Can't pay off credit cards

PinkPanther82

Hi everyone

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

DomRavioli

firstly, STOP SPENDING what you cannot afford. Cut the cards up, freeze them, bury them, whatever you have to do to stop.

secondly, call the company or companies which you hold the cards with, only they can tell you whether they will accept a reduced payment (although £50 p/m is relatively low on that amount without you being in severe hardship), but you can only ask.

ineed

Good to see you posted here why not post up an SOA as suggested in your pervious post, that way everyone will be able to advise you.

Don't forget you should contact the card companies, CAB will advise you if you need help. Also you might want to try a debt charity like CCC or Payplan I know you said you didn't want to do a DMP as it would affect your credit rating but I don't think you have any other options . Also if you default it shoots your credit rating anyway so may as well look into a DMP. Good luck .

FireWyrm

ineed wrote: »

Good to see you posted here why not post up an SOA as suggested in your pervious post, that way everyone will be able to advise you.

Don't forget you should contact the card companies, CAB will advise you if you need help. Also you might want to try a debt charity like CCC or Payplan I know you said you didn't want to do a DMP as it would affect your credit rating but I don't think you have any other options . Also if you default it shoots your credit rating anyway so may as well look into a DMP. Good luck .

Actually, I disagree here. There are always options available and there is no debt that cannot be overcome. OP, please fill out an SOA so we can get an overall picture and THEN advise what is the best course of action. DMPs are the last option and frankly, they are not necessary in most cases.

bluebird

Its a hard lesson in life to learn,you had fun spending Now its payback time!
Sort out all your outgoings and incoming money see where you can cut back,normally its sky/virgin, mobile phone, eating out and so on as others have said post a SOA and you will get loads of help from the fantastic bunch here.

PinkPanther82

ineed wrote: »

Good to see you posted here why not post up an SOA as suggested in your pervious post, that way everyone will be able to advise you.

Don't forget you should contact the card companies, CAB will advise you if you need help. Also you might want to try a debt charity. I know you said you didn't want to do a DMP as it would affect your credit rating but I don't think you have any other options . Also if you default it shoots your credit rating anyway so may as well look into a DMP. Good luck .

Hello again

Thank you for your advice once again.
Since originally posting last night, I was on the web for ages looking at options. I am now in the process of starting a DMP with CCCS. This is my only option. My total debt is £32,000 and whilst I have not defaulted on any of the debt yet, I would have to soon if I didn't do something about it. So DMP it will have to be.

Thanks once again x

PS I had to remove your links from your post as was not allowed to reply with them in!

fozmcfc

Hmm, so you have gone from saying about £1900 of debt to suddenly £32,000 of debt.

If you are sticking around for advice, it is best to be upfront. The real problem here is not affording to service credit card minimum payments of £80 a month, but to service £32,000 of debt, there is obviously a very big difference.

Glad you have decided to go with one of the free DMP companies.

ineed

FireWyrm wrote: »

Actually, I disagree here. There are always options available and there is no debt that cannot be overcome. OP, please fill out an SOA so we can get an overall picture and THEN advise what is the best course of action. DMPs are the last option and frankly, they are not necessary in most cases.

In this persons previous post they had already said they couldn't cut back on anything else, and due to change of circumstance they couldn't afford to pay the cards. Which is why they were advised to post here, and advised to have a DMP. I was simply giving them the links to free charities following on from that post.

OP well done for sorting things out with the free charity still post up that SOA as people might be able to advise you on further cutting back in certain areas. Let us know how you get on.