Pausing credit card repayments

jonathon01

So the consensus seems to be that if I:

A) Supply all of the information then the lender will either accept the offer of £5/month for the next 6-12 months, will not contact other lenders, and will mark the account as Arrangement, or they will not accept the £5/month (even if they accept that I cannot afford more than this) and will Default my account?

Do not supply all of the information, then they will almost certainly Default the account within the next 3 months.

I have had the account for many years and have always paid it on time (often by more than the minimum payment) so I would like to think that the lender would accept that I do genuinely intend to remedy the account as soon as I am able to. However, I am not naive and know that lenders do not look at you as an individual and will not simply take you on your word that you cannot afford the payments for the time being. However, from what has been said on here it looks as if not supplying all of the information they request would not be a good idea. I guess it is just the pessimist in me but, as far as lenders go, I think providing less information is more sensible for the debtor.

DarkConvict

Pretty much,

you either cooperate and as a gesture of goodwill might help. They might not thou, see below.

You do not cooperate and they will not consider helping you, defaults, debt collectors, potential CCJs (even COs if you own a home).


You only have to provide a budget sheet, you do not have to provide any bank statements or wage slips, the only people who can request to see them is a judge if they decide to go for a CCJ, to actuall prove your income.