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Barclaycard - Cannot pay at the moment


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I currently have three credit cards which I currently owe in the region of £35k in total on.

I have recently been unable to make the minimum payments on them in the last 3 months due to work drying up, and not looking much better in the forseeable future.

 

One of which is with BC. I wrote to them saying that I am having trouble paying, and they gave me 30 days to sort out a plan and that they will freeze the interest for one month and that I should send them an Income and Expenditure breakdown asap so that they can sort out a payment plan.

 

What I really want to find out is what I should do next, seeing that I can't pay them the amounts that they want in the near future, but I would really like to pay off the amounts in the future, but not sure when that would be.

 

Therefore, I would appreciate any help that anyone can provide me, as I really want to take control of this situation, from a process perspective and a financial perspective.

 

Thanks

 

Ed

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I think what you are looking for is a smallish token payment with interest frozen for a period of time.. would you be able to say how long you would require this forbearance for ? 6 months, a year ?

 

Then to resume normal payments, is this what you are asking?

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Thanks citizenB,

 

Is this something that the CC co's would go for? If so, then yes.... What would a smallish payment equate to? And what would then happen, if after the agreed period, I was still in difficulty?

 

Thanks

 

Ed

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Hi. A smallish payment is whatever you can realistically afford without neglecting your important bills, such as rent/mortgage/clothes/food/etc etc.

 

If, after your agreed period, you are still in difficulty, then you tell them that and they should continue to adhere to your prearranged payments or advise on what to do.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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http://www.consumeractiongroup.co.uk/forum/showthread.php?387346-Ask-Creditor-to-Accept-Pro-Rata-Payments

 

have a read of that and see if you can use it. You will need to work out a budget sheet though.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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