I'm in deep shit with my credit card company

[Lady Bracknell]

They aren't necessarily evil but they are designed to get you to spend money you don't have. Credit card companies would go bankrupt themselves if everyone paid the balance in full every month!

But I hardly know anyone who hasn't been in some credit card grief at some point and the only way to handle it is to take charge of the situation. By not paying the minimum charge (even if it doesn't reduce the balance) the credit card company decides the rules of engagement. And they rarely play nicely.

Hindsight is a great thing and I'm sure you won't get into this sort of grief again. But at least it's only £400 worth of grief. Some people owe TENS of THOUSANDS and how on earth they get out of that I don't know.

 

[Theatre of Trees]

Credit cards are fine as long as you know how to use them. Always pay them off because they make their money from the interest when you don't and you end up doing what you have been doing paying off the interest and not making a dent into the debt.

 

[berkshire seagull]

What you doing going to hotels when you owe money you silly little boy.


Yeah its time you cut out the event for a bit and watched the box at home with your mum and dad.

 

[US Seagull]

They aren't necessarily evil but they are designed to get you to spend money you don't have. Credit card companies would go bankrupt themselves if everyone paid the balance in full every month!

Not entirely true, the credit card companies also charge the retailers for the privilage of accepting their cards. So they still make money even if you pay off your balance in full every month (which is what I do). They just make that money from the guy accepting the card instead of the guy using the card.

 

[perseus]

Borrow your way out of debt and then you die (if you are young you have a long way to go). No good for football clubs though. Sheffield Wednesday called in Bates to ask what is best way to avoid paying their debts.



What is the killer is the charges for sending letters when they have lost your cheque.

 

[Spicy]

Danny, I am sorry to hear about this problem. The rates of interest charged by these credit companies is extortionate. The trouble is when you are skint you are whacked with additional charges, ie by your bank if you overdraw. I think you need legal advice on the way forward, especially since they can approach Capital One for you and negotiate terms. CAB is a good idea, but you can ring up a solicitor and ask for initial advice over the phone. I have done this and they don't usually charge you, but if you want them to take action on your behalf then of course its costly. If your finances are what you say they are, wouldn't you be entitled to legal aid to help you consult a solicitor. I don't know though so it may be a stupid suggestion, but its a thought. Whatever you do, you need to get onto doing something immediately. Good luck mate.

 

[southstandandy]

Even if your credit rating is poor - you will still be able to get another card with 6 months interest free credit to clear your existing one with. These companies are falling over themselves to lend people money regardless whether you're working or not.

A friend of mine who recently went bankrupt still gets credit card offers through the post and one such company said to him over the phone that they would still provide him with one - even though bankruptcy forbids it !

Failing that, is there not a family member or friend who could lend you the cash - it's not as if we're talking that large an amount ?

 

[US Seagull]

How are you kidneys? You could always sell one to blackmarket organ dealers.

 

[¤DãŃn¥ §êãGüLL¤]

Wrecked, owing to my extorniate [sp?] spending.