CC Debt advice ?.

PROLIANT

skintstudent84 wrote: »

You claim to not be passing judgement, but that is exactly what you are doing. Until you no the ins and outs of the OP's friends life you have no idea how this debt occurred or why. She has made a mistake. I'm sure you've made plenty in your time too, just maybe not financially.

We all make mistakes and admitting them is the first step in rectifying them- having someone point and laugh and call you an idiot for making the mistake in the first place is neither helpful nor productive.

I lack common sense when it comes to financial situations, always have done. I am learning slowly and getting better but I'm certainly not stupid as you seem to be making out that those with CC debts are. Where I lack common sense in one area I'm sure I make up for it in another, so less of the judgement please.

Ok, yes I have made plenty of mistakes both morally and financially, but you must understand I was not passing judgment here in any way shape or form, so if that is the way i have came across then everyone please accept my apologies.

-1-

I'm not sure how the debt mounted up or how she has a CL of £14,000 but least she has finally realised something needs to be done and it's better realising that now than when she has the full £14k on the card.

samkat_2

My husband has quite a lot of debts so in 2005 he went to ccsand payments have been accepted and paid regularly but one bank in particular wait till the orginal debt is down to approx £100 (original debt £600)and slaps on £500 interest and they (the bank)are telling him that they are allowed to do this-Are they?Sorry to have posted on this thread but I can't find how to start new threadSamkat

Coveredinbees!!!!

It's pretty easy to end up with a 14K limit on a Halifax credit cards all you have to do is use it and they keep bumping up the limit regardless if you pay the minimum or the lot off. My wife has a Halifax and they always seem to be increasing the limit.

As for getting 7K in debt that's all to easy to do as well, a little bit here and there, it soon mounts up. It doesn't help that the government seems to actively promote debt. Your friends made the important step in admitting she has a problem and I hope she manages to get it sorted out

Ally

-1- wrote: »

I'm not sure how the debt mounted up or how she has a CL of £14,000 but least she has finally realised something needs to be done and it's better realising that now than when she has the full £14k on the card.

You said she lives with her parents. What other expenses does she have?

Aside from the options already mentioned, one option would be to increase her working hours, or get another job. Is that possible at all? Then she may be able to afford the repayment.

Another option would be to stop using the card and negotiate a more affordable repayment with the creditor and request that they freeze interest and any charges - to stop the debt increasing. However, if this is less than the minimum repayment, they may still issue a default notice and the follow-up that comes along with that which will affect her credit rating.

HTH

CLAPTON

samkat wrote: »

My husband has quite a lot of debts so in 2005 he went to ccsand payments have been accepted and paid regularly but one bank in particular wait till the orginal debt is down to approx £100 (original debt £600)and slaps on £500 interest and they (the bank)are telling him that they are allowed to do this-Are they?Sorry to have posted on this thread but I can't find how to start new threadSamkat

to start a new thread, return to the credit card main page then go down to the botton of the theads .. on the left is new thread

Ally

samkat wrote: »

My husband has quite a lot of debts so in 2005 he went to ccsand payments have been accepted and paid regularly but one bank in particular wait till the orginal debt is down to approx £100 (original debt £600)and slaps on £500 interest and they (the bank)are telling him that they are allowed to do this-Are they?Sorry to have posted on this thread but I can't find how to start new threadSamkat

Who are CCS? Have you informed them about the interest charged? Unfortunately, creditors don't have to stop interest/charges. If a repayment was agreed upon, and it was agreed that the interest/charges would be frozen, then CCS (if they negotiated the repayment offer for your husband) should contact the creditor on your behalf including a copy of the repayment agreement.



HTH

Edit: CCCS, I know who they are now!

samkat_2

Clapton and HthMany thanks