Credit cards Payments - Change In Circumstances

GlasgowGal1

Sorry if this is a duplicate post - I'm new and can't find the original one I posted.

My circumstances have changed sine taking our credit cards. I am self employed and employ my husband. Due to two major operations he has yet to return to work and is in receipt of Incapacity benefit.

I have had to cut back on my business due to working alone and am struggling to maintain my cc payments.

I was told there is a letter I can send the companies offering to repay them at 25p in the pound.

Does anyone have a copy of this letter? The Citizens Advice say they can do it for me but I really can't afford to take time off work to sit and wait on an appointment.

Thanks for any advice

Moggles_2

Welcome to MSE!

My local CAB makes appointments in advance. Perhaps it's different in Glasgow.

Have you managed to meet the minimum monthly payments required so far?

If so, have you tried asking each of your cc providers to reduce the interest rate? (You can do this over the phone.) This may cut costs considerably and you've nothing to lose. I wouldn't mention financial difficulties though. If they see you as high-risk, they're more likely to raise the rates! For tips, see Martin's *Credit Card Shuffle* article

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

Your post raises some other issues and you may want to post on the *Debt-Free Wannabe* board as well. You'll get lots of advice and support there from users who have overcome similar situations

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