CC Payment freeze a possibility?

Trigglet

Hi there,
I have been a lurker on this site for ages (originally to find out about reclaiming bank charges - done successfully!), but this is my first post about debt, so be gentle with me

My husband and I have accrued in the region of 40k of credit card debt in the past 15 years whilst he was doing a PhD and I was supporting both of us on a single salary of about 30k a year. We are now in the reverse position where he is finally working (as a college lecturer) and I am at home looking after our 8 week old baby.

We have been making the minimum payments on the cards until now using my part time income. My part time job does not pay me over the summer holiday (uni teaching), so for the next three months we will not be able to make the monthly payments. The light at the end of the tunnel is that my husband's mother left us her cottage when she died last year, but it has been on the market for over 8 months (we have just reduced the price - against our estate agent's advice! - to try to force a sale). We will be paying off every penny of the debt and cutting up the cards as soon as the cottage sells, but until then we have a significant problem.

I suppose my question is, do you sage and wise folks think the CC companies might agree to a payment freeze/holiday or some token payment for the next three months until I am earning again? Or any other suggestions (other work for me is not an option because of the new baby).

thanks so much in advance.

DarkConvict

Minor question, has he really been on a PhD for 15 years, the maximum allowed is 7, minimum 2 (MPhil/MRes first), and the average is about 3-4 years doing it full-time, with part-time study usually at 6-7 years. Was he paid whilst doing it, i know a few PhD students who get paid more than lectures due to the amount they teach add on the fact they get like £50 an hour.

I very much doubt the CC companies will accept a payment freeze, its a struggle to get them doing it when interest is higher than the payments been made. If you miss 3 payments you will be considered to have defaulted, the card will be closed, default(s) placed on your file for the card(s), enter debt collectors. Its comes very fast, i've seen debt collectors been brought in as soon as 3 weeks after a missed payment.

The best advice is to cut spending on your stuff not debt repayment. Pop up an SOA so we can see where you are spending money.

http://www.makesenseofcards.com/soacalc.html

Sunnylooloo

Hi

I have made smaller monthly payments on my CC but as DarkConvict has correctly stated my cards have all been stopped and obv it has effected my credit status.

some of the companies have frozen interest others have reduced it. Due to making the reduced payments I am finding managing my money so much easier and now only have a basic account.

When I first missed the payments - I had a few letters and phone calls - no debt collectors (and only one threat of one which never happened) and once the arrangments were in place they all stopped. They do like to review your status ever 6 months of so.

As DC says maybe post up your SOA.

The main thing is it depends how much you need to have your credit history in tact and if you still do use your credit cards.

Not sure if that is any help or not

LL