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Please help explain this letter I have just received
want2bfree84
Posts: 55 Forumite
It says
THIS IS A DEFAULT NOTICE SERVED UNDER SECTION 87 (1) OF THE CONSUMER CREDIT ACT 1974
Balance £2,500 Limit £2000 Over due amount: £500
You have breached the terms of the Paymnet clause of the agreement, which requires you to pay a minimum amount in respect of each statement you receive, by failing to make the minimum payments. The breach is capable of remedy if you make a payment sufficient to clear the overdue amount shown on your last statement by 22 August 2008
IF THE ACTION REQUIRED BY THIS NOTICE IS TAKEN BY 22ND AUGUST 2008 NO FURTHER ENFORCEMENT ACTION WILL BE TAKEN IN RESPECT OF THE BREACH.
IF YOU DO NOT TAKE THE ACTION REQUIRED BY 22ND AUGUST 2008 THEN THE ACTION SET OUT BELOW MAY BE TAKEN AGAINST YOU.
We will terminate the agreeement without further notice to you, demand immediate payment of the monies due being £520.87 together with accruing interest.
IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE, YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME
IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE, FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS OR YOUR NEAREST CAB
Furhter, as a defaulting debtor, details of your default including your name and address will be given to the credit referencing agencies as named below if we have not received a satisfactory response in 28 days. This may seriously affect your ability to obtain credit elsewhere in the future
Lots of love from HSBC:rolleyes:
_________________________________
I am on a DMP with payplan and have been paying these idiots £20 per month. The reason I am £500 over limit is because a balance transfer I did over a year ago they forgot to put on my account and suddenly threw it on making me over the limit:mad:
So what does all the above mean for me? Am I going to be taken to court? What's going on? I feel sick with worry. I can't pay them the £500, I don't have it. And I am so annoyed with myself asd they called me today and forced me into giving them £10:mad:
THIS IS A DEFAULT NOTICE SERVED UNDER SECTION 87 (1) OF THE CONSUMER CREDIT ACT 1974
Balance £2,500 Limit £2000 Over due amount: £500
You have breached the terms of the Paymnet clause of the agreement, which requires you to pay a minimum amount in respect of each statement you receive, by failing to make the minimum payments. The breach is capable of remedy if you make a payment sufficient to clear the overdue amount shown on your last statement by 22 August 2008
IF THE ACTION REQUIRED BY THIS NOTICE IS TAKEN BY 22ND AUGUST 2008 NO FURTHER ENFORCEMENT ACTION WILL BE TAKEN IN RESPECT OF THE BREACH.
IF YOU DO NOT TAKE THE ACTION REQUIRED BY 22ND AUGUST 2008 THEN THE ACTION SET OUT BELOW MAY BE TAKEN AGAINST YOU.
We will terminate the agreeement without further notice to you, demand immediate payment of the monies due being £520.87 together with accruing interest.
IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE, YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME
IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE, FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS OR YOUR NEAREST CAB
Furhter, as a defaulting debtor, details of your default including your name and address will be given to the credit referencing agencies as named below if we have not received a satisfactory response in 28 days. This may seriously affect your ability to obtain credit elsewhere in the future
Lots of love from HSBC:rolleyes:
_________________________________
I am on a DMP with payplan and have been paying these idiots £20 per month. The reason I am £500 over limit is because a balance transfer I did over a year ago they forgot to put on my account and suddenly threw it on making me over the limit:mad:
So what does all the above mean for me? Am I going to be taken to court? What's going on? I feel sick with worry. I can't pay them the £500, I don't have it. And I am so annoyed with myself asd they called me today and forced me into giving them £10:mad:
STARTED WITH £11,153 TOTAL DEBT
NOW HAVE £7389.81:beer:
DEALING WITH MY DEBT!
NOW HAVE £7389.81:beer:
DEALING WITH MY DEBT!
0
Comments
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A default notice is a legal requirement that ends the contract between you and the creditor. So this means the creditor may choose to pass the debt on to a collection agency. If they do, all it means is that you will need to pay the collection agency rather than original creditor.
The default will also stay on your credit file for 6 years from the date of issue.
Hope this helpsI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
0 -
Thanks for the answer!
So is this not really the end of the world? Does it mean that I will be taken to court or have people knocking on my door?
Also, I am not finding payplan very helpful to be quite honest
STARTED WITH £11,153 TOTAL DEBT
NOW HAVE £7389.81:beer:
DEALING WITH MY DEBT!0 -
No not at all, not anything to be worried about. As I said it will stay on your file for 6 years.
Who are you on a dmp with or are you doing it yourself? If you are with a dmp company/charity let them know if the debt is passed on so they can change who they are payingI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
0 -
Sorry just noticed you said you were with payplan
(it's getting late;) ) I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
0 -
Am i right in thinking I might be better off if they pass the debt on? as there won't be charges/interest etcSTARTED WITH £11,153 TOTAL DEBT
NOW HAVE £7389.81:beer:
DEALING WITH MY DEBT!0 -
Hi
In my experience you will be better off if it gets passed on to a debt collection agency. They tend to freeze interest and charges. But not all do, but I have found them easier than the original creditors.
Don't worry about it, it's not so bad.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
When they contact you NEVER EVER CALL THEM ! DO NOT GIVE THEM YOUR PHONE NUMBER . Deal with them by letter only , and only pay what you can afford .0
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