Can't afford minimum payment lloyds credit card

LauraB141985

Hello

I have been paying at least the minimum payment for a number of years, never had a missed payment, i am now however unable to afford the monthly payment for my lloyds credit card due to no work, Before i ring my bank i would really appreciate any help and advice so i am prepared and know where i stand. I am not worried about my credit rating being effected. If i can't pay the minimum payment i assume i will have charges added which is going to mount up quick, i'm really worried about ending up in a huge debt. 

Tildaplum

What you seem to be describing is persistent debt. Google this. You should ask your credit card provider to suspend interest payments and agree a lower repayment plan. Contact Step Change for help.

born_again

https://www.stepchange.org/debt-info/debt-and-coronavirus.aspx

Add in this.
People with persistent credit card debt will be given more time to make repayments before their card is suspended under new rules being enforced amid the coronavirus crisis.

Ergates

Speak to your bank - ask them what they can do to help, e.g. a payment holiday.  Thousands of people are going to be in the same situation as you are - banks are going to have to be flexible.

sleepyjones

There's an MSE guide in regards to Covid' but It seems like your problems might be beyond this.  So I guess you should speak to Lloyds and ask for a payment holiday but also be sure to take the advice above to get your finances in-check.  Don't ignore it, you'll just end up paying more in Interest and fees ... it's also not worth worrying about it, so try not to stress yourself out, what's done is done, it's how you proceed from here that counts.
Here's the MSE guide : 
https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/
and specifically the bit on Lloyds Credit Cards :

How are lenders helping credit card customers?

Lloyds :
Waiving Fees for missed payments : Yes
Offering Payment Holidays : Yes
Not sure how this will reflect on your Credit File though.

LauraB141985

Thank's everyone going to ring the bank in the morning.

Thrugelmir

Is this your unsecured only debt? 

razor1981

LauraB141985 said:

Thank's everyone going to ring the bank in the morning.

How did it go Laura?

alfred64

The way to help would be to reduce/suspend interest; negotiate a monthly payment that you can afford and also, given your current situation, stop all further spending on the card  to avoid racking up further debt.