Credit Card help newbie!

jonnymagicpants

Hi there please help,

I'm am now 33 years old but since the age of 18 I have had credit cards store credit etc.. Now i have a few cards and finding it hard in these tough times to make min repayments, I had a dormant bank account where I owed money on, I got a phone call from them asking for some cash, when i explained that i cannot afford to pay much more than £30 per month they accept this and stopped any interest and charges.

The bank also said something about for a £90 charge they would protect my credit rating, I opted out as I couldn't afford £90 there and then.

My question,

Instead of paying £100+ in min fees should i miss some payments from my credit card companies wait for them to call me and then explain the same to them and set up an agreement for £30 per month, would this be visible? If this was done what would be the marker on my credit file?

I'm in the mind set where I couldn't care less about obtaining credit for a few years as it seems like it has caused me nothing but trouble since I've ever gotten it.

Any advice would be greatly appreciated.

Many Thanks

Tixy

If you miss some payments then yes this will almost certainly be marked on your credit file, at the very least as missed payments and more likely as a default.

If you cannot meet your minimum payments then I would suggest you pop over to the debt free wannabe board and get some advice from there about your options. You might also want to seek some advice from one of the debt charities and possibly consider a debt management plan (where you pay back at a rate you can afford and creditors will often agree to freeze interest if they can see you cannot afford your repayments and are paying all that you can).

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This would be far better than just stopping payments and hoping they may all agree to £30 a month payments.