I was paying it off at £27 a month for around 12mth as i was in arrears but they were still adding charges so in effect its only been taking the balance down by £3month...and now Ive got to the stage where I amreally struggling to pay £27...
(i receive benefits becuse of illness)
What can i do?
please please help...
2007-08-13 13:30:11 · 9 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Margy S if I cant afford a creditcard payment of £27 how do you expect me to pay a loan repayment?!
2007-08-13 13:42:04 · update #1
Tell them you want to cancel the card and offer them a settlement payment on the outstanding amount per month. Return the card to them so they can't keep adding interest to it and offer the 27 to clear the debt per month so long as it's deducted off the balance with no further interest charges.
Mention the fact that you are on benefits and because of your income, if they take it to court you will offer them five pounds a month which you will get because of your outgoings.
They'll do the smart thing and take the 27 per month to get their money sooner.
Go speak to your citizens advice centre the next chance you get about it. They may be able to arrange a better deal
2007-08-13 13:43:00 · answer #1 · answered by Anonymous · 2⤊ 0⤋
If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
2007-08-14 08:05:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Take Vicky B's advice and ring the credit counselling service- they can get your payments reduced and intyerest frozen.
Also, if you are being inundated with charges, you can claim these back!! Look on moneysavingexpert.com for instructions- it is exactly the same process as reclaiming bank charges. Right now they have suspended all bank charges cases because the courts want to run a test case, however credit card charge cases are not affected by this. Go read up on it. If you dont have the time to do it yourself, have a no win- no fee company claim for you. I used Robertson Holbrook (www.robertsonholbrook.com) and they claimed back my Barclaycard and Capital One charges for me.
2007-08-14 04:52:33 · answer #3 · answered by - 5 · 1⤊ 0⤋
A loan will be less to pay at a time as the interest on a loan is about a half to two thirds of that on a credit card. But you will have to close the card account and never take another.
2007-08-14 01:36:28 · answer #4 · answered by Anonymous · 1⤊ 1⤋
get in touch with the credit card company immediately and explain your situation, warn them that you will have to make yourself bankrupt if this continues and seek a solution. They should stop adding charges and you will be able to pay it back better. talk to the citizens advice who will be able to help if they do not listen. cut your card up and never get another one, always borrow from your bank as its cheaper, even an overdraft is better value for money than a credit card. good luck and dont worry, bankrupcy isnt so bad if your in lots of debt.
2007-08-13 20:45:06 · answer #5 · answered by Numptey 3 · 1⤊ 0⤋
You need to find out if you can get a personal loan at a lower rate of interest than you are obviously paying to the credit card provider. There are usually people around who can help you in this area, and I mean professional people who are trained in this type of thing.
2007-08-13 20:40:05 · answer #6 · answered by margy s 3 · 1⤊ 2⤋
ring the consumer credit counselling service. they will tell how you can contact your credit card provider to offer smaller payments whilst freezing the interest. i have contacted them on many occasions and they have always been very helpfull. the number is an 0800 number so you can even ring them free
2007-08-14 03:13:12 · answer #7 · answered by vicki b 3 · 1⤊ 0⤋
File for bankruptcy so that the credit card company can no longer run after you.
2007-08-13 20:35:07 · answer #8 · answered by FRAGINAL, JTM 7 · 0⤊ 3⤋
Move this question to 'Personal Finance' or 'Credit' Either would be a better place than 'Law & Ethics' for this question.
2007-08-13 20:35:09 · answer #9 · answered by STEVEN F 7 · 0⤊ 3⤋