credit card debt

[blackvelvet]

My wife and I were self employed in a branch of the construction industry.
We recently had a change in our circumstances with medical problems. All in the space of the last year.
This changed our lives dramatically.
I am over pension age, and had no insurance to cover me.
Because I was doing the physical side of things my wife is also stopped from working
Our only income at present is my married couple state pension. £200 per week
I should be able to return to work, but at my age the injuries require time.
We have a number of credit cards with debts totalling £30 000.
We have used some of the money on the cards over recent months to cover card payments.
the cards work out at: one card for £10,000 two for about £5000 and the others from £2000 down to £500
Our house is worth about £55,000 with a £20,000 interest only mortgage
We are now having to face up to our predicament.
Can anyone based on experience foresee the outcome?
Or offer any experienced advice on what to do?:santa_smiley:

[di30]

Re: credit card debt

Hello and welcome.

I'm sure you will receive further advice and suggestions on this, but firstly if you've not done so yet, is write to the business and explain your hardship situation, send a copy of your monthly expenditure, and ask if they can kindly freeze interest/charges and pay £1 monthly repayments for the account until you are in a better situation.
If they refuse by a final decision, you can complain to the Financial ombudsman service (FOS) and request for fast tracking under financial and health criteria.
When you complain to the FOS, you then write back to the business to make them aware that the account is now in dispute as you have made a complaint to the FOS. (Once they know this, they should not write any further to you, unless they change the decision on holding back the charges and come to a suitable payment arrangement to suit you). If this happen then you inform the FOS.


Meanwhile, wait for other opinions on this as well.

Good luck and I hope the matter's sorted out soon for you. x

[blackvelvet]

Re: credit card debt

Thank you dizzy Di.....not so dizzy eh.

[di30]

Re: credit card debt

LOL, not a problem, hope it helps x:santa_smiley: