Credit card worry

LegacyUser

Ok I have my credit card for quite a while few years, anyway when I got it was in the days that banks gave them out to anyone, at the time I rearly used it so it was fine, but now I have no job and cant even make the repayments and it's killing me.

If I tell the bank my story what will happen will they expect me to pay it back in full or will they make it into a loan that I could spread over more time, I don't even use it and haven't for ages but it still keeps going up with fees.

Has anybody been in this situation and what did you do?

Thanks

Captain Chaos

Try and get a loan form a credit union and wipe out the credit card as soon as possible. The interest on the card will kill you if can't even make the minimum repayments. It will just grow and grow.

December2012

Be honest and realistic. What can you repay every month and how can you stop the interest growing? Speak with the bank and go and see MABS with up to date figures.

ivytwine

Clear the bill, as someone pointed out, you could try and get a loan from the credit union to do this. Then cancel the card. There's a certain time of year, could be October, where if you cancel you won't be liable for the €40 gov charge. Ask in your bank about this.

Use your debit card for transactions online. Or if you do decide to keep the card use it solely online, it might help you to keep track of it.

Lisha

As you bring down balance ring credit card company and get them to bring down limit.

pog it

Or you can declare insolvency if it is simply something you cannot repay.

LegacyUser

Thanks everyone for all your advice. I tried the credit union a few times and was told to save a bit every week for a few months so that they would consider a loan, anyway when I did this I still got turned down so they have been of no use to me.

I don't really know where to turn. I don't have anyone I could ask for a loan or anything of value to sell, I really don't see a way out, even keeping food in the house is tough.

Lisha

Really feeding yourself and bills are a priority.
Pay what you can even a tenner a week off card and bring down balance each time.
If possible keep credit union savings for Christmas or emergency .
It's tough I know . All you can do is try and keep on top if it

Would you consider talking to MABs ?

Ring local citizens advice for contact numbers or https://www.mabs.ie/

Big Bag of Chips

Ring your bank and ask their help. You won't be the first. If you don't get much satisfaction from them get onto MABS. MABS have more powers of negotiation than "the ordinary Joe".

Wacker The Attacker

I had a similar situation.

I used to use my credit card quie a lot but was able to pay it off. I lost my job in 2008 and quickly ran up almost 5 grands worth of cc debt in less than 12 months. Only for the credit union bailed my out i'd never have paid it off.

Clear it as soon as possible and cut it up if you are still unemployed. Try to make do with what you have as best you csn.

username123

Write to your bank asking them to freeze interest and penalties with immediate effect. Tell them you have no money to make full repayments and make an offer of what you can afford, like 10 or 20 euro a month that you are willing to pay, so long as they freeze interest and penalties. Be sure to include all supporting documentation of your in comings and outgoings.

If they refuse to do the above, or refuse to engage, stop paying it, ignore all correspondence, let them sell it to a debt collection agency and then you can negotiate with the debt collectors. They will usually agree to about 30% of the outstanding as a write off. Most people don't have the stomach for this route as it takes time and its stressful and your credit rating will be destroyed.

Engage with MABS also and tell the bank you are doing this.