Credit Cards

[Neverender0]

I lost my job a little while ago and have failed to pay the minimum on my credit card for 2 months now, this is going to be the third month I will fail to pay the minimum,
Does anybody know what happens if you cannot even pay the minimum balance?

[Gok Wan]

They will keep adding late payment fees and interest so your debt will increase. They will eventually pass the debt over to a debt collection agency. If you don't pay them, you could find yourself with a CCJ against you.

Have you spoken to them to explain your circumstances?

[froggequene]

You should have rung them the first time you couldn't make the payment, ring your bank/credit card provider as soon as possible & explain your circumstances, try to negotiate a minimum payment you can pay for a fixed period of time

[dotty1]

honey if they write to you most likely they will ask for a payment asap - if you still do not pay they will default you and take you to court - if they default you this will go against your credit file and affect your ability to get credit in the future
if you are struggling speak to them and get an arrangement going- better to agree a smaller payment than go to court - finance companies tend to be ok about setting arrangement if genuinely you are struggling