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Original poster

Credit card debt, advice please asap. :-(

12 replies

XboxWidow30 · 12/10/2010 12:59

Ok, I am here for help, if possible!

We were paying the minimal monthly payment and all was going well. Hardly paying off anything after interest but its all we could do for now. (£7000 bill in total)

Paying by direct debit for a couple of years or more but a few months ago we missed a payment and again and now for the third month in a row. I did have bank giro slips but kept forgetting to go and pay over the counter. Now I receive a letter today saying that it is going to be taken further if we don't take action now.

I am able to pay about £400 this week followed by £300 next week and so on but not always those amounts each week. Will this keep them at bay.

My husband doesn't know and I don't want to tell him so need to sort it by myself if possible.

Thanks for any advice. x

OP posts:
lal123 · 12/10/2010 13:01

Pay what you can now, contact cc company and ask what they'll accept as minimum payments then set up a direct debit/stnading order for that amount

Original poster
XboxWidow30 · 12/10/2010 13:04

The letter we recieved was from a different company to the credit card company but it says that any payments made need to go to credit card company. So the debt hasn't been passed on if you see what I mean?

So just keep paying as much as we can and they should be ok with that?

Its in hubbys name so they won't speak to me but I don't want him to know so have been hiding it from him and want to sort it myself but difficult when they won't speak to me.

OP posts:
BudaisintheZONE · 12/10/2010 13:06

Cut up the card.

Very difficult if your husband doesn't know but it can be managed. My sis did something similar but for a lot more money. She is paying it back regularly and the debt is going down.

How much can you REALISTICALLY guarantee to pay every month? What is the minimum payment per month?

Set up a direct debit for the amount you can guarantee to pay every month. If some months you have a bit extra then go into bank and pay that off.

Itsjustafleshwound · 12/10/2010 13:06

What is the interest that you are paying on your credit card?? Paying off the minimum they will only knock off the lowest interest accumulating debts first, so you will end up paying a lot -

Perhaps I am far off the mark, but surely taking out a personal loan will be at a lower rate of interest??

jeee · 12/10/2010 13:07

You need to speak to your husband, and sort the mess out together. Sorry. This is not going to go away.

Itsjustafleshwound · 12/10/2010 13:08

Second that you talk to your husband and knock heads together and sort out a plan to resolve this ...

Original poster
XboxWidow30 · 12/10/2010 13:09

The card has gone, a while ago.

How can I set up a direct debit if they won't speak to me?

We probably wouldn't get a personal loan.

Jeee, I don't want it to go away. It has only fallen apart over the past few months and I am happy to pay as much as is possible. I just need to know how!

x

OP posts:
BudaisintheZONE · 12/10/2010 13:14

Well if they won't talk to you I think you might have to tell your husband.

MumInBeds · 12/10/2010 13:18

I agree that you should talk to dh but putting that to one side you can set up a standing order through your bank even if you can't set up a DD.

Get that set up with the amount you can afford and ask your bank for a print out to prove that you have then send a copy of that in a letter to the CC company and a copy to this other company stating that this is going to be a regular payment until you clear the debt.

greenlotus · 12/10/2010 13:18

I don't think they should object as long as you never miss the minimum payment, it keeps earning interest. Phone up and speak to a human being and say you will pay the min payment without fail, make a deal and stick to it.

But you know, you need to have a long look about how you ran up that debt in the first place and how you are going to service it/ pay it back, if you plan to. If it's your husbands' money/joint account you seriously should come clean with him as he may be liable. Do you mean he doesn't know there's £7k owing or he doesn't know a few payments have been missed?

I think on MSE the view is that if you can't meet the min payments on your cards you need help. (see also here)

Original poster
XboxWidow30 · 12/10/2010 13:26

How do I find the details for setting up a standing order, is it on the bank giro slip?

Hubby doesn't know a few payments have been missed. We can meet the minimum payment, only recently has it all gone a bit wrong and only by a few pounds here and there.

If anyone can advise as to where I can find details to set up the standing order I will do it now. Thank you.

Once that is done do I just then forward a letter explaining that all payments will be coming from that account and how much each month?

Thanks. x

OP posts:
lal123 · 12/10/2010 18:36

Should be on the back of statements - under ways to pay

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