Credit card payments

[knowabit]

Due to a change in financial circumstances, we can no longer afford the minimum payments on 2 credit cards we have. We are just paying �15-20 a week to them both. If i call them up and explain our circumstances will they be willing to not keep adding interest till we can afford to pay the minimum again? this will be in about 6 months when i can go back to work... has anyone had experience of this? We do not want to go thru a debt management company. Many thanks

[factor-fiction]

I can't see them waiving the interest, I'm afraid. If it was that easy most people would try to make teh same claim in order to avoid interest.. You need to talk to them though to see if you can stop paying minimum payments, but again I think they'd rather get something than nothing. Good luck

[kira000]

It may help if you are say you are prepared to show them your statement of incoming and expenditure.
This will help prove to them that you are taking the situation serioulsy and genuinely do not have any more money to give, and that they are not being asked to take less, if you are still paing full amounts to to other creditors.

There is a good template to use here, with some goo tips and info on what sums to allow as a budget for things like clothes etc:

http://www.homeworking.com/library/debt/6.htm

It may look arduous and invasisve, but remember you are asking a business to let you alter your contract with them!

[gadgetgeek]

No harm in calling and speaking to them. Otherwise change yr cards possibly to one with zero interest for upto 9 months etc or get a bank loan to pay them off. It has lower interest plus banks are more approachable than someone in a call centre! Good luck.