Can't Pay, Won't Pay

haelen

I'm in the unfortunate position - being self-employed and having lost a couple of contracts before Xmas, of being unable t meet the monthly payment on my CC.

I owe 1,800 (the limit allowed at this time).

I could probably afford to pay about half the amount of the required monthly payment at this time.

What's the best approach to take?

TIA,
Tim

ShelfStacker_3

Contact your credit card company, first off. They could be quite understanding, you never know.

cifpower

I agree. The worst thing you can do in these situations is ignore the matter. Contact your CC and advise them of you change in circumstances. They can be very helpful and understanding.

haelen

Thanks both.

Unfortunately, they weren't cooperative.

I offered to make a minimum payment of £50 per month, but they wouldn't accept that.

They simply said that in a few months time the acct would simply go "into default" and the debt collectors would be called in.

What can I do next?

Thx,
Tim

emmy05

if you cant afford it, it might be that theres other bills you cant afford, maybe going to your local citizens bureau would be a good idea before things get any worse for you xx

haelen

Hi Emmy

Fortunately, that's not the case.

Thanks anyway.

Best,
Tim

Tim

emmy05

thats not so bad then lol

haelen

Fortunately, my sister has offered to bail me out as she has had a recent windfall.

If I'm lucky, by the time the full balance is paid, there'll be little if any interest "overspill" for me to pay. If there is, it should be a manageable and quickly pay-off-able amount.
:j
Tim

brightonman123

pay something at least, and send a letter to explain situation. if they dont value your business, time to stooze!