Beginning to miss repayments - how to do this

I currently have a limited income (self-employed) which may or may not improve in the short-term but I'm assuming (for my budget) that it won't.

I have a few credit cards plus a cahoot flex loan. And I'm running out of cash. I've never missed a repayemnt before but think I will start doing so this month. Seems silly to fund debt repayments from what's left on my cards!

What is the best way to approach this?

Payments are by direct debit so I'd need to cancel or adjust these. I could offer a [much] smaller payement.

I guess its best to be straight-up with the lenders.

How long may I have before they start to get awkward and I have to have some sort of debt management plan? I know its hard to say but will I get a couple of month's grace or will it get heavy as soon as I miss a payment?

Many thanks.


  • simongregson
    You need to look on the Debt Free Wannabe board really, as there is free help available from various charities.

    Generally you would be better off writing to the companies to state what reduced payment you will be able to offer. It would be a good idea to cancel direct debits, but it would make sense to inform the card companies in order that you show that you are still willing to make repayments.

    As I say, look on debt-free wannabe and maybe start a thread there as they will be able to offer more specific advice.
  • jamalfatty
    Have a google for the new BERR regulations, these may be of some help
  • col45
    col45 Posts: 11 Forumite
    Thanks - I'll have a look.
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