Pay down plans

Magpies2

Can someone tell me please can a credit card company make you go on a pay down plan and stay on it as they have doubled my payments and am finding it hard to cope 

MorningcoffeeIV

They can't make you pay more than you can afford.

Have you already defaulted?

MalMonroe

Hi. What you need to do is contact the credit card company, by phone if possible so you can speak to a proper person. You might have to wait but whenever I've phoned my credit card company it's not been a very long wait.

Tell them that you're having problems with the increased payment and ask for their help. They should be able to offer you an alternative payment plan because most (if not all) credit card companies offer help when their customers are struggling. If you log on to your CC provider's website, then you should be able to see the section marked 'help' - with the appropriate phone number.

The sooner you contact them, the sooner they can start to help. Don't feel embarrassed, either because many others find themselves in similar situations.

If you're struggling with debt generally, then you can contact one of the free debt help agencies. They all offer confidential and non-judgemental advice. There's StepChange, National Debtline and Citizens Advice.

I used StepChange in the past and always recommend them as I was in a terrible state and they helped me so much.

Details for them in the following link -     https://www.stepchange.org/

[Deleted User]

It sounds like you are in a persistent debt situation where you are paying only the minimum every month and accumulating interest / paying off little to no capital. Lenders are required to respond to this by suggesting you start increasing the payments (usually it is just a suggestion though) in order to pay off more of the capital. If you cannot afford it, you are living beyond your means i.e. financial hardship and need to engage with the bank for a hardship case. You certainly don't need to call them, speaking to a human is no different to chatting with one on the internal messaging system, just explain you are in hardship and need assistance and they can do things like freeze the interest on the card for a period to allow you to start clearing it down. Prepare a budget using the statement of affairs (google it) and post it on the debt free page on here as that will help you understand where you can cut back and give the bank a realistic number on what you can pay.