Help ! I cant Pay Credit cards anymore

mat2090

I need some advice on what to do.
I have £6300 Barclaycard
£4500 Post office

I cant make the minimum payments anymore due to work problems.
Shall i write to them and ask for help ?
I need some urgent advice please...

CLAPTON

what do work problems mean?

Moggles_2

Have you tried asking each of your cc providers to reduce the interest rate? (You can do this over the phone.) You may be able to cut costs considerably. I wouldn't mention "work problems" though. If they see you as high-risk, they're more likely to raise the rates!
For more tips, see Martin's *Credit Card Shuffle* article

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

slummymummyof3

Post a SOA so we can see if you can chop back on any other outgoings to assist in making up the shortfall.

LoopyPrune

£10,800 on split between 2 cards :mad:

Are they on 0% deals because if they arent you need to get them on fast. You state you can't meet min payments, which tells me you in financial strife. Now Im not going to judge you but offer some friendly advice as I would guess your under alot of pressure but dont spend what you havent got. It all too easy to go nuts and fill the limits up, but you gotta put the brakes on some time. Can you consolidate the 2 cards with a personal loan on a better rate if you cant swap to 0% deals? With maybe a longer term of payment therefore reducing the minimum payment required?

Or just call it a day and contact the CCCS and ask them for their free professional advice. The fact that you have come to these forums asking for help shows that your at least serious about sorting the problem out. The reason im giving this advice is that I was you, 8 years ago. I didnt go bankrupt just knuckled down, worked every hour god sent, lived like a monk and admitted to myself that unless I could pay for the item in cash then I couldnt have it. Eventually I got to the end of the tunnel and paid everything off and feel much better for it, just dont bury your head and pretend everything will be alright.

NickX

mat2090 wrote: »

I need some advice on what to do.
I have £6300 Barclaycard
£4500 Post office

I cant make the minimum payments anymore due to work problems.
Shall i write to them and ask for help ?
I need some urgent advice please...

Do you have any assets ? House, car etc

If not, bankruptcy may be an option.

hyland1ellen

Yes, like Nicky said, if you don't have any assets... go bankrupt.. IT IS hard and you do loose all credit worthiness and there are only so many banks that will deal with people who have gone that way.. BUT they advise you on which banks to go too...
I know someone with a family who lost their house, struggled and went for Bankkrupancy.... all good... nice people they said... but they've had all debt written off and are only hundreds of pounds better off per month....
SO if no assets Or if you do.. you will loose them... but regards to not being able to apply for loans or HP.... you'll be saving on what you were paying out and dave for what you want..... Just think hard or like the other guy said, nuckle down and live like a monk.....
You need to work out the pros and conds on both options.........
Hope this helps.

hyland1ellen

Sorry missed out, you will be "black lsited " for about 5 years before allowing any HP/Loand Which I'm sure you wouldn't be bothered anyway...... stay debt free.
Everyone does it, so don't feel down with yourself... loads out there... just a matter of worknig hard or maybe getting a second job and use all that money to pay your credit cards.......

Dabooka

I can't believe so many people are suggesting bankruptcy over this amount! It should be the last resort, the implications potentially last a lot longer than the 6 years (not 5) that have been mentioned.

Get over to the Debt Free board right away and post a SOA. You'll be suprised what you can do before going so drastic as to go bankruptcy.

KILL_BILL

yes dont go bankrupt

nmake a list of your income and essential outgoings like rent, electric, poll tax and stuff like that

unsecured loans and credits crads come last - so if after all your outgoings you have £20 left then make them an offer of £5 a month and start paying that anyway even if they dont accept it until you get back on your feet again

Moggles_2

I agree, bankruptcy should be the last resort.

I'd consider the cc shuffle (see #2 above) and, provided your credit rating is in good shape, a new 0% balance transfer card would buy you some time until you're on your feet again.

13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp

Also, If you're struggling to meet the minimum payments currently required, you may want to post a statement of affairs [SOA] on the *Debt-Free Wannabe* board. You'll get lots of advice and support there from users who have overcome similar situations

http://forums.moneysavingexpert.com/forumdisplay.html?f=76