No pay a credit card bill

markwilsonfooter

Hi,

I am looking for a little advice please.

I owe 2 credit card companies £15000 and can not afford to pay them.

A friend said that the best thing to do was stop paying them.

If I do stop paying them what can they do?

I know I will destory my credit.

I am job sharing and my pay is down 45%, its possible I may even lose my job, thats why I can't pay.

Thanks

warmhands.coldheart

markwilsonfooter wrote: »

Hi,

I am looking for a little advice please.

I owe 2 credit card companies £15000 and can not afford to pay them.

A friend said that the best thing to do was stop paying them.

If I do stop paying them what can they do?

I know I will destory my credit.

I am job sharing and my pay is down 45%, its possible I may even lose my job, thats why I can't pay.

Thanks

Go see CAB Urgently..... They will be able to advise.. Do not just stop paying and try to stick your head in the sand and pretend they are not there.... Speak to CAB!!

D.A.

And get some new friends.

jack1004

Well although my credit card bill was no where near yours, thats exactly what i did. I refused to pay them for 3 months in a row (they kept adding interest and late payment and over limit charges) and they then referred my account to a debt collection agency. They offered to stop any interest being added to my account and set me up on a repayment plan which i was able to afford and my account is assessed every 6 months and if I can afford to increase payments, I do so. The credit card company offered me no help or advice and were not approachable at all but when i was referred to the debt company they were bending over backwards to help me. If only the credit card company adapted that approach in the first place. Yes I know it was my fault to get myself in that mess in the first place but what 18 year old wouldnt spend 2k if they got offered it. But I would also check with CAB.

HTH

Golden_Anemone

OP you would get more knowledgeable and specialised advice on the Debt Free Wannabe section of the Forum rather than here in the NI section http://forums.moneysavingexpert.com/forumdisplay.php?f=76

You could post a new thread there or ask an MSE board guide to move this one.

Good luck sorting things out.

arkonite_babe

I will move this thread over to the debt free wanna be board for you now so you can get some more advice