advice help good news please

Specialist2

afternoon everybody excellent advice all through this but can someone plese give me some advice on my specific isues, (selfish I know)
I have a well paid permanant job, no equity in my home and 25k of credit card debt.
I needed to use them pretty heavilly and had no other way of funding , no loans available etc.
I would like to reduce my credit card payments for 6 months from when I recieve some cash that will allow me to pay off quite a bit, unfortunatly I dont want to increse my CC debt in the mean time. Are credit card companies approachable to requests to reduce minimum payment by 50% for 6 months or am I whistling in the wind.

rgds

Mimi_Arc_en_ciel

no harm in asking them .....

19lottie82

As far as I know, the only way you can reduce your payments is to default for 2 or 3 months then negotiate with the CC BUT, this will have a detrimental effect on your credit rating and future ability to aquire any form of credit for a number of years.

Try posting an SOA (link should be on a sticky thread at the top of the board), and other posters can advise you how you can make cut backs in other areas to balance your finances.

Tixy

They will sometimes agree to that sort of proposal, if they can be convinced its a short term problem, some lenders will sometimes agree to reduce or even freeze interest as well for a shortwhile.
Though it is quite likely going in to an arrangement like this that it will be reflected on your credit file, which could have a long term impact on your ability to get credit or potentially affect remortgaging etc.

lurvlyloz

CCs are very unlikely to agree to that