Defaulting on Credit Cards

Tinky33

Hi
I need some advice about defaulting on credit cards, last year defaulted on my Barlcay card as the interest was so high i was paying over £100 a month off 60% interest!

They basically halted all interest, well minimal amount applied plus reduced payments, i managed to clear £3,000 worth of debt in a short space of time due to the default.

I have two other cards which i am tempted to do the same with just to get rid of them. One is with capital one £1800 the other is with OPUS which is £1200.

These are my last 2 debts except for an LA overpayment then ill be debt free.

Thank you in advance for any advice

xAx

Hannah_10

As you know, if the creditor feezes interest you're well away. But they do it as and when they feel like it. If you default the other 2 it might not work. They might actually keep adding interest and add some charges too. If you want to try writing to them to ask them to stop the interest and charges there is a good template letter on National Debtlines website. It's not guaranteed, so by all means ask for oppinions, but this is one where ultimately you need to weigh up the risks yourself.