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Defaulting credit cards
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nl8517
Posts: 7 Forumite

Hoping I can get some advice as I am now struggling with spiralling debt and its having a massive impact on my moods just now. I have completely acknowledged the extent of my debt - around 50k - and I have been making payments to everything until recently where I have found myself in my overdraft, eating up all my income and leaving me with no money to pay some of my debt.
I have high interest credit cards and unable to get balance transfers and basically wondering what the process would be if I don't pay the credit cards? I have already had letters about persistent debt. If I could just reduce some of the higher payments allowing me to save some money on my overdraft, then I would have more disposable at the end of the month.
Thanks
I have high interest credit cards and unable to get balance transfers and basically wondering what the process would be if I don't pay the credit cards? I have already had letters about persistent debt. If I could just reduce some of the higher payments allowing me to save some money on my overdraft, then I would have more disposable at the end of the month.
Thanks
1
Comments
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If you don't pay the cards, they will ultimately default. This will freeze the interest but has a corresponding impact on your credit files.
Post up a SoA so you can get advice on the wider picture and go through your options.0 -
Hi,
You need to post a statement of affairs so we can get a grasp of your situation.
Plenty of options, but all are circumstance dependant.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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