Calling my CC companys tomorrow - cant pay them any money :(

Jamese_2

Hi guys,

I am going to be calling and writing to the companys i owe money to tomorrow - i cannot afford to pay them.. all my debts are unsecured.

Has someone been through this process before? i would like to know all my circumstances and options... i have written how much i owe in this section the other day.

I know my brother is not paying them and hasnt for around 6 months now - they keep calling him but he has just said he cant afford to pay.

I think i am going to tell them i will most likely go bankrupt because i just will never be able to pay them back at the moment.

I will be asking them to freeze the interest on what i owe,

if someone knows what the creditors will try and do it would be great to know how to deal with them.

But basically i own nothing and i cant give them any money - so in essence what can they do?

Thanks

andyf1980

Have you taken any advice from the debt charities? I used CCCS as you can get online advice. Whichever way you decide to go you will need to have a list of your Income and outgoings (known as a SOA)

In the short term you will get hassled by your creditors. Do you think your income may increase any time soon?

broxiebear1

Jamese wrote: »

Hi guys,

I am going to be calling and writing to the companys i owe money to tomorrow - i cannot afford to pay them.. all my debts are unsecured.

Has someone been through this process before? i would like to know all my circumstances and options... i have written how much i owe in this section the other day.

I know my brother is not paying them and hasnt for around 6 months now - they keep calling him but he has just said he cant afford to pay.

I think i am going to tell them i will most likely go bankrupt because i just will never be able to pay them back at the moment.

I will be asking them to freeze the interest on what i owe,

if someone knows what the creditors will try and do it would be great to know how to deal with them.

But basically i own nothing and i cant give them any money - so in essence what can they do?

Thanks

first call should be cab or national debtline to discuss your options
if or when you contact your creditors they will constantly phone you
at home or work ,send letters . i recieved numerouse phone calls so changed my number all quiet now .recieve letters threatning this and that will be one year on jan since i stopped paying .
someone will be along with more advice shortly
broxie

JMV

I went to CAB after defaulting on a couple of payments to Credit Cards - that was just over a year ago. I worked out what excess income I had and then worked out the % of the total debt I owed to each creditor. I then wrote to them all with a copy of my income and expenditure and an offer of the % of the excess income (pro-rata of the debt owed to each)...some accepted the proposal to stop interest and others said they wouldn't accept this unless I went on a Debt Management programme...

I wouldn't waste the money of the phone call - they will start phoning soon enough...so save yourself a few weeks of peace before they do...

It helps to keep them at bay if you offer them nominal payments - so when they do call offer them £1 ro £2...

As others have suggested, you really should speak to CAB, CCCS or one of the other free advisory services....They can help you with your budget sheet and making proposals to the creditors and will also advise whether Bankruptcy is the best option or whether you should consider an IVA or DMP...

Hope this helps and good luck