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Continue Accepting My Offer – Sample Letter Template

Scott Nelson Profile Picture Janine Marsh Profile Picture
By
Scott
Scott Nelson Profile Picture

Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

Learn more about Scott
&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Mar 14th, 2024
Could you legally write off some debt? Answer below to get started.

Total amount of debt?

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Featured in...
Continue Accepting My Offer

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Introduction

If you are making debt repayments to a creditor and your account is soon to be reviewed, you can ask the creditor to continue accepting your current terms with our free letter template. Some creditors may consider increasing your repayments or unfreezing interest on the account. With our free letter template, you can request they stick to the ongoing agreement in a polite and professional way. 

Because Debt Management Plans of repayment schedules are not legally binding, your creditor is allowed to change its mind or unfreeze interest in most instances. But by sending a letter asking them to continue accepting the current arrangement, you could avoid any expensive changes. 

Could you legally write off some debt?

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.


Letter Template

To Whom It May Concern

Regarding Case #: [your case number]* (required)

I note that the above account is due to be reviewed.

I enclose a budget summary which shows that my overall financial circumstances have not improved since I last contacted you. Therefore, please continue to accept my monthly payments, as already agreed, and also continue to freeze interest and other charges on the account.

If my circumstances improve I will contact you again.

I look forward to hearing from you.

Yours sincerely


Downloadable Resource

The download links below take you to a Google document template where you can make a copy or save in any document format you like. Note, you may have to login to your Google account.

Download – Single (for one person)
Download – Joint (for couples)

How a debt solution could help

Some debt solutions can:

  1. Stop nasty calls from creditors
  2. Freeze interest and charges
  3. Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:


Situation

Monthly income £2,504
Monthly expenses £2,345
Total debt £32,049

Monthly debt repayments

Before £587
After £158

£429 reduction in monthly payments

If you want to learn what debt solutions are available to you, click the button below to get started.

Get started

Do creditors have to freeze interest?

Creditors are not legally forced to freeze interest payments on a debt. They cannot charge you excessive interest that goes above the daily cap or total debt repayment cap. 

However, they will often agree to freeze interest payments for people repaying debts with significant financial hardship. If you are only managing to pay back the interest and not pay back any of the debt, your situation is not improving and you are not getting out of debt. In this case, creditors typically freeze interest to help you get out of debt gradually.

If your account is being reviewed, there is no guarantee that your creditor will continue to freeze the interest. You must prove to them that freezing the interest is still needed for you to gradually get out of debt. Our free letter template and advice helps you achieve this. 

Do creditors have to accept a payment plan?

It is unlikely that a creditor will not accept a payment plan. If you are already making regular repayments and your account is to be reviewed, it is almost certain that they will continue to accept repayments over many months. 

Again, you will need to prove that the repayments you are making are the best you can do in your financial situation, so they do not increase the amount you need to pay. You will need to prove that your finances have not improved to make sure you are not forced to pay more. 

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

Natasha

I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.

Get started

Reviews shown are for The Debt Advice Service.

How can I prove my financial situation?

The best way to prove your financial situation is to send a budget outlining your incomings and outgoings each month. This will show the creditor that you can continue to meet the current repayment plan but cannot pay any more. The budget will be what helps prove you are in financial difficulty and interest should still be frozen. 

Make sure you send your letter and your evidence of financial hardship before your account is to be reviewed. 

What if my creditor does not agree?

If your creditor receives your letter and does not agree that the interest should still be frozen, you could ask a debt charity for support to negotiate with them. Alternatively, you could consider other debt solutions, including a debt management plan, which can also be set up by the best UK debt charities and organisations. 

Could you legally write off some debt?

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

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The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Debt Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.