responsibilites, so it will end up that you are paying the same monthly installment that you can afford anyway