All depends what you have to lose.

If very little (ie. no mortgage)

Declare yourself bankcrupt

 

Contact the card comapny(ies). And notify them of the situation. Offer to make a lesser payment in the meantime. If you say or do nothing you will end up with a debt collection agency on your back and possibly even baliffs coming to your home and seizing your property.

I was in a similar position when I was ill a couple of years back and I agreed with my credit card company to pay £50 a month and the card was suspended. I didn't get over limit fees added to the account or late payment fees.

Phone them today mate. Banks don't like losing money and they will screw you over. Last thing you need is a damaged credit score as it takes ages to recover it

 

1stly contact the credit card complanie and explain your situation then ask them if you can freeze the interest until you can pay the outstanding amount. I did this for a while but as i couldnt pay them all back i did in the end declare myself bankrupt. Dont regret it at all but its not the easiest way out cos its on you for the rest of your life

HTH

Vikki

 

A Mandate is usualy the way forward which would place a Management company in charge of your finances and an agreed amount would be paid for the next 3 years being reviewed whenever your situation changes.

However as you are going to recieve a claim they would be in charge of the full amount of the claim as you are in effect signing your finances over to them.

Contact the Citicins Advise Beurogh(sp) who will act on your behalf, and draw up a plan with your creditors.

Also contact your solictors who are acting on your behalf advising them of the situation. The will liase with the C.A.B and confirm that you do have a claim pending.

This will normaly prevent further interest Accuring and keep them off your back.

HTH

Andy

 

Andy_R,



a couple of years ago now, in the local rag thay gave out a small card with usefull telephone numbers on, one of them bring the CAB, not so funny really as they had printed MY house number there
we was getting calls for months asking advice,,, i caught my brother handing out advice a couple of times and you dont wanna take no advice of my brother

 

I would recommend three things, in this order:
Contact your credit card company, explain the situation and try to reach an agreement. They will be much more inclined to negotiate if you are open and honest and make the effort to contact them. I can tell you from experience that after chasing some dipstick for weeks, they never see my good side.

Avoid debt management companies - they don't work for free, and lenders don't pay them, so who do you think will pay? Why give them cash to do something that you and/or the CAB can do for nothing? Every penny you give them is money that isn't clearing your debt or buying a beer at the pub.

Don't consolidate the two debts into one unless you are 100% certain you can pay each and every month. If the first card lodges defaults and gets a CCJ, you will need the bank to be on your side, but remember that renewal of their card will not be automatic. If they do a search and see the default/CCJ on your file, they may decide not to lend any more.

 

Do anything you can to avoid CCJ's mate - if you get these you'll be proper fooked once you get back on your feet - no mortgage, no loans etc. for 9 years even if you clear the debts.

Have a chat to the credit card companies and see what they say. If you ignore them they'll shaft you. If you've got time on your hands apply for a load more credit cards that offer 0% on balance transfers for 6-12 months, and cut down the interest by transfering the balances around....

Good luck with the op...

 

yeh, deff contact CAB. They will draw up a letter for you requesting youe cc company to freeze interest. then that way you can pay them a little bit each month .
REMEMBER THIS THOUGH- as long as you offer a £1 a week they cant touch you as in the eyes of a judge " you have reasonably offered an amount of money to pay back each week". If the cc company takes it to court th emoney can be wiped off " as the company has not agreed to a satisfactory outcome"

good luck

 

9 years Is that true?

I hope it is, cos the fu(ker that hit my car has a CCJ against him now and he deserves all 9 years of it

 

PMSL

 

i had a ccj 4 years ago and recently ive just got a 65k mortgage (had to put 15% down as deposit tho) and just been accepted a credit card.

 

Stu_H, Not saying it's impossible, just fooks you - like a speeding ban with insurance. With flat's round my way going for £200K if you have a CCJ, means putting down £30K, and some lenders won't lend, so you may miss out on best deals....

My mate got a load of CCJ's when he moved out of his girlfriends place when they broke up, and she took out a load of loans in his name forging his signature. He didn't even know about the CCJ's until he went for a mortgage..... This was 5 years ago, and he's still having problems...... For any loan he want's there are places that will lend but they jack up the APR....


Just my opinion - but been down the pub often enough with him whinging about how much it's screwed him to know I wouldn't want to get one....