been laid off from work, what to do about credit card payments ?

evertonlad_2

No, no ppi. Didn't know if I should ring them first or just write

emweaver

evertonlad wrote: »

No, no ppi. Didn't know if I should ring them first or just write

I found writing to them more effective. Whenever I rang to try and explain my situation the majority of them were not interested. Even writing some would not reduce my payments and passed my debts on a debt collector.

eyelinerprincess

They will probably ask for a SOA. When I lost my job a couple of years ago, I went through all the rigmarole of applying to take advantage of the PPI, which I was subsequently declined for. They accepted token payments for a little while, but then passed the debts onto the debt collectors. My credit file has been trashed beyond belief because of it.

cosmicseahorse

Wow, Dealer Wins,
It irks me when people pass massive judgments about other people's bad luck. A perfectly responsible person can still loose their job.

moohound

OP, you might be better posting on the debt free wannabe board.

PeppaPig555

I think the OP came here looking for advice not judgement. We all make mistakes and it appears he was taking responsibility by paying back a good chunk every month so why the need to kick him when he's down?

OP, I'd get in touch with your creditors as someone else has said. They are (normally) happy to sort something out with you rather than deal with someone who has a head in the sand attitude. Also might be worth speaking to national debt helpline and/or CAB if you have trouble with any of your creditors.

I feel for you, I've got a 6 week old. Not a nice situation to find yourself in.

zugzwang

evertonlad wrote: »

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 time

I think you have to default before the interest is frozen and you can make nominal repayments. A default is what happens when you stop making payments. Anyway, a default on your credit record isn't the end of the world.

Make up a Statement of Affairs (SOA). This details your income, outgoings and debt.

The money left after bills and reasonable spending is what you have to offer credit card companies. Divide it up according to amount owed.

You can write the letters yourself but best take SOA to CAB and they'll write it for you.

Make appointment with CAB ASAP as it takes time to get appointment. They can help you write SOA too but its better if you go prepared.

Or try:

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php


Congrats on baby, and dont worry it'll take time to sort probably but everything will be fine I'm sure.

Edit: Sorry didn't see PeppaPig555 post properly, didn't mean to repeat her advice.

evertonlad_2

much apreciated folks

ihateyes

I would ring someone like PayPlan.
They are a free service, that will make an I&E up, and contact your creditors on your behalf, offering what you can afford.

Contacting creditors yourself, will always ask for more than you can afford.... also they tend to listen more and be more empathetic when someone like PayPlan call.

I have used them in the past, and couldnt fault them.