Cant afford to pay this months minimum payment

Clowy2

whats the best thing to say when I ring the cc company - MINT (RBoS).

I dont want to affect my credit score but I dont have the money to pay it this month. I'm trying to get myself straight and have cut up all 3 credit cards a few months ago, but have been paying minimum payments.

Advice appreciated?:)

Bored_Advisor

sadly it all depends on how nice they want to be, they might just say if you dont pay the minimum payment in time you will have the standard charge. or they might be willing to come up with an agreement to give you extra time or set up a system where by you cant borrow any extra but will bring your your balance down over time.

You can just be honest and hope that they dont deem your spending habits to be wasteful. Only advice would be to see what you can cut back on and try to clear the bills as much as possible.

Beast

If you don't make the minimum payment you're likely to get a late payment marked on your credit report.

chattychappy

I think what to do depends how serious your situation is. From your post it sounds like you're on the brink. But if this is a one-off situation and you anticipate things being better afterwards, then I would either:

1) Do nothing. Just miss the payment, but pay asap. It might not be marked on your credit record, but even if it is, a single missed payment won't wreck things. If this is a "first offence" you might even be able to get the late payment fee refunded.

2) The cut-up cards... If those accounts are still open you could do a balance transfer to cover the minimum. This is robbing Peter to pay Paul, but as a one-off it could work , assuming you have time to arrange it. Of course it will cost a fee, but I would certainly consider this if you are on a special deal which you stand to lose by not paying on time.

But, if things are looking bleak and this is not likely to be a one-off then it's probably time to get take stock. Perhaps go to one of the debt charities (genuine ones, not sharks) who can help negotiate a sustainable arrangement.

Bear in mind that any deal is likely to be recorded and will have a negative impact on your record. But frankly that's what CRAs are for - so if you're struggling to pay, one way or another this is going to end up on your record.

Good luck.

Clowy2

Hi, thanks for your reply. I am on the brink! I've reached the limit as to what I can afford to pay each month, which is why I cut the cards up but due to paying half my salary on loans and minimum payments, I usually end up transferring money off the card into my bank.... its not good I know. I've have helped out my partner by getting a joint loan and also Ive been paying the minimum payment for him on one card (as the balance owing on that card is what he owes me), but from this month he will be in a position to start paying me back. We feel we have got through the worst and can now start paying off our debts.... but this month he was hit with a revised CSA bill and I've had car repairs and vets bills which were unaccounted for (not that I had the spare cash anyway). As you can see I'm teetering on the edge. I just need some breathing space but realise the cc companies are not going to say oh its ok dont pay us this month!!! I have never missed a payment with them, but I did miss two on another card, not because I couldnt afford, but because the dd didnt go through and then i changed bank accounts, so I was charged for 2 missed payments. I dont want to affect my credit record as its always been quite good, but when I applied for a credit card back in April, in order to make use of the 0% balance transfer rate, it was declined?! If I could get a card and transfer the £4500 currently on MINT to a 0% deal things would be better, but I'm wary about applying for another in case i get declined again.

veryunsure

Thank goodness for some helpful advice here. Thank you.

I am so tired of reading telling-offs and sarcastic comment here that people wouldn't have the nerve to say to someone's face.

Sorry I haven't anything else useful to add to your post...

woody01

I dont want to affect my credit score

Unfortunately the only way to avoid that is to pay on time.

veryunsure wrote: »

Thank goodness for some helpful advice here. Thank you.

I am so tired of reading telling-offs and sarcastic comment here that people wouldn't have the nerve to say to someone's face.

Sorry I haven't anything else useful to add to your post...

Congratulations on the most useless post in history.
Oh.....and i would say anything to anyones face.

Wutang_2

veryunsure wrote: »

Thank goodness for some helpful advice here. Thank you.

I am so tired of reading telling-offs and sarcastic comment here that people wouldn't have the nerve to say to someone's face.

Sorry I haven't anything else useful to add to your post...

Where you going with this? This is seemingly meaningless...

veryunsure

If you read other threads they are full of unhelpful comment like 'why did you spend so much you stupid ...' & 'didn't you read the t&c'

I simply thought it was a change to see comment that was helpful rather than the unhelpful rants and adult-child ticking off.

Never mind.

Wutang_2

proximityinfotech5 wrote: »

arry Potter and the Philosopher's Stone, along with the rest of the Harry Potter series, has been attacked by several religious groups and banned in some countries because of accusations that the novels promote

....sorry veryunsure, I spoke way too soon

Any

Clowy2 wrote: »

Hi, thanks for your reply. I am on the brink! I've reached the limit as to what I can afford to pay each month, which is why I cut the cards up but due to paying half my salary on loans and minimum payments, I usually end up transferring money off the card into my bank.... its not good I know. I've have helped out my partner by getting a joint loan and also Ive been paying the minimum payment for him on one card (as the balance owing on that card is what he owes me), but from this month he will be in a position to start paying me back. We feel we have got through the worst and can now start paying off our debts.... but this month he was hit with a revised CSA bill and I've had car repairs and vets bills which were unaccounted for (not that I had the spare cash anyway). As you can see I'm teetering on the edge. I just need some breathing space but realise the cc companies are not going to say oh its ok dont pay us this month!!! I have never missed a payment with them, but I did miss two on another card, not because I couldnt afford, but because the dd didnt go through and then i changed bank accounts, so I was charged for 2 missed payments. I dont want to affect my credit record as its always been quite good, but when I applied for a credit card back in April, in order to make use of the 0% balance transfer rate, it was declined?! If I could get a card and transfer the £4500 currently on MINT to a 0% deal things would be better, but I'm wary about applying for another in case i get declined again.

Hiya,

you were most likely declined in April because of the 2 missed payments.
As said before, one will not affect your score that much, but 2 of them and seeing that you are only paying minimum payments combined with earnings versus available debt would explain the refusal for new card.

Another thing - you said you helped out your partner. Why?? Could he not get loan himself? Does he have a bad score? If you now have a joint loan, you are financially linked and his score will affect your score.

How long ago you had those 2 missed payments? I don't think I would apply for card now until we know more.

If you are struggling as you say, how come your partner was hit with revised CSA? Can't you challenge the decision?

Also you said that your partner will now be in position to repay back - does he have a new job or something? If he doesn't have a bad score maybe in few months time he would be able to get new card based on good job?