What if I can't pay my monthly CC installments?

paulinetc

Hi there,
I have a number of credit cards, each of which I pay off the minimum balance each month. At the moment I am really struggling and have credit cards bills to pay this month of around £400. Do you know if its possible for me to speak to each of my creditors and explain that i'm having financial difficulty? Do you think they would let me make reduced payments or allow payment breaks? Any ideas of options would be good! I think i'll have to sell my car otherwise to try and keep on top as much as I can
Thanks.

Ebe_Scrooge

Speaking to them is definitely a far better option than just burying your head in the sand. Most responsible lenders will be agreeable to coming to some sort of arrangement - though do be aware this will be recorded and have a negative affect on your credit history. For this reason, if you have a way of raising the cash, it may be a better option in the long term, especially if you're going to be wanting to apply for any further credit ( e.g. mortgage ) in the near future.

27yearoldmale

late payment/default/AP on your credit files

maybe apply for a payday loan!

ViolaLass

Go to the Debt-Free Wannabe board and post a filled in version of this http://www.stoozing.com/calculator/soa.php formatted for MSE (option at the bottom). We'll help where we can.

grumbler

It's minimum payment, not minimum balance.
While you keep paying, your creditors have no reasons for letting you to pay less or have a break. Only after you default for a few months they might consider a payment plan. Your credit history will be trashed.

The only option is to move/consolidate your debt to a lower rate: loan or balance transfer(s), but this depends on your circumstances.

Ebe_Scrooge

27yearoldmale wrote: »

late payment/default/AP on your credit files

maybe apply for a payday loan!

That's very bad advice. If the OP is struggling anyway, then a PDL is only going to compound the problem. And taking out a PDL will in itself trash your credit history anyway.

kingmonkey

http://www.moneysavingexpert.com/loans/debt-help-plan

Sorry to hear about your situation. Read and work through the above guide. Good luck.

grumbler

Ebe_Scrooge wrote: »

That's very bad advice.

It's just his bad sense of humor.

DibbaDemelab

It will reported on your credit report.

Clive_Woody

paulinetc wrote: »

Hi there,
I have a number of credit cards, each of which I pay off the minimum balance each month. At the moment I am really struggling and have credit cards bills to pay this month of around £400. Do you know if its possible for me to speak to each of my creditors and explain that i'm having financial difficulty? Do you think they would let me make reduced payments or allow payment breaks? Any ideas of options would be good! I think i'll have to sell my car otherwise to try and keep on top as much as I can
Thanks.

Ignore the advice about payday loans. It sounds like you are really struggling with debt so my advice would be to contact one of the debt charities for free advice (such as Stepchange - they even have a freephone number). They can talk to your creditors on your behalf.

http://www.stepchange.org/

RichL74

DibbaDemelab wrote: »

It will reported on your credit report.

Right now, that is probably the least of their worries.