Minimum Payments

[angelsta904]

Im struggling to pay my credit card as they keep adding interest.
Can i offer to pay a minimum payment of £10 per month?
And can they refuse this?
Any letter templates on here to write to them advising im struggling and to offer a payment of £10?

Thanks in advance
x

[Guest]

Re: Minimum Payments

Im struggling to pay my credit card as they keep adding interest.
Can i offer to pay a minimum payment of £10 per month?
And can they refuse this?
Any letter templates on here to write to them advising im struggling and to offer a payment of £10?

Thanks in advance
x

HI

Is this alikely to be short or long term problem?

If this is a temporary blip you may find the creditor will accommidate a temporary reduction in interest rate and suspend charges, it greatly depends on the creditor in question, it is always worth ringing them and finding out. The worst thing you can do is just pay the smaller amount and say nothing, they will add default charges and interst, despite your best efforts.

If you have a long term problem i would recomend contacting one of the free debt advice providers, with the aim of setting up a DMP, Payplan or CCCS, you can google their web page or someone may come along and give you the link.

Peter

[angelsta904]

Re: Minimum Payments

no it just a temp blip...

[Caspar]

Re: Minimum Payments

I'd write to them and explain your situation along with your repayment proposals -ie- how long it will be before you go back to the correct payment. Try to make this as short a time as possible, as that way you may avoid the default previously mentioned and thus maintain your credit record.Don't make any promises you can't keep to though as this will do you no favours at all.