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Credit Card Debts when living overseas


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Help please

 

I have 2 credit cards that are 10K and 8K respectively -

neither have ever had PPI and I don't believe i've ever been late or been charged any penalties.

 

 

I have paid the min payment for many years and managed to reduce the balance a small amount over the past 6 years,

but not very much due to min payment vs interest

 

Is there any way I would be able to reduce the balance on the grounds that I've paid a small fortune in interest,

probably many times above the amount owed - maybe on the basis that I have paid vast amounts in interest over many years?

Or does it just not work like that - do i have to go down the default route to get anywhere.

 

I have been non resident in the Uk for nearly 2 years and live outside of Europe/USA.

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Ouch, you are probably one of the customers, they love to have - you are earning them a fortune. The only way you will get them to cease adding interest would be to default on the account and even that is not a given.

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Do I have any leverage from the fact that I am no longer a UK resident and (in theory) could simply stop paying. If I were to offer say 50% of the debt as a one off, would they likely be interested in accepting - they know I'm no longer in the UK and have an overseas address

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You could do, but then that would be debt avoidance and CAG does not condone such actions.

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