Unable to pay Credit Cards

PinkPanther82

Hi everyone

Not sure if this is posted in the right section but i'm after some advice if anyone can help me.

I have very stupidly racked up over £1,000 debt on one credit card and £900 on another. I said i'd always pay off the full amount each month and use the cards as "credit builders" but obviously I haven't.

Now due to other commitments and circumstances (splitting with my partner and having to get a place to live by my self) I can't afford the payments on the cards each month.

One is currently just under £50 per month minimum payment, the other is around £35.

Am I able to ask for reduced payments on these cards?
Is there any legislation out there that the credit card companies have to adhere to?

Thanking anyone in advance who offers any help

mynameistallulah

You can arrange a repayment plan, but you should be aware that this will damage your credit rating. Have you looked at cutting your outgoings on other things?

opinions4u

Probably best to post on the Debt-free Wannabe part of the forum for most support.

Also worth completing a statement of affairs from https://www.makesenseofcards.co.uk and posting that.

Good luck.

ineed

Hi, I suggest you also post this over in debt free wannabe, you'll get some invaluable advice there if you post up an SOA (statement of affairs).

You'll need to let the credit card companies know ASAP that you cannot pay, they may allow reduced payments for a while and freeze interest. Good luck, contact CAB if you need help with the card companies. It's best to write to them as well as phone.

ineed

opinions4u wrote: »

Probably best to post on the Debt-free Wannabe part of the forum for most support.

Also worth completing a statement of affairs from https://www.makesenseofcards.co.uk and posting that.

Good luck.

Just beat me to it lol

Seriously debt free wannabe will help you a lot.

PinkPanther82

mynameistallulah wrote: »

You can arrange a repayment plan, but you should be aware that this will damage your credit rating. Have you looked at cutting your outgoings on other things?

Hi
I know this will damage my credit rating which is why i've not gone down this route yet, but i'm left with little choice now as I don't want to start falling behind with payments (never have done with credit cards). There is no where else I can cut back on unfortunately - i've cut back everything I can already.

PinkPanther82

Indeed and Opinions4U - thank you both, will look for and post in the other section, I had a feeling it wasn't in the right area!

irishjohn

do you have any family who would loan you £1900 to pay off the cards and enable you to cut them up and cancel them?

PinkPanther82

irishjohn wrote: »

do you have any family who would loan you £1900 to pay off the cards and enable you to cut them up and cancel them?

Unfortunately not, no.

And i've tried to get a 0% balance transfer card but was declined

irishjohn

not looking good for your credit record then