Can I just stop paying my credit cards?

girlscout666

paulwellerfan wrote: »

why dont you phone them up and try to negotiate a payment plan with them.
its the nice thing to do.

i have... that's the issue.. Did you not read the post?!

kissingthepink

paulwellerfan wrote: »

why dont you phone them up and try to negotiate a payment plan with them.
its the nice thing to do.

eh eh err errr err doh

thesim

Check your statements...if interest is frozen then chances are you are still paying the same amount in interest. If its lower, how much by? What % are you paying?

It would help if you post a SOA.

Vickim37

Im in a similar position only owing £650 now on cc still get regular statements but they have totally closed my account so whenever i ring up to pay takes 20 mins to sort it out every month so i wondered wether just to stop altogether but think better of it and just pay minimum each month phone bill s costing more each month!!

opinions4u

It would be so nice if the OP could tell us a bit more detail about the numbers on these infrequent statements.

Dates, payments, balances, interest charges, interest rates and stuff like that.

Otherwise we're all wasting our time here.

fozmcfc

Either the OP has a job that's horrendously underpaid or they are living well beyond their means.

Having a job and not being able to afford £60 means something is not right. Either they are living a lifestyle they simple can't afford or they have other essential commitments (maybe something like a family member is dependant on them to help pay most of the bills etc), which means that they have no spare money hardly at all.

The OP really needs to give more details to get the best help possible. There could be benefits which they are entitled to on top of the wage for instance

The more they avoid posting such details, give me suspicions that a lifestyle they want but can't afford is the reason why.

girlscout666

fozmcfc wrote: »

Either the OP has a job that's horrendously underpaid or they are living well beyond their means.

Having a job and not being able to afford £60 means something is not right. Either they are living a lifestyle they simple can't afford or they have other essential commitments (maybe something like a family member is dependant on them to help pay most of the bills etc), which means that they have no spare money hardly at all.

The OP really needs to give more details to get the best help possible. There could be benefits which they are entitled to on top of the wage for instance

The more they avoid posting such details, give me suspicions that a lifestyle they want but can't afford is the reason why.

All I wanted to know was the answer to my original question... which hasn't been answered. I don't really wish to delve into my personal finances (but FYI my job does pay me sufficiently and I am not living beyond my means) So much for 'non judgemental' comments. Cheers.

Jinx

girlscout666 wrote: »

My credit rating is crap as it is, and will most likely take a few years to recover anyway.. so what will REALLY happen to me and my credit rating if I were to just stop paying my cards off and ignore them???

Cheers!

What will REALLY happen is (if you havent already been so) you will be defaulted by the credit card company. This default will sit on your credit record for 6 years, it will hinder you from getting credit, a mortgage, a mobile phone and it will bar you from employment in financial institutions.

Following a default if you do not make any payments you can be taken to court and a county court judgement (CCJ) can be registered against you. If that happens a judge will tell you to complete a statement of affairs and tell you what you will be paying.

If you still dont pay then then the creditor can return to court and ask to be allowed to poind your goods (bailiff visit) or if you own your property a charge can be levied against it which will have to be paid before a house sale can complete. I'm not 100% sure if you can be made bankrupt at this point- someone with more experience will advise Im sure.

Edited to add - write back to your creditors and ask them to freeze the interest - check out the debtfree wannabe boards. Oodles of info and helpful posters.

Atom

girlscout666 wrote: »

All I wanted to know was the answer to my original question... which hasn't been answered. I don't really wish to delve into my personal finances (but FYI my job does pay me sufficiently and I am not living beyond my means) So much for 'non judgemental' comments. Cheers.

Whats the problem in paying them back then > ?

fozmcfc wrote: »

Either the OP has a job that's horrendously underpaid or they are living well beyond their means.

Seems to be the going thing these days - hey OP by any chance was the money spent on drink, fags, takeaways, petrol, gstars, alloys, sound systems, base box and ho's ?

opinions4u

girlscout666 wrote: »

All I wanted to know was the answer to my original question... which hasn't been answered.

Sorry, I mistook your post as somebody seeking helpful and constructive advice, so asked for a little more information.

The answer to your question "Can I just stop paying my credit cards?" is yes.

I don't really wish to delve into my personal finances (but FYI my job does pay me sufficiently and I am not living beyond my means)

So pay what you owe then. I don't understand the problem if you are able to live within your means.