Advice on settling credit cards please.

TomPem

I have been involved in a car crash which resulted in me breaking my neck in two places. Luckily I have been told I should make a full recovery.

I have two credit cards which are up to their limits, £1500 and £1750. Both with Barclaycard, although the £1750 was originally with Egg but I think they merged with Barclaycard?

Due to my injuries and the amount of time needed to recover I am going to lose my job. I will not be able to keep up minimum payments on both cards.

I already have a terrible credit rating due to having credit thrown at me at a young age. When I was 19 I even received a text message from Barclays telling me they had upped my limit from £500 to £1500. I didn’t think this at the time, but what a horrible trap that is for a 19 year old. I also have very little of value that could be taken by bailiffs to cover the debt.

With my VERY limited knowledge and experience I can see two options available to me:

[FONT=&quot]1. [/FONT]Borrow £2000 from my parents and offer this to settle both the accounts.

2. Stop making payments and let the court take my laptop.

Any advice will be greatly received but I would appreciate it if you would refrain from using abbreviations.

Thanks, Tom

RichL74

I don't think your laptop is worth £3000+ but anyway.

Your best bet I'm afraid is to contact the card companies and explain the above to them.

You must work for a pretty skanky employer if they are just going to sack you while you get better, I mean are you totally paralysed and have to give up work or what? If you are just in rehab you surely have a case for unfair dismissal? Employers can't just sack you unless you job is to balance things on your head and even then you would have a pretty good case if you are able to return to work sometime (you don't make this clear so I am just speculating)

Did you cause the car crash or is there some compensation from a third party due that you can put towards the debt?

Or you could just default again like you say when you were 19. You obviously know what that entails as you did it before.

[Deleted User]

TomPem wrote: »

I already have a terrible credit rating due to having credit thrown at me at a young age. When I was 19 I even received a text message from Barclays telling me they had upped my limit from £500 to £1500.

Not sure that a 1k limit increase would cause you to have a terrible credit rating. You normally need to miss payments and that sort of thing.

McKneff

The car crash, were you at fault. If so, you could ask for an interim payment to help you over this.

Offering £2k now will not help if you are up to date with yur payments. Once you have missed a few, they may offer you a full and final settlement but in missing the payments you will trash your credit file.

Could you borrow enough each month from your parents to enable you to keep up with the payments, giving you time to get well again.

Or, has been asked before, did you have PPI on the cards.

McKneff

Okay, what's done is gone.
The OP needs help, can anyone give any.

Again, any PPI op. and can you respond to my post.