contacting creditors,reducing minimum payment

ckemp

Hi all,

how do i go about reducing a minimum payment on a credit card,i am going through a slightly bad patch at the moment,wife has lost income for a short term period and i am having to step up to the plate to pay extra bills,food shopping ect.

I am currently paying £120 minimum payment to virgin credit card,would they accept a smaller payment for say 4 months.

any advice would be greatly received.

southernscouser

You can but ask fella. I've read before that alot of creditors will help you out if it is a short term thing. Some may pause interest charges and you might be lucky enough for them to accept reduced payments for a short period!

There is only one way to find out! Pick up the dog and bone!

ckemp

Thanks for that,i guess i wont know until i ask.
Cheers.

kar

As it's short term you've got a chance. Be open and honest with them. Tell them why you have short term problems and when they will be sorted (and how) so that you would like to reduce the payments for x months but will be able to pay the full minimum payment again from the x statement.

It will all depend on who you get on the end of the phone i'm afriad. If the first person you speak to says no ask to speak to their manager (politly) and explain things again.

ckemp

Hopefully they will be understanding,surely they would rather get a smaller monthly payment than nothing at all,or a really tiny payment if i have to enter a DMP.
Heres hoping.