A little bit of advice needed

nomoremadness

Sorry if this type of question is answered elsewhere - only just joined so haven't had to chance to read up on much but will do!

So to my situation:

I'm late (approx 2-3 weeks) on 4 of my 5 credit card payments this month and will not be able to pay the overdue balance until I get paid again next week. However, I will only be able to pay the overdue bit and then I will be late again with next month’s payment.

This will be the only month that this will happen as I will be getting a bonus end of March and will have some shares to sell in April. This will be used to chip some of my debts. Plus my final payment to a loan is end the of this month - so I'll have another £278 to throw towards my debts.

What should I be saying to my creditors to keep them happy in the meantime?

Obviously I need to look at this problem properly but I just need some immediate advice.

dancingfairy

I'm not sure there is much you can tell them really - you can tell them that you are having problems and you payments will be late but you will still end up with defaults on your credit rating. You need to pay what you can when you can. The banks may agree to a repayment plan but given you hopefully can settle a lot of it in 2 months then it might not help much and if you do get a payment plan it will end up with defaults on your credit file anyway. You could tell them that you will be getting x amount in March and it will be split between them and their share will be y but I'm not sure whether that will sway them or not.
Sorry I can't be more use.
df

birkee

Not sure of the legal situation re. small print in your credit card agreement, but......
within reason, I'm sure they will be quite happy to charge you interest on the outstanding balance, PLUS charges for late payments too.
The more money they can wring out of you, the happier they will be, and late payment charges are probably one of their favourites.

nomoremadness

Do you think I should ring them and explain that they will be getting their payments but they that they will be late then?

nomoremadness

dancingfairy wrote: »

payments will be late but you will still end up with defaults on your credit rating.

Is a late payment classed as default on your credit rating?

dancingfairy

I don't know - I presume they mark it with late or even a default. Hopefully someone will know for sure but you'll also have the late fees etc to contend with I wish there was a solution - overdraft for a few months - it might ber cheaper than 'late fees' etc - perhaps ask your bank nicely?
df

Verbatim

Would asking for a change in DD date help. get them to change it to the day after you're paid perhaps?