Really need some advice please

Webbigail

Hi all,

Sorry for the slightly frantic post but I could really use some advice.

Money is tight at the minute...super tight and I would like to know the repercussions from not paying minimum credit card payments and NRAM dlinked loan repayment for this month?

If I pay them then I can't cover our rent which is my priority. I'm considering cancelling the DDs.

TIA
Confused, stressed and ever so worried.

tykesi

Each company will report to credit reference agencies that you have missed a payment and the account is in arrears. This will affect your ability to get further credit for up to six years.

Are you addressing the cause of money being "super tight"? Plenty of help available on here if required.

datlex

Rent is your priority. Not paying minimum payment on card will get a marker on your credit report and possibly a fee. You may be in breach of terms stopping DD on the NRAM, but again it won't lose you your home.

Naf

Will it be tight this month only? Is it because of specific payment dates or the overall net in/out?

If its only for the one month it is probably worth talking to your creditors to see if its possible to adjust/rearrange any payments for this month to relieve this pressure.

peteuk

Talk to them....

I know this is the hardest, but these days they do tend to understand. My credit card gives me the opportunity to miss a payment per year with no additional charge. If the situation is a one of and you've been a reliable customer then they may give you a little slack. If you dont tell them or talk to them then by just cancelling the DD you will incur extra chargers.

Stopping the DD is easy, but you then have to have the will power to reset it. Fail to do so means another payment missed next month (unless your organised and can pay it in time manually)

If its not a one off then you need some strong advice - step change is free and they will help you out.

Good luck!