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What happens if I don't pay?

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What happens if I don't pay?

edited 30 November -1 at 1:00AM in Credit Cards
49 replies 5.5K views
jonnyhatesjazzjonnyhatesjazz Forumite
14 posts
edited 30 November -1 at 1:00AM in Credit Cards
Hi I am already struggling with several credit card minimum payments and I have just had notification that the minimum payments are going to increase so there's no way I'm going to meet these new amounts so I'm thinking what might happen if I just simply stopped paying?? I don't own my own house, I have no assets and my credit score is rubbish already so I'm thinking what have I got to lose there's more to life than worrying about making these payments so what could they do?
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Replies

  • McKneffMcKneff Forumite
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    Contact them explai your situation and see if they can help.

    Dont just stop paying.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • I don't think they really want to help though do they?


    I'll have to stop paying if I don't have it
  • edited 7 September 2018 at 6:59PM
    Willing2LearnWilling2Learn Forumite
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    edited 7 September 2018 at 6:59PM
    Hi I am already struggling with several credit card minimum payments and I have just had notification that the minimum payments are going to increase so there's no way I'm going to meet these new amounts so I'm thinking what might happen if I just simply stopped paying?? I don't own my own house, I have no assets and my credit score is rubbish already so I'm thinking what have I got to lose there's more to life than worrying about making these payments so what could they do?
    Hi jonnyhatesjazz,

    The debts won't just go away. You have entered into legally binding agreements with each of your lenders. If you don't pay, or come to some arrangement to pay, then they may ultimately, after a lengthy process of passing the debts to Debt Collection Agencies, go down the legal route for enforcement in the courts.

    I suggest starting a new thread in the Debt-free Wannabe (DFW) board for friendly and non-judgemental advice.

    It would be very helpful to post up your Statement of Affairs (SOA), if you do decide to post on the DFW board.

    http://www.stoozing.com/calculator/soa.php
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • FireflyawayFireflyaway Forumite
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    from my experience they will pass your file to debt collectors who will ring and write and text every second of the day. Just to save the hassle why not contact them all, explain you are in financial difficulty and offer a small payment. Even £1 a month just for a peaceful life?
  • brisbris Forumite
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    Depends on how much it is but in general the debt is just sold to a debt recovery agency and then written off after a few years.


    Once you default they have 6 years to take action against you, after that it drops off your credit file. Worst that can happen is the win a court case and you go back to making little payments or they bankrupt you but its rare because it costs them a lot of money to take you to court in the first place.
  • It messes up your credit file for the next 6 years. If you do find that your circumstances improve in a year or two, you'll be stuck for the whole 6 years. You'll be able to apply for a sub prime card (probably), which will charge you interest of around 50%, kiss a mobile phone contract good bye, kiss loans that you may need good bye, kiss a mortgage good bye too. If they pass the debt on to collections agencies they will phone or write (usually both), and some will slap you with a CCJ which also sticks around making a debt in your credit file for 6 years.



    You are far better off filling in a SOA on the debt free boards, like Willing2Learn says, there's people who want to help.



    I messed my credit file up through illness, and it's been an uphill struggle trying to clean it up. Save yourself the grief that it will cause you and try to get it sorted out.
  • Terry_TowellingTerry_Towelling Forumite
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    The very least you should consider doing is paying the same level as you are at the moment, rather than stopping altogether.

    I imagine the information they put out about increased minimum payments also came with some small print about talking to them if the new regime was likely to cause you difficulty. So do just that and tell them that you will struggle to meet the new minimum requirements. They may each put you on a repayment programme with amounts that you can manage. Some may even offer to freeze the interest whilst you get back on your feet. I recall this happening when I worked in cards but the world is a different place now.

    If you show you are still trying to honour your commitments things will likely go far better than if you stick your head in the sand and hope it will all just go away.
  • Shakin_SteveShakin_Steve Forumite
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    Hi I am already struggling with several credit card minimum payments and I have just had notification that the minimum payments are going to increase so there's no way I'm going to meet these new amounts so I'm thinking what might happen if I just simply stopped paying?? I don't own my own house, I have no assets and my credit score is rubbish already so I'm thinking what have I got to lose there's more to life than worrying about making these payments so what could they do?
    Seriously, what kind of advice did you think you'd get on here. Take out some more credit before it becomes impossible? I mean, if you're going to default, in for a penny, in for a pound.
    No....I think you knew what you'd get......served cold :D
    I came into this world with nothing and I've got most of it left.
  • edited 8 September 2018 at 11:20AM
    jonnyhatesjazzjonnyhatesjazz Forumite
    14 posts
    edited 8 September 2018 at 11:20AM
    Seriously, what kind of advice did you think you'd get on here. Take out some more credit before it becomes impossible? I mean, if you're going to default, in for a penny, in for a pound.
    No....I think you knew what you'd get......served cold :D


    Spot on that Steve :D

    I don't care about the letters, phonecalls and texts as they will all be ignored, it wouldn't even bother me if they knocked on my door.

    I am fully aware it will affect my credit file which is pretty dire anyway.
    I have absolutely nothing to lose..........seriously what they going to do put me in prison.....I don't think so
  • ErgatesErgates Forumite
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    I don't think they really want to help though do they?

    They'll help if it makes it more likely that they'll get their money back eventually.
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