Newlyn PLC

[The Famous Mile End]

Hi Guys,

I'd really appreciate it if anyone could offer me help with Newlyn PLC and the debt I have with them.

I've recently received letters from then informing me that I owe £1811.86 pence and have added and extra £200+ to what I originally owed my bank. We agreed to pay off £300 per month but in truth I could not afford that on top of bills and rent. I've defaulted again and they have advised that they could (direct quote) "seek alternative collection activities including registration of the chage in the County Court, this could result in Certificared Bailiffs being appointed who may remove goods for sale by Public Auction."

Is there anything I can do? I'm not the smartest with money, would happily pay the agreed fee back to the original lender as this was due to circumstance that the payment was missed in the first place. I originally offered to pay £100 per month to Newlyn which was refused as they require full payment within a 6 month period.

Any help with be greatly appreciated.

[Caspar]

Re: Newlyn PLC

Hi Guys,

I'd really appreciate it if anyone could offer me help with Newlyn PLC and the debt I have with them.

I've recently received letters from then informing me that I owe £1811.86 pence and have added and extra £200+ to what I originally owed my bank. We agreed to pay off £300 per month but in truth I could not afford that on top of bills and rent. I've defaulted again and they have advised that they could (direct quote) "seek alternative collection activities including registration of the chage in the County Court, this could result in Certificared Bailiffs being appointed who may remove goods for sale by Public Auction."

Is there anything I can do? I'm not the smartest with money, would happily pay the agreed fee back to the original lender as this was due to circumstance that the payment was missed in the first place. I originally offered to pay £100 per month to Newlyn which was refused as they require full payment within a 6 month period.

Any help with be greatly appreciated.

Right - first don't panic. I'm very new to all of this, but I know it's not as bad as it seems to you. What they say they could do is exactly that. It's what they could do, not what they will do. Similarly could result does not mean will result. I suspect you're a long way from anything like that happening, so calm down.

Look at the facts, you agreed to pay more than you could realistically afford so inevitably ended up defaulting again - it was bound to happen. I'd suggest you complete the income / expenditure sheet Income Expenditure Sheet.xls . Make sure you allow yourself plenty to live on this time and don't pretend you can afford more than you really can. It may be a good idea to post it here and let us have a look at it before you send it. Then send that along with this :

LETTER # 2

Ask Your Creditors to Accept Pro Rata Offers of Payment on Your Debts


Dear Sir/Mr

Re: Your Account Number: xxxxxxxxxxxx

We wish to inform you of a recent change to our circumstances and as such we are unable to maintain the present level of repayments. [Add an explanation here, keep it brief and in one paragraph if possible].

Please find enclosed an Income and Expenditure sheet (here) which details our current position. As is clearly shown, the total amount available for us to repay our creditors has now become significantly reduced.

In view of our circumstances, we have written to all our creditors to ask that they agree to accept reduced monthly payments and that any interest and charges currently being applied to the account be frozen to enable the debt to be repaid as quickly as possible.

To this end, we request that you agree to installments of of £............ per month.

We would like to assure you that it was never our intention to renege on our financial responsibilities and as such, should our circumstances improve, we will contact you immediately with a revised installment offer.

Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully/sincerely


Do not worry - this is very solveable, but do get on and do this so you can send it to them. Ignoring the problem will only make it worse. They cannot take what you haven't got. Even if you look up debts under the HM Courts sites, they say quite clearly it's not worth taking someone to court if they just cannot pay!