Telling CC compaines

PokerFace_2

Hi

I have about 25k on 3 CC's, one with Nationwide and 2 with Virgin. I'm struggling to pay and want to speak with them to ask if they can stop the interest and let me pay back at a set rate each month until they are cleared.

If I do this is there any danger? can they ask me to settle in full for example? which I obviously cant do!
anyone dealt with these 2 before?

Tixy

If you ask for a reduced repayment plan, or for them to freeze interest they will usually consider this a breach of the terms & conditions and issue a default on the account. This would be filed at the credit reference agencies and will affect your ability to get new credit for the next 6years.
Sometimes however people do have no option but to intentionally default.

They also could withdraw your limit (or reduce it) and often ask you to pay off in full, but they will usually accept you continuing to repay in installments anyway.

Have you considered doing a debt management plan with one of the charities? are these your only unsecured debts? usually a creditor will only freeze interest if you are asking all of your creditors to accept lower payments and freeze the interest, and if you can demonstrate you cannot afford the minimum payment.

Have you worked out an income & expenditure account to show you cannot afford all your repayments as they stand?