credit card problems

mark311069

Hi all

This is my first post please be kind.

I have 8 ccs a loan and a overdraft total £27000.
i am selfemployed and my partner works parttime around our kids school and nursery.
we have been making all our repayments on time and have never made a late payment.
its been hard and some months iam not sure how we have managed to pay everything on time. but we do.
but this month i have lost two large contracts so the chance of paying all our bills now are next to zero
my problem is that it will take many many many years to pay of these cc. and i know that i have had the money and should pay it back. i cant move the cc to 0% deals as my credit score is crap.
if i contact the cc compaines will they freeze the intrest and lower the repayments so at least we can continue to pay.
thanks for reading

mark

thechippy

Mark,

send them a brief letter stating that from this point you will be sending £xx per month, as that is all you can afford due to current financial circumstances. If they refuse the offer, just send it anyway.

Ask them if they will freeze interest / charges during this period to help you reduce the debt.

Get back to us........;)

Hannah_10

I was going to write a great long reply, but the chippy has basically said what I was going to, only more succinctly. National Debtline (find them here: Debt Problems: What to do & where to get help) have got a fab template letter for it too, have a look on thier website.

angiepooos

Concentrate on your secured debt, your mortgage, council tax and your utility bills or rent if you have it. That way you'll keep your home. There isn't anything the credit cards can do but huff and puff, and they'd rather accept a nominal payment for a while than have to take you to courst. But do ring National Debtline, they won't judge you and you'll feel ten thousand times better. Your story is the same one that's playing out across the country. Don't make yourself ill with this Mark, this can all be sorted out. Big hug to you.

mark311069

Thank you for all your replys and info.
i have found the template for letter and will be writing to the cc companys tomorrow.
so heres keeping my fingers crossed

the chippy. if i make a monthly payment offer and they refuse it, you say just send the payment anyway. but if they have not agreed to it wont they just make further charges to the account so i could end up paying more.

thechippy

Hi Mark,

Yes, just send it anyway. The point of this, is should they try to litigate for example, the courts would not look upon them kindly as you are trying.

Ask them to freeze interest / charges during your time of difficulty and get back to us with thier reply.

We'll go from there.......;)

mark311069

:rotfl:thanks chippy i will send the letters and post the reply so keep a eye out for them

thechippy

mark311069 wrote: »

:rotfl:thanks chippy i will send the letters and post the reply so keep a eye out for them

Nice one, you know it makes sense.......:beer:

mark311069

took the step rang halifax yesterday. told them i cant make this months payment. and they were very helpfull. they said that nothing could be done untill i dont pay this months bill (£116 just to pay the intrest) and to pay something as that will look better than paying nothing. then send in a letter about the intrest and explaining why i cant pay and they will see what can be done.
felt alot better after speaking to them.
1 card down 7 to go lol

backinbusiness

Mark - better to do it by letter though, and keep copies of everything you send and all replies you receive.

bib