Asked the CC company to defer min payment for one week

Hanly

Hi,

I've just been on the phone to my credit card company (Creation), to ask them if it was possible to defer my minimum payment this month, by one week. I've had a hard month financially and don't think I'll be able to cover it - but once I get paid at the end of the month, I'll be fine.

I was surprised when they refused - they said I will get charged the late payment fee and a note on my credit file. I have requested this favour once or twice in the past and it has been no problem if you contact them in good time and you 'promise to pay' by an agreed date they put a note on your file and don't penalise you - if you make the payment by the agreed date.

Is this me just being naïve? - there is so much publicity about "contact us if you are in financial difficulty"- so I did (and it was only a minor difficulty) but I might as well have saved myself the humiliation of talking to them, as the result will be the same.

Has anyone had similar experiences - or is there just no point in contacting them really?

Thanks!

meer53

Doing this often, as you seem to have done, rings alarm bells with the credit card company, they're not going to do it every time you ring. Minimum payment dates can be changed, ask them to move it to the beginning of the month, after you've been paid.

It's not as if it's an unexpected expense, you're given plenty of time to budget for the payment, if you're struggling to pay the minimum, it sounds as though you need to have a look at your budget and to not use the card for a while.

Fruit_and_Nut_Case

Can you make a cash withdrawal from your CC and use this to make a minimum payment on time? The interest you are charged will almost certainly be less than a late payment fee and will avoid the possibility of a late payment marker.

Do not make a habit of this!

meer53

Fruit_and_Nut_Case wrote: »

Can you make a cash withdrawal from your CC and use this to make a minimum payment on time? The interest you are charged will almost certainly be less than a late payment fee and will avoid the possibility of a late payment marker.

Do not make a habit of this!

But as the OP doesn't pay the full balance off won't he be paying the interest every month for the cash withdrawal ?

Hanly

Thanks for your replies, very useful.

Actually I think the law's changed and the highest interest items - like cash withdrawals - now get paid off first. But I might have dreamt it...

tinkerbell28

Hanly wrote: »

Thanks for your replies, very useful.

Actually I think the law's changed and the highest interest items - like cash withdrawals - now get paid off first. But I might have dreamt it...

They do.....

Gromitt

tinkerbell28 wrote: »

They do.....

Alternatively you may have a small overdraft on your current account that you can use?

It depends on how you value your credit report.

tinkerbell28

Gromitt wrote: »

Alternatively you may have a small overdraft on your current account that you can use?

It depends on how you value your credit report.

Me? I don't have debt.

chattychappy

I agree with the suggestion about asking them to move your statement date/due-by date if this would suit you long term.

Else, I think you are playing with fire. If you just "miss" the date, you'll get a fee and perhaps a late marker. If you phone them and say you are struggling, there is a real risk they will freeze the account and prevent further spending.

Do consider the cash advance idea. If you have sufficient limit, pulling the cash out of an ATM and using this to meet the minimum could keep the plates spinning.

Best of luck digging yourself out of this situation.

opinions4u

Unfortunately seeing card and loan companies as the solution to tough months financially is looking for an easy way out.

At the risk of stating the obvious, you need to be spending less money on other things.

Coraline

I would advise against taking out a cash advance in order to pay the debt. It's called credit card kiting and it's fraud that can get you into trouble.