To default or not

Fazl3h

Hi guys, i could do with some advice. I've been given the option to default on one my credit cards because it has become very difficult to keep up payments. I have spoken to the credit card company about it and that I suffer from mental health problems. I'm currently barely making the minimum payment and due to my credit score I can't seem to get a new balance transfer card to shift the debt on. Has anyone been able to negotiate the interest on their cards and if so how? I'd like to avoid defaulting as this will remain on my credit file for 6 years. Any advice would be much appreciated. Thanks 

mwarby

A statement of affairs would help.

It does sound likely from what you say that the solution will involve some kind of adverse credit history (be it an arrangement to pay, or default). It's worth considering that if minimum repayments drag on too long it can also look bad, at least if you default the account goes in 6 years

Fazl3h

mwarby said:

A statement of affairs would help.

It does sound likely from what you say that the solution will involve some kind of adverse credit history (be it an arrangement to pay, or default). It's worth considering that if minimum repayments drag on too long it can also look bad, at least if you default the account goes in 6 years

Hi mwarby, Yes that's what the creditors have advised too. Thanks for your help, much appreciated.

mwarby

Worth taking advice on your whole debt situation as well, your first post suggests you have multiple cards. A DMP or some form of insolvency maybe better than one arrangement with one creditor