Credit card help

cobalt59

As I have posted before I don't really want to enter a DMP. Would it be wise to contact credit card companies direct and ask for help with payment options. An idea is to ask to pay say 50 or 60% of monthly minimum payment and ask them to freeze the interest for say one year. Is this the type of thing they do? Also if they did agree to this, would it affect my credit rating? Really struggling and just keeping my head above water.

Clarie_2

As I understand it, as soon as you pay less than the contract says (even if agreed with the company) this can count as a default. Also companies often won't negotiate unless you have already defaulted. Both of which affect your credit rating. Having said that, nothing ventured, nothing gained - it's got to be worth a try and they might just agree :-)

cobalt59

Thanks Clarie. I've never felt so low in all my life. Not defaulted on any payments YET!!

antk4

What you're suggesting sounds like a self administered DMP and will still affect your credit rating. I started DMP on 1st March with CCCS and to be honest its the best thing I've done. Just wish I'd done it sooner.

cobalt59

People say that all the time. I think it's the way I'm going to have to go. Just thinking of alternatives. A big lottery win for instance. How have I got myself into this situation is all I ever ask myself. I'm 51 and should be enjoying life.