Newbie, CC Card Debt Advice Needed, Please Help Me

skintstew

Hi Folks

New to the forum.

Had a look around but cant find the answers im looking for hence this post.

Basically i have two credit cards, each with around £12k on them.

All i ever afford to do is pay the minimum payments on each and even at that its a stretch.

Have done this for years now and cant get out the bit.

Never miss a payment but im just not biting into the balance.

I am no equity in my property so i cant remortgage.

Ive applied for consolidation loans but keep getting KBd.

I am now considering approaching the banks and asking for support, in the form of maybe freezing the interest and allowing me to repay the cards at a steady rate i can afford.

Wondered if this is the best approach and if anyone had any advice.

Will this approach screw my future credit rating ?

Dont want to go down the route of a IVA or bankrupcy.

The credit cards are with Halifax and Cooperative

Sorry for being so long winded

Cheers in advance
S

happy_bunny_2

Hi

Paying anything less than minimum will have an impact.

Options are:
Don't pay at all. Get default within 6 months or so. Probably sold on to debt collectors. Credit file trashed for 6 years post default. likely get interest stopped on sale or settle for less than balance. May get CCJ.

Arrangement to pay. Credit file slightly less trashed but for longer. If you have an arrangement for say 5 years then will stay on credit file for 6 years father that. May be forever almost if you never pay it off.

Late payments. Stay on your file for 6 years from date missed. When account settled, stay on for 6 years.


If you can't pay off something substantial each month or meet min payments then best tlk to CCCS or similar. Or post SOA on here

skintstew

happy_bunny wrote: »

Hi

Paying anything less than minimum will have an impact.

Options are:
Don't pay at all. Get default within 6 months or so. Probably sold on to debt collectors. Credit file trashed for 6 years post default. likely get interest stopped on sale or settle for less than balance. May get CCJ.

Arrangement to pay. Credit file slightly less trashed but for longer. If you have an arrangement for say 5 years then will stay on credit file for 6 years father that. May be forever almost if you never pay it off.

Late payments. Stay on your file for 6 years from date missed. When account settled, stay on for 6 years.


If you can't pay off something substantial each month or meet min payments then best tlk to CCCS or similar. Or post SOA on here

Many thanks for the advice

Am i right in saying then that possibly the best option is simply not to pay / default and then make an arrangement with the debt company ?

bargainbetty

The best option is to speak to the CCCS or Payplan and get professional, independent advice. Do a full budget and work out where you might be able to make savings too.

Find out what they say first - then make a decision.

happy_bunny_2

Bargainbetty offers good advice. I would go with that.

katy_ann

I cannot reccomend CCCS highly enough, they have been brilliant with me