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R92024

How long before the credit card companies take the next step?

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Posted (edited)

Due to severe financial difficulties, I stopped paying my credit cards 3 months ago.

My financial situation may improve by December, failing which I will have to declare bankruptcy.

 

The credit card companies are already calling on the phone several times a day - I'm not answering.

 

Is it better to write to them to tell them I may be able to start paying again in December, failing which it's BK... or just let things run?

 

How long before the credit card companies take the next step?

And what would that be?

 

(I went bankrupt once before, 25 years ago, which I handled myself, so would do the same again if need be).

My situation is way past tightening my belt, getting a second income etc... I'm already doing everything possible (debt consolidation etc).

 

Many thanks for any advice. 

 

 

 

 

Edited by R92024

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You should call them directly as soon as possible and explain the situation. Try to work out a plan to make minimal or token payments until December when your finances will hopefully improve. If you keep avoiding them they will charge off the accounts no later than six months after your date of first delinquency. This will really hurt your credit and have debt collectors hounding you forever. Much better to be proactive about it. 

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Posted (edited)

reread the responses in your prior thread

 

telling a card issuer you might file BK means little until you file. How many cards are you dealing with and how behind are you (specifically)?

Edited by hegemony

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Many thanks for the replies.

Yes, I'll be proactive and contact the credit card companies. Communication is a good thing (usually). :)

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Good luck!  I think once you explain your hardship situation to your creditors they will work with you.  They'd rather work with you to get the debts paid than charge them off.

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