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| mdb65 |
Posted - 14 August 2009 : 19:59:08
Why will none of my credit card not reduce my interest rate . How do I get them to do this? We are told to contact them if we have difficulty and yet won't do anything to help ? |
| 2 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 15 August 2009 : 08:25:07
Try not to worry about the calls from CC companies. Although they may threaten you with bankruptcy, problems with your credit file, etc. it will be at least 3 months down the line before anything happens. Even then they will only sell your debt onto a debt collection agency. The only CC company that will declare you BR is AMEX and they will probably need around 6 missed payments so you have plenty of time.
CC companies are probably the worst creditors of the lot. As you mentioned they appear all friendly and ask you to contact them when in difficulty but unless they get their full monthly repayment they will continue to hassle you.
The next steps really depend upon your current situation, income and your future situation.
If it is a case that you are on low income at the moment but expect this to increase then you may be able to work out a token payment with the credit card firms for the next few months. Generally companies won't accept token payments for more than 3 months without wanting you to start paying the full monthly amount.
If you unable to meet your bills and this isn't likely to change in the foreseeable future then token payments aren't really going to work and your options are a DMP, IVA or bankruptcy.
The CCCS, CAB, National Debtline are all available to provide assistance however they are all very busy at the moment so it may take some time to get an appointment to speak to one of them.
The CCCS (http://www.cccs.co.uk/) have a 'Debt Remedy' online tool, which will ask you some questions and then advise you on the best course of action depending upon your situation.
Although you may be panicking at the moment do not rush into anything before thinking it through thoroughly and seeking advice from several different organisations. Rushing into an option at this point could only cause more problems further down the line. |
| Housing |
Posted - 14 August 2009 : 20:16:53
Hello mdb65 
Before I went BR (May 2009) I had kept all my credit cards and bank loans up to date. In April, I had a breakdown and could not go on.
The calls (automated) started at 8.00 a.m. and stopped at 9.30 p.m.... It was living hell (we have all been there I can assure you.
I got to a stage before BR where I had flipped and could not cope mentally - I attempted suicide (stupid, I know now as I have a loving wife, children and grandchildren)
I approached all my creditors and said I was in difficulty - they almost totally ignored me!
I spoke to the National Debtline who are a government approved agancyand sent some standard letters saying I was in trouble, please help me and my family. They ignored that too - still phoning us - we changed our landline and the calls stopped!! That did not cost anything to do - a tiny bit of inconvenience for those who had our number!! But the calls stopped.
I threatened them all with the Financial Ombudsman - some were a bit more understanding (all of this was over the space of a few weeks).
I then took the decision to go BR (a BIG step, I can assure you). Now, the letters have stopped.
Seek help - local CAB, National Debtline and this forum. (I found this forum by accident with a Google search) - It is free, and very helpful, we have experts, fellow BR who share their experiences - all helps how you feel and remember most of all, you are NOT alone - there is no shame in being in debt - millions of us are in debt and thousands of us have gone down the BR route. It is NOT for everyone (I am not an expert_ I am sumply sharing my personal experience to try to assist you.
I had two businesses a good life style and much of it had now gone - I am 57 and had hoped to be looking at winding up and taking it easy - not that simple!!
I appreciate life more now (since May 2009). I understand what it is like not to know where to turn... I was scared - i still am some times!!
Use this forum as I said it is FREE and VERY friendly - good luck to you and do not be intimidated by the people who keep calling - it will stop...
Have a good stress free weekend Richard 
"There are no problems - only solutions..." |
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