Payment plan for credit cards

jones_guitar

Hi, I have 4/5 credit cards who I am now contacting to set up a payment plan/settlement figure. In total there is 17,000 dept. Does any one know how I would do this? Can a company set it up? I was going to consolidate with a loan but most 'high street' lenders will not lend to me at the moment. I want to try to do it in a way the will not damage the credit history so speaking to them is the best?

I do own a house and none of them are secured to my knowledge.

YorkshireBoy

cjonesguitar wrote: »

I want to try to do it in a way the will not damage the credit history so speaking to them is the best?

Any deviation from contractual repayments WILL affect your credit history/rating...and possibly for up to 6 years.

You may be better asking for help on the debt-free wannabe board, and/or contacting organisations such as Stepchange.

Anthorn

Most online banking apps have a link to go to if you are having difficulty. You could try that but it is likely that the card will be blocked and demands for immediate payment of the whole balance. You could try an IVA but that is likely to block most financial applications including bank accounts.
https://www.gov.uk/options-for-paying-off-your-debts/individual-voluntary-arrangements

Personally, way back in 2008-10 my headaches ended when my remaining debts were bought by Lowell and moved to Fredrickson International who provided very good deals which I took advantage of and cleared my debts. So having debts bought and/or moved to a debt collection agency might not be all bad.