Whenever you enter into an arrangement to pay with a debt collection agency, they will normally set the arrangement for a period of between three and six months. After that time has elapsed, they then send you a letter asking you to increase your repayments. They will refer to this as a review.
This guide looks at what you should do if you receive one of these letters. Whilst you might feel you have to increase your payments you don’t. At the end of the day they Debt Collection agency would rather you have a plan that is affordable to you, than one you can’t afford and ultimately miss payments on.
What do you do if you receive a letter asking for an increase payment?
If you circumstances haven’t changed then you should write back to say so. There is a template letter you can use on this blog, just change it to your own information and you are good to go. Every time I have been unable to increase my repayment offer, I have sent the same letter and have been fine. The payment is reset and the same thing happens again six months later.
What if you can increase your repayment amount?
Use the offer of repayment letter and include your new offer amount in there. Don’t forget to include an income and expenditure form as well. When increasing your repayment offer, you shouldn’t have any trouble at all.
What if you need to decrease what you pay?
As above, send the offer of repayment letter with your new repayment offer and include an income and expenditure form. The debt collection agency will accept your new proposed payment in most cases, unless your income and expenditure isn’t what they expect.
Need help with Debt?
If you are struggling with your debts then there is help available. This is not me selling you something. Visit the Debt Help page to find details of organisations who can help you. These are charities and organisations who are not around to make money from you so the advice you get is impartial and without any pressure.
More Debt Resources
Below I list what I hope are some useful debt resources here at Debt Advice Blog.
- What do you put on an Income and Expenditure Form?
- A Guide to Debt Collection Laws in the UK
- Dealing with Debt Collection Agencies
Good luck with sorting out your debt repayments.