Roxy
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As long as it's a one off and you promise to pay it next month, it should be ok. Just write to the company and let them know the situation. By the time they reply, the month will nearly have gone in any case. Don't worry. |
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farahwonderland2005
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After 120 days of non-pay, they will turn you over to a collection agency and report it to the credit reporting agencies. All the while, they will harrass you calling from 8am to 9pm. After 180 days, they will write it off as a loss and your credit report will be spoiled. |
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oliver f
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I wouldn't worry too much - just try and pay the minimum amount. Nothing much will happen, as long as you don't keep doing. Remember that the longer you leave it the higher the interest you will have to pay. So I say pay a bit now, and save some money to pay the rest next month. Hope it works out. |
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jay
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make an offer of payment you can afford and stick to it if tthis is long term prob go to citizen advice or debt councelor to speak to visa on your behalf and ask for interest on your account to be frozen do not worry but act now |
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Mr. Christopher
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Remember, it's borrowed money you owe. Think about it from the banks side. You would want the person you lent money to to pay you back right? Would you be willing to work out a payment schedule so they don't end up completely in default?
If you're saying you "can't pay" ever or "don't want to pay" ever it will simply mean a bad credit rating till you do pay it off. You will have problems in the future if you wish to borrow from a bank or any other loan institution again. |
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glasgowgirl
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The first thing you should do is phone the bank and cancel your direct debit, if you have one. This will save you around £30 unpaid direct debit fee on your bank account.
Next, phone the visa company. Tell them what's happened. They would rather know what's going on than for you just not to pay. If you have any special circumstances, let them know and they might be able to give you some leeway.
If there are no special circumstances and you cannot meet the minimum payment, you will receive a late payment charge (and an overlimit charge if applicable). If you can, try to make a payment and bring your card within its limit within one month, otherwise it will start to affect your credit rating. The longer it goes on, the more your credit rating will be affected and after a few months you will find it difficult to get credit.
The worst thing you can do it ignore the situation. So you are doing the right thing by asking for help. My advice is speak to the visa company. They are much nicer if you are honest about the situation instead of ignoring it.
Good luck! |
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jlchaplin21
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if yo can't pay at all, you should notify then of the reason and say that yo would like to freeze the account and that you can manage a smaller amount a month to clear the debt. even if you can only afford to pay them 10p a monthwithout any spenditures on the account, you wont get in trouble. the courts will say that at least your wre trying. although they do ask for proof that you're paying only what you can manage. as long as you do that they can touch you. |
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Table52
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Well done that man- always always talk to your bank in such a situation.
They will discuss your options with you and will figure out a way that you WILL be able to pay off your visa bill.
Don't just leave it, it will wreck your credit rating and will incur a load of missed payment penalties. |
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Ralfcoder
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Talk to the bank and tell them you can't pay. They would rather know that, and that you intend to pay as soon as you can, rather than just not get any payment, and assume that you are going to default. Ask them if they will work with you - maybe waive the penalty, or accept a partial payment. This will help reduce the impact on your credit rating, too.
The reason they will do this is that it's cheaper for them to forego the penalty, rather than put this into collections, or pursue garnishing your wages or sueing you. But they will do that if you let this go long enough, so call, already. |
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Common Sense
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They would probably try to work out some kind of reduced / deferred payment plan and temporarily suspend your credit card as well as reporting you to the credit reporting agencies...
If you simply do not pay at all and do not come to some sort of payment agreement & schedule, the will probably keep calling you and asking for money and then they will sell the account to a collection agency....Nothing dramatic that you can't handle... |
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ripleycano
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if you going to have trouble paying this bill next month you can ask for advice on reducing your payments by the citizen advice bureau, they will act on you behalf and make them an offer for you of what you can pay, |
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richiesown
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Knowing these coniving swines they'd no doubt offer you a loan at extortionate interest rates to pay them back the first debt.. But 'beware' or you'll be in debt for the rest of your life once you start on that slide it's very difficult to get off. .. they'll just keep adding more interest and bank charges then you'll never get squared up. |
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Choochie Larue
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Most likely they would extend grace for a few months.Then, the collection calls would begin. You have about 1yr before they start getting really serious. My husband says it's like a crazy girl friend. At first they get pretty upset, then they start being nice again, and at about 6 months - they start getting ugly again. |
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fairly smart
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Most of them will work with you on payments. They would rather work with you than take you to court. |
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fruityhotchick
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Write to the bank and explain your situation, give them an alternative payment term that will suit you. You wont be able to use your card till your payments are up to date. |
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