What happens if I miss a credit card payment?

MrsCK

Sorry this is very brief as I'm at work at the moment. We are in a mess. Although we have approx £200 left after we have paid all household bills and debts, this month we also have a vets bill, a car maintenance bill and emergency dental bill to pay, which will leave us with nothing for food and petrol. We are only paying the minimum repayments on 4 credit cards. Total debt of £16600, (£418.00) and we also have a loan which is £195.80 per month. As you can see we are only just touching the balance every month as the interest charges are huge, so we are stuck in this mess for a very long time. The phrase 'IF ONLY' crops up quite a lot in our house, but its not going to change anything, we are in big trouble. If I miss a payment on the credit cards, what will happen???? I've missed one payment in the past 10 years (accidentally). I know it will affect my credit record and we have to change our mortgage next year as the fixed deal is coming to an end. I dont want to end up having an even bigger mortgage because we cant find a cheaper one with a rubbish credit rating. Although I've got that now anyway as I earn £20k and owe approx £29k. All debt is in my name apart from loan which is joint with my husband. He earns the same but has to pay CSA 20% of his income. We can struggle for the next 10 years but I cant see that we will make it through and I dont want to lose the house.

ellesbellesxxx

Didn't want to read and run... from my understanding, this would come up as a default - I am sure someone will advise if they give you a reminder first.
Good luck x

rdchick

if you miss a payment you will get a '1' on your file, which means that you missed it, you won't default from that one missed payment but it's not ideal if you need to change mortgage soon as they want as clean file as they can get, however with your salary to debt ratio being the wrong way round you may also struggle. Do you know what the mortgage rate will be roughly when the fixed term runs out?

I don't know much about mortgages but someone will no doubt soon xxx