Skipped payments repercussion schedule.

circuitsAndBumps

I need to clamp right down on all my outgoings for 4 months before an anticipated windfall digs me out of my current financial squeeze.

Given current direct debits to:

Credit cards.
Power utilities.
Water Rates.
Mobile phone company.

How is each of the above likely to respond after 1, 2 and 3 months of missed payments? At this point in time I would rate cash preservation over my credit score.

p.s. I am new here and not sure where this sort of bankruptcy prequel question should be posted.

IF

Hi CAB, I would post this on the Debt free wannabe forum. Click on blue link below and it should get you there.

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

Best wishes and hope all will be well
If...x

fermi

ifwisheswerehorses... wrote: »

Hi CAB, I would post this on the Debt free wannabe forum. Click on blue link below and it should get you there.

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

Best wishes and hope all will be well
If...x

Moved across.

DarkConvict

1 missed payment - Warning Letter and phone calls until paid (as well as charges). Late payment marker on credit file.

2 missed payments - More warning and phone calls and and charges and threat of contract termination, another late payment marker on credit file.

3 missed payments - Usually at this point your contract is cancelled, you get lots of termination fees (remaining contract length * price per month) + admin fee. Defaulted on contract so default lodged on credit file lasting 6 years

So at that point you have to pay in full for a service you are no longer been provided, defaults on credit file, the amount is often refered to debt collectors or even to the courts for a CCJ.

Basically never miss more than 1 payment. And if you are going to, ring the companies first to see if you cna arrange something