Struggling to pay back cards.

[Sk1ntBint]

I hear that you can approach your credit card companies and say that you are having problems paying back the debts. Is it true that they can convert the balance to a loan or allow you to pay less interest back?

 

The reason is I am just affording to pay back the minimum a month and the balances never diminish - on the biggest card I pay back around £100 min payment and the interest is something like £85 of that

 

I cannot apply for other 0% cards to balance transfer to as I have too much outstanding credit.

 

I have bitten the bullet and moved back to the parents and have even spreadsheeted a budget, but I will be damned if I am going to spend years paying this back when there must be some tricks around to shorten the horror... Wish I'd never got credit cards...

[maroondevo52]

Hi, Sk1ntBint.

 

Not sure if you've read this, some good pointers.

 

http://www.consumeractiongroup.co.uk/forum/getting-out-debt/120603-how-get-out-debt.html

 

There's a few letters in here you could try sending........

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

 

 

Good luck with that.

 

Regards.

 

Scott.

[Sk1ntBint]

Thanks!

[PriorityOne]

Don't convert anything to a loan ... this benefits them and not you. List the amounts outstanding, how old the accounts are and who they are with please.

 

[MissPlod]

Hello PriorityOne, Why does it matter how old the credit account cards are. Will this make a difference when trying to arrange a payment plan. I find all these rules very confusing.

 

Thank you so much

[PriorityOne]

.... because it will tell us how old the Consumer Credit Agreement is.... and the liklihood of a company having a copy of it, should they decide to get sh*tty with you.