Jump to content
wylde99

Bumping a Credit Card

Recommended Posts


I ow £6000 In Credit Card fee's and I'm only 25.

Stupid I know, I've made some very bad decisions over the last couple of years, I'm in the right direction though, quit all Drugs, rarely go out with friends, buy cheap food and Work any Extra hours I can.

Now I never thought about not paying my Credit card Debts, never even crossed my mind, I ow £3500 on 1 and £2000 on the other.

Family and friends are saying just don't pay the Credit card that I ow £2000 too, telling me that £2000 Is not worth there time to chase.

I disagree, and am worried It will just get me deeper Into debt, just thought I'd ask you guys for an opinion.

Do I just not pay them? Tell them to just take me to court as I have no Money?

Or do I explain I have very little money and tell them I will pay £20 a month?

What Is worse case scenario resulting In me just not paying them and what Is the likely Outcome.

Its Tesco's that this £2000 Is with.

Share this post


Link to post
Share on other sites

You could declare yourself bankrupt. That would wipe all the debt. But you would be blacklisted for about 10-20 years, and unable to get credit or a mortgage in your name ect.

Share this post


Link to post
Share on other sites

Change your name, move and never reference the past...

But seriously, it's best to come to an agreement with the credit card companies before debt collection gets involved and more costs are added. Worse case scenario, your have bailiffs at your door, which unless your clever could result in losing all your possessions and you'll probably still owe then, oh and a very bad credit rating.

Share this post


Link to post
Share on other sites

Ffs what idiots are saying don't pay them? Of course they are going to take you to court over 2000. I've been in debt all my life up until recently. Have been paying £300 a month of my wages on debt for years and years and it so refreshing that the payments have now finished.

You should also do a claim for ppi mate if you've had it. My bank contacted me recently about ppi on a loan I was paying off for 6 years and I recieved a cheque the other day for £1600 which paid off the remaining of the loan and left me with about 1k extra (awesome!!!!!).

Apart from that you should ring them and set up a payment arrangent. Without one in place your just gonna keep getting late payment fees which are ludicrous.

Share this post


Link to post
Share on other sites

As said by [MENTION=18268]Suprakill4[/MENTION] you need to speak to them mate, try and set up a payment plan that suits both you and them.. I don't think you owe enough for an avi or bankruptcy but I may be wrong, both of those should be last resorts!

Share this post


Link to post
Share on other sites

I've already come to the conclusion that the advice I'm getting off some people in my life Is very wrong, I thought £2000 is a fair bit and just Ignoring them will make things much worse.

So you think If I call and explain that my hours have been cut back and I'm In debt with other Credit Cards, they will let me pay back a little amount a month? Maybe Freeze the Interest too?

Do you think £6000 Debt Is really bad at 25years old? I just can't stop worrying about It.

And can someone explain PpI

Share this post


Link to post
Share on other sites

Ask them about some kind of payment plan.Explain your financial situations not good and if you can't agree on a way you can pay you'll have to go bankrupt.A lot of times if you speak to someone you can come to some kind of arrangement

Share this post


Link to post
Share on other sites

I've already come to the conclusion that the advice I'm getting off some people in my life Is very wrong, I thought £2000 is a fair bit and just Ignoring them will make things much worse.

So you think If I call and explain that my hours have been cut back and I'm In debt with other Credit Cards, they will let me pay back a little amount a month? Maybe Freeze the Interest too?

Do you think £6000 Debt Is really bad at 25years old? I just can't stop worrying about It.

And can someone explain PpI

At 21 I had over 10,000 debt and also 12,000 student loan debt (which I'm still paying through my wages). The other debt I'm now clear so you will get there mate and I can empathise, it takes over your life.

Another option is to go with a debt recovery company because most of them will take care of absolutely everything. They stop you getting letters from the bank and they can freeze the interest with them aswel. You need to speak to a government funded debt advice line because they will point you in the right direction. Just try not to let it take over. It will ruin your life if you let it.

Share this post


Link to post
Share on other sites

And live a sh1t life in terms of spending money for a few years. That's what I have done for about 4 years and it's been hard but now, I'm £300 better off, which is helping relationship as we don't have to just be cooped up and have no money to do anything so we can afford to get out for cinema and meals etc now. It's just sh1t living for years and not doing anything that costs money.

Share this post


Link to post
Share on other sites

I've already come to the conclusion that the advice I'm getting off some people in my life Is very wrong, I thought £2000 is a fair bit and just Ignoring them will make things much worse.

So you think If I call and explain that my hours have been cut back and I'm In debt with other Credit Cards, they will let me pay back a little amount a month? Maybe Freeze the Interest too?

Do you think £6000 Debt Is really bad at 25years old? I just can't stop worrying about It.

And can someone explain PpI

PPI is Payment Protection Insurance. It was a little trick that lenders used to use to get more money out of people. It was decided by the government that it was illegal, so you can now claim it back. I wouldn't be surprised if you were owed 1-2k. Speak to the bank where you have the debt with.

Share this post


Link to post
Share on other sites

At 21 I had over 10,000 debt and also 12,000 student loan debt (which I'm still paying through my wages). The other debt I'm now clear so you will get there mate and I can empathise, it takes over your life.

Another option is to go with a debt recovery company because most of them will take care of absolutely everything. They stop you getting letters from the bank and they can freeze the interest with them aswel. You need to speak to a government funded debt advice line because they will point you in the right direction. Just try not to let it take over. It will ruin your life if you let it.

Great advice mate,they will cut the debt to just your affordable amount and you will not be blacklisted,no interest means you will pay literally less than half back..And chances are the credit card companies will offer you a discounted sum for early settlement..I would definitely go down the route suggested.

Share this post


Link to post
Share on other sites

Take out a 3rd credit card with as much credit as you can get, let me use it and I will pay off your 6 grand over 2 years how's that :) i need 10k quickly or more but no cvnt will give me nothing coz of my bad credit lol. Pain in the ****

Share this post


Link to post
Share on other sites

PPI is Payment Protection Insurance. It was a little trick that lenders used to use to get more money out of people. It was decided by the government that it was illegal, so you can now claim it back. I wouldn't be surprised if you were owed 1-2k. Speak to the bank where you have the debt with.

Yep. This in a nut shell.

You can print out a form and just fill in the blanks on Martin Lewis website.

You MUST (!!!!!!) tell them everytime you speak to them that at no point did you ever understand that you was signing up for ppi. It wasn't explained to you. Given the full details and the option, you 100% would have declined ppi.

They will ask you questions like -

Would your employer pay out if you died. Answer yes.

Would you be entitle to full sick pay if was taken ill. Answer yes.

This is what I done on the phone and they decided that I never needed pip and it was never even discussed with me. So I got full payment back.

Share this post


Link to post
Share on other sites

Take out a 3rd credit card with as much credit as you can get, let me use it and I will pay off your 6 grand over 2 years how's that :) i need 10k quickly or more but no cvnt will give me nothing coz of my bad credit lol. Pain in the ****

Fvcking hell! Where do I sign :lol:

Share this post


Link to post
Share on other sites

Get a 0% or a lower interested credit card than you currently have, cut ALL outgoings besides absolute essentials including walking/cycling to work if possible to save on commuting costs and get it paid ASAP.

If the card is 0% for 6months, take it then swap it to another and so on.

Share this post


Link to post
Share on other sites
Guest Spawn of Haney

I had 25k gambling debt and guess what, I paid every last penny and more, 6 years but it got paid and my credit is almost intact lol.

Share this post


Link to post
Share on other sites

Same boat mate and I'm 23

I had loads of direct debits for stuff I bought on credit, had a loan to pay and credit cards.

So I just one big loan and consolidated it all, and I pay £300 per month to clear it.

If you can't get a loan ask your perents to get you it and you pay them.

Cut your cards up too.

But seriously don't bump them they will find you eventually.

Hope this helps

Share this post


Link to post
Share on other sites

First, don't EVER call - always correspond by writing and nothing else.

Second, pay what you can afford. If it's not enough they can take you to court and you'll probably end up being told to pay just slightly more than you offered if that.

Third, bankruptcy will NOT leave you blacklisted for '10-20 years'. My uncle went bankrupt with more than £30k and he was able to get credit after 18 months.

Share this post


Link to post
Share on other sites

I would speak to them to see if you can arrange a deal with them to pay less off each month. If not then get onto that debt management scheme run by the government.

Don't go bankrupt over that amount of money. If it was 30k+ I'd consider it at a young age as you will find certain things hard to get for 6 years but after that you start clean.

You could also try applying for a 0% balance transfer for the longest period available to you. Then transfer the balances from the two cards to the new one. You'll probably pay about 3% interest to transfer the balance but during the 0% interest period, anything you pay will come off the total amount instead of paying a load of interest.

Share this post


Link to post
Share on other sites


I ow £6000 In Credit Card fee's and I'm only 25.

Stupid I know, I've made some very bad decisions over the last couple of years, I'm in the right direction though, quit all Drugs, rarely go out with friends, buy cheap food and Work any Extra hours I can.

Now I never thought about not paying my Credit card Debts, never even crossed my mind, I ow £3500 on 1 and £2000 on the other.

Family and friends are saying just don't pay the Credit card that I ow £2000 too, telling me that £2000 Is not worth there time to chase.

I disagree, and am worried It will just get me deeper Into debt, just thought I'd ask you guys for an opinion.

Do I just not pay them? Tell them to just take me to court as I have no Money?

Or do I explain I have very little money and tell them I will pay £20 a month?

What Is worse case scenario resulting In me just not paying them and what Is the likely Outcome.

Its Tesco's that this £2000 Is with.

Definitely don't ignore it.

Don't enlist the help of any company advertising on daytime TV.

Speak to these people - https://www.payplan.com/ It's a free genuine, non-scam service and they will help you.

They will give you sound advice and help you move forwards. They will also negotiate with your creditors on your behalf so that you only pay what you can afford. They are also very good at getting interest frozen so that the amount you own doesn't increase any further.

Share this post


Link to post
Share on other sites

The best people you can speak to is Step Change Debt Charity (used to be called CCCS)

www.stepchange.org/

They will give you free professional debt advice, plus contact the companies you owe money to and try to temporarily freeze the interest charges whilst they organise a more manageable payment plan for you.

Best to phone them on: 0800 138 1111

Just don't stop paying your debt altogether ffs, they will take you to court and the amount you owe will grow.

Share this post


Link to post
Share on other sites

I'd pay it if I was you. I had a £1200 bill on a mobile that I decided to ignore, ended up paying it to debt collectors in the end but its still fuked my credit rating 2 years later

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×