Credit card payment holidays/plans

P1BP27

Does anyone know the latest with regards to payments for credit cards. I am out of work at moment and struggling to pay mine. I have read a few articles like this?
and it talks about the next stage of support. Can anyone help me with this please?

FCA confirms next stage of support for consumer credit customers

From 2 October, the Financial Conduct Authority (FCA) expects financial firms to provide tailored support to customers to support their circumstances.
https://www.yourmoney.com/credit-cards-loans/fca-confirms-next-stage-of-support-for-consumer-credit-customers/

[Deleted User]

It's up to lenders to assess their customer needs. Give them a call to go through your options.

eskbanker

The FCA's own words are at https://www.fca.org.uk/news/press-releases/fca-confirms-next-stage-support-consumer-credit-and-overdraft-customers and the full details of the guidance are published at https://www.fca.org.uk/publication/finalised-guidance/finalised-guidance-consumer-credit-coronavirus-additional-guidance-firms.pdf

P1BP27

thanks very much.  I know its only guidance but do you think most lenders will be able to help. I basically have £15k on 1 credit card and was looking to set up a plan to payback say £150.00 a month for 6 months until my job situation changes. Only concern its with RBS and they are not the most helpful after reading other comments 

[Deleted User]

Assuming that would be less than minimum payment, you may want to consider defaulting. Six months of an arrangement - and more if your situation doesn't improve - would be worse in the long run.

P1BP27

When you mean defaulting is that like going bankrupt as not really clued up with financial jargon

[Deleted User]

No. It means failing to make payments. It's marked as a default on your files, interest is frozen and you pay it back at a rate you can afford.

jonesMUFCforever

Can I just make one point to the OP - if you do start defaulting the card will be frozen to new transactions - just in case you are still using it.

Yahoo_Mail

I have a feeling any further "holidays" will be correctly marked as AP markers instead of the current way, which is to pretend nobody is taking a holiday but it's obvious to everyone that they are.

If you really need to take it, take it, but if you don't, you shouldn't.

sleepyjones

You can talk to the card company and ask them to freeze interest and any charges, they might say "no" but it's a better course of action at the moment than defaulting the account.
Take a look here : https://www.stepchange.org/debt-info/your-rights/freezing-interest-and-charges.aspx

Again, this means you will no longer be able to use your card though.