I cannot pay my credit card bill?

Question

What would happen? There's an outstanding amount of about 300 quids and I am completely broke. Can somebody tell in detail what would happen?

Answer 1

You need to ring them immediately and be honest, as they may well start charging you late payment fees and admin charges. Any reputable company will help you, ring them.

Answer 2

Tell your credit card company that you cannot pay them immediately, and enclose the card, cut in half, as evidence that you will not be using the card again. Send the leter and card as recorded delivery, and ask, in the letter, that the Credit card Company acknowledge receipt of the chopped up card.

They will, as a matter of course, ask you for full and immediate payment. Reply to the extent tnat you are unable to do this, and offer payment of what you can afford each month. Ask them to suspend or halt interest on your outstanding balance.

When they have indicated what they will do, consult the Citizens Advice Bureau.

Frankly, if you are honest enough to admit to your debtor that you cannot pay, they will probably give you a chance, provided that you can show that you are in work, or out of work but applying for jobs, or some form of employment history.

If you have not worked, do not work, have no intention of working, have applied for the credit card using lies (false pretences), then the lot on you.

Either way, get it sorted PDQ. A bad credit rating is not good, and it will even influence your chances of Housing Association accommodation. Three hundred quid is not a fortune, but stealing such a sum ( which, essentially borrowing this amount and not paying it back amounts to) is not a good thing to have on ones escutcheon.

Answer 3

First of all, you will be charged with a late fee.
2. after about 3 late fees, they will stop your account from being used any further.
3. Then the bank will threaten you with a bad credit rating for the next 7 years.
4. Then they will turn your bad account over to a collection agency. (The Agency gets 50% if you pay up).
5. the collection agency will write you the same crabby letters,
6. Now 6 months have passed. The collection agency will call your house and ask you to make some payments.
7. Finally the collection agency will ask you to pay HALF the debt and be done with it.
8. After about 8 months, nothing more will happen. But your name will be on file somewhere as a bad credit risk.
9. You will be one of a million just like yourself.

Answer 4

Well most companies will give you 3 months/90 days to make a payment. They will start sending letters, then calling, and if that all fails they will send you to collections.

Which that will cause a serious drop in your credit score and that in it self is a pain in the ***.

here is a suggestion, as long as you are trying to pay even just 10 bucks that will stop the collections. And most time will stop them from calling because it resets the 90 days.

Best bet send even a small payment of 10 dollars. Or what you can afford that way you are at least trying to pay it off.

Answer 5

Talk to the card issuer, they can likely help you! £300 isn't too much so they might be able to suspend your account OR just have you make small monthly payments until you get back on your feet. TALK TO THEM but don't let it go because the card issuer will get a credit agency after you and that's big trouble... Believe me £300 isn't a lot so it's worth talking to the card issuer. Good luck!

P.S If they can't help then talk to Citizen's Advice AND either cut up your card OR put it away and don't use it until you can be sure you can pay off your c/c bill.

Answer 6

first of all you will be plaqued with telephone calls asking you to make a payment. If you dont respond they will refer you to a debt collector who will come a knocking at your door. Some of which may i say are pushy. Your best bet is to go to CAB (Citizens Advice) they will take into account your outgoings and income and will write to your credit card company in order to get you a reasonable amount you can repay. Ive been there and worn the T shirt. Good luck

Answer 7

if you cant even afford to pay back £300 you shouldnt have a credit card.

i mean a £300 balance works out at probably £5 - 7 per month for the minimum payment.

thats just over a pound a week. you could find more than that just picking up loose change in the street.

Answer 8

Wow! I've read thru the responses and I am amazed at how different the rules are outside the US. No wonder there's so much conflicting info.

In the UK , do the credit card companies really have to stop charging interest if you call them and say you can't pay?

Answer 9

Contact the card issuer. Explain that you are not able to pay it. They should offer you options to help.
DO NO IGNORE IT you could get a default or a CCJ which would affect any credit you apply for in future.
Ideally try and make the minimum payment.

Then cut it up and don't use it unless you know you'll be able to pay it off.

Alternitavly you could see about transfering the ballance to another card with 0% on balence transfers, not to sure about them tho!

Good luck
Debt SUCKS!

Answer 10

Your credit card bill if in UK is a non-priority payment
.eg...you must pay your rent/mortgage and household bills before you pay your loans and credit cards

Yeah sure they may add charges etc...but you can ask them not to. If you have more than just this credit debt please go find your local citizens advice bureau who will be able to sort it all out for you

Answer 11

Some answers saying call the company, these are absolutely correct.
Providing that you are genuinely financially distressed and have not merely spent this weeks/months money, your card company will defer payments, but most importantly they will stop adding interest.
Call them.