Bad times, cant pay off my credit card debts

anfieldroar

Hi, first post.

Ive been hit badly financially - without any income for 4 months now - no sign of any job yet - and I only have enough money (borrowed from credit cards) to last 6 weeks. Credit cards are maxed out at about £40k - bad business dealings...

Whats the best way forward? Without anything happening I will probably lose everything in 6 weeks - house etc.

Can the credit card companies freeze interest so I can at least pay off some of what I owe rather than owe more through interest each month? If they do this will I be a credit risk forever?

Ive probably got 15 credit cards, about 99.9% payment on time record, and Ive always been a minimum payment person so Im a good customer...

Almost at breaking point worrying - anyone got any ideas?

Thx

Cashpig74

write them off.

anfieldroar

Well I owe the money so I presume I cant just ignore the fact.

Can i get them to accept say £30 per month with interest frozen?

thx

ged1980

anfieldroar wrote: »

Well I owe the money so I presume I cant just ignore the fact.

Can i get them to accept say £30 per month with interest frozen?

thx

well done saying you owe the money and cant ignore it


you need to contact all companys tell them your problem and see if they will take your offer till you are back on your feet.


also contact CAB get some advice and help from them

Cashpig74

apparently theres a guarenteeed income to be made somewhere in the gambling thread. why doesnt everyone just talk about that.

anfieldroar

If I call the credit card companies and ask for this will that just start the ball rolling with me being labeled as bad debt?

This is just a temporary situation - I am positive another 6 months will get me through so I dont want to start something I might regret later on...

thx

never-in-doubt

anfieldroar wrote: »

If I call the credit card companies and ask for this will that just start the ball rolling with me being labeled as bad debt?

This is just a temporary situation - I am positive another 6 months will get me through so I dont want to start something I might regret later on...

thx

any kind of arrangement to pay will affect your credit file so to be honest if it for 6 months why not get another and use it to pay each other - worse case scenario you'll pay a few percent interest more for cash withdrawals but your credit file will remain intact.

if you mess about trying to fight the legalities of the card then it will stay on your file for 6yrs/ in your case do not do this, as it is a temp measure as you put it!

never-in-doubt

anfieldroar wrote: »

Well I owe the money so I presume I cant just ignore the fact.

Yea but there is laws in place which suggest you may not owe it after all, just read other posts - i'm not opening that can of worms up again for the letches to pounce.

anfieldroar wrote: »

Can i get them to accept say £30 per month with interest frozen?

thx

Not advisable or it will go on your credit file as an arrangement to pay and won't help you in 6mths..... remains for several years (6) but lenders will only count toward the last 3 usually.

anfieldroar

Thanks for the info people...

So am I right in thinking that I now have 2 options:

a. Use a way to write the debt off as per threads on this site and get no adverse credit ratings change

b. Arrange for interest frozen and pay £30 per month and get bad credit rating

Is it really worth being honest?

Sorry for the bleak reply... but it seems weird!

thx

never-in-doubt

anfieldroar wrote: »

Thanks for the info people...

So am I right in thinking that I now have 2 options:

a. Use a way to write the debt off as per threads on this site and get no adverse credit ratings change NO YOU WILL GET ADVERSE INFO COS THE DEBT REMAINS BUT IS CLASSED AS UNPURSUABLE.

b. Arrange for interest frozen and pay £30 per month and get bad credit rating AS ABOVE - BOTH METHODS WILL STILL AFFECT YOUR CREDIT

Is it really worth being honest? IT DEPENDS ON WHAT YOU SEE AS HONEST? HONESTY IS WHAT THE BANKS LACKED WHEN THEY ISSUED CARDS THUS THEY NOW FEEL THE BACKLASH BUT THEY CAN AND WILL DEFAULT YOU SO BE WARNED!

Sorry for the bleak reply... but it seems weird!

thx

See replies in red above.....

3rd option and best for you, get another card and pay peter with Paul until you get sorted. Play games and you'll be worse off. For the sake of 6mth i'd get another card or a loan or summat! If its a lot of dosh then i'd consider writing it off..... legally may I add!

anfieldroar

is another option to call the credit card companies and explain my situation and ask them for a settlement that I can afford? That way, the debt is cleared and no bad credit info?

Is this possible? i.e. say I owe £40k and let them know I will probably be penniless in 6 weeks but I can offer them £10k now to clear it all - would they take it?

thx