We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
been laid off from work, what to do about credit card payments ?
evertonlad_2
Posts: 6 Forumite
in Credit cards
i have been laid off from work yesterday, i am going to be signing on, however i am currently paying approx £400 a month credit card bills, where do i stand on asking them to stop interest until back in work
0
Comments
-
Certainly possible, however, Do you have good credit???
If so, kiss it goodbye....I have numerous qualifications in Business and Finance, Accountancy, Health and Safety and am now studying Law.
Don't rely on anything I write as it may be wrong!!!0 -
quite good i think, right now, i am more bothered about how i am going to feed us than credit cards, i just dont want debts getting higher0
-
Get a balance transfer card and shift the lot to 0% for a period of time to tide you over.0
-
tried and declined0
-
evertonlad wrote: »tried and declined
£400 a month? 15-20k of debt?
I wish I could offer you advice but realistically it is going to harm your credit file and potentially very badly...I have numerous qualifications in Business and Finance, Accountancy, Health and Safety and am now studying Law.
Don't rely on anything I write as it may be wrong!!!0 -
I think for such big amount even a possibility of the debt being converted by the lender from unsecured to secured doesn't have to be dismissed.UsetheFORCE wrote: ȣ400 a month? 15-20k of debt?
I wish I could offer you advice but realistically it is going to harm your credit file and potentially very badly...0 -
yes and yes. right now though, we are expecting a baby, been laid off from work so my credit rating is just gonna have to suffer. somebody told me if i wrote to them and informed them, they may freeze interest and may accept token payments for a period of time0
-
Yes, the important thing is that you inform them you can no longer continue to make such high payments. They may allow you to make token payments for a period of time, but they also may sell your debt to a debt collection company. Might be a wise time to fill in a SOA for when they request it, as they no doubt will.0
-
They key thing is to speak to your credit card company as soon as possible - they don't want you to default (they don't want the hassle) so you might be surprised that they will want to work with you.0
-
Obvious question (long shot)... do you have PPI?
Else, if approaching your CC companies, it might be worthwhile doing it via a debt advice charity (a "real" one, that is).0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards