Walking away

Bingbong_2

Hello,

I pay my credit card debt through a DMP with the CCCS. I’ve been on a DMP for about a year and 4 of the 5 credit card companies are still refusing to reduce my interest on payments which essentially means my monthly repayments are the same as before contacting the CCCS.

What would happen if I just stopped making payments?. I don’t own property or a car and I don’t have anything of much value.

My debt is about £10,000 and the repayments take up about £300 per month. The CCCS always say that my creditors will eventually default and reduce my interest but this does not look like its happening.

I know I should just keep plugging away but if I just walked away from the debt, what will happen to me?

Thanks for any replies

Bingbong

Bingbong_2

Anyone got any thoughts on this?

I'm willing to accept the consequences of my actions, I'd just like to know what they are.

Dylanwing

Something seems wrong, it sounds like you are just making the standard minimum payments. I thought that the norm was that you miss a payment or two, get defaulted, and the consequence is that your credit rating is ruined, and the CC Companies are more willing to defer interest.

I think you need to verify the precise status of the accounts as it sounds like you are making no headway.

Bingbong_2

Indeed. CCCS tell me the same thing every time I call. I appreciate their help but there doesn't seem to be much in the way of contact between the CCCS and the CC companies after the initial setup of the DMP.

I though that if I stopped payments altogether and then perhaps a new DMP once the CC companies are put into a position where they have to default my debt would be a course of action to take.

Why would they default my debts when they are charging me interest in just the same way before my DMP was set up.

If I do stop payments will the CCCS be a bit put out. Will I have credit card heavies at my door with baseball bats?

Please advise. Like Dylanwing says, I'm making no headway.

Thanks for any replies


Bingbong

Treadmill

I think you need to miss about 8 payments before you are default.

Dylanwing

It was a long time ago, but it only took 1 missed payment!

Bingbong_2

I haven't actually missed a payment. CCCS takes my money and pays off what was agreed on the DMP.

Would it be an idea to stop these payments to get the CC companies to default?

jojo1978_3

Have you tried contacting the cc companies?

Bingbong_2

Yes, written a number of letters. Call centre hell gets nowhere.