advice needed on not being able to make min repayments

twists_and_turns

Hi (think I posted on wrong thread before),

I've got an outstanding balance of almost £10,000 on one of my Credit Cards at the moment ... it's got to a point where I'm paying £150 a month in interest, with a minimum repayment of £200 a month and i am no longer in a position where I can afford to keep up the minimum repayments.

I've been looking at several options

Does anyone know if I can make an 'offer of repayment', say £50 a month and have the interest frozen ... I rang up the Credit Card company some months ago about this and they seemed to imply that I would have to default (ie not pay on time) before I could make an offer of payment. Does any know if this is true?

I may have a good (possibly even better) credit rating as I should have no defaults, and had the card for over 10 years. But I am on a very low and temporary level of income.

Any advice on this greatly appreciated. Thanks

Lemon_Tree

i'm bumping this up so that someone who will be able to help you will see the posting.
good luck

msmicawber

Hi,

If your credit rating's good and the low income situation's temporary, have you considered looking for a 0% balance transfer deal? If that's not possible, then I'd advise speaking to the CAB as they arranged with my CC company to freeze interest and allow me to make low monthly repayments when I couldn't get the CC company to budge.

Burlesque_Babe

You would probably need to let the payments fall a few payments behind before they would look at monthly arrangements I'm afraid.

If you have a good credit rating, how about shifting it to a couple of 0% cards? Some of the cards (check out the Credit Card board) have 12 month deals. It would give you a year to clear a chunk at 0% and then you could re-assess the situation and move it on again to another card (or 2 depending on the card limits offered)