If you have been paying off the 'minimum' payment for some credit cards for years, but suddenly you cannot pay them (due to personal reasons causing your expenses to sore, and not have enough funds to pay them)
so due to this, you are unable to pay off the credit card minimum payments.
Here is an example
CC1 = credit card 1 with a minimum payment of £40
CC2 = credit card 2 with a minimum payment of £70
Oct - Paid CC1 £40 + Paid CC2 £70 - you have funds!
Nov - Paid CC1 £40 + Paid CC2 £70 - you have funds!
Dec - Paid CC1 £40 + Paid CC2 £70 - you have funds!
Jan - Paid CC1 £40 + Paid CC2 £70 - you have funds!
Feb- Paid CC1 £40 + Paid CC2 £70 - you have funds!
March- Paid CC1 £40 + Paid CC2 £70 - you have funds!
April- Paid CC1 £40 + Paid CC2 £70 - you have funds!
May- Don't pay £40, don't pay £70 (Due to insufficient funds)
June- Don't pay £40, don't pay £70 (Due to insufficient funds)
July- Don't pay £40, don't pay £70 (Due to insufficient funds)
Aug - Don't pay £40, don't pay £70 (Due to insufficient funds)
Sep-Don't pay £40, don't pay £70 (Due to insufficient funds)
Questions:
a) Then after 3 months of not paying the credit cards, what is the worse that can happen? - the worse case scenario ?
letters sent? CCJs ? Bailiffs? Fees ?
b) Then after 6 months (3 + Another 3 months) of not paying the credit cards, what is the worse that can happen? - the worse case scenario ?
letters sent? CCJs ? Bailiffs? fees?
c) What will happen with the bank account where the funds for the CC minimum payments were comming out from?
d) What happens to your credit file? what happens do your bank account? - from the worse case scenario?
Extra info
-There is no property, no car, no assets,
Credit cards are with high street bank companies
