NEWBIE DFW Capital One Debt! Help =[

Suze4Dan2007

Hi my name is Suze and i'm a new debt free wannabe! I must admit and i'm very embarassed to admit that for almost a year now i have been burying my head in the sand with my credit card debts.

I currently have:

300 pounds on a Capital One card.
250 pounds on a New Look card (Ikano)
500 pounds on a MK1 Mastercard
750 pounds on Littlewoods 20 week cataloge.

I also have a managed loan with HSBC currently around the 3500 pound mark. I have been paying that off for 1 year so far and i have now problems with that.

However with my credit card and store card debts i have been burying my head in the sand and instead of paying the amount the dca's want, i pay just 20pounds a month on each card (pretty much all going on interest) and i have ignored all of their letters until now.

The other day i recieved a letter from Capital One saying it was a final notice and i would get taken to court etc etc. I want to offer a settlement agreement on my cards, but i dont really understand how to do it and what to offer. I dont want to get taken to court, i just want to clear my debts now and get a good credit rating back.

I'm also too scared to go to the cab because i'm worried they'll think i'm stupid as most of this is my fault.

x

Mimi_Arc_en_ciel

Suze4Dan2007 wrote: »

I'm also too scared to go to the cab because i'm worried they'll think i'm stupid as most of this is my fault.

x

ooooooooooh these guys are really nice - no judgement - they wont think your stupid

could you transfer to 0% cc?

Suze4Dan2007

I cant get another credit card as my credit rating seems to be really poor! I got my credit file through the post and it was 620, but i cant get credit anywhere. I cant even get a basic current account with solo/electron card.
I think its because i've got a managed loan with my bank, plus defaults from the cards.

SerenaGoode

Suze4Dan2007 wrote: »

I'm also too scared to go to the cab because i'm worried they'll think i'm stupid as most of this is my fault.

x

Hi,

You've made a great start by facing up to it and asking for advice here. Don't be scared of the CAB (or you could try national debtline, who are also great). They aren't there to judge you. They are there to help, and there is load that can be done.

Also bear in mind the banks have been stupid too, lending money out here there and everywhere.

HSBC's managed loans are a rip-off and don't do your credit record any favours. There may be better solutions, and the sooner you talk to someone in person the better.

Good luck. FWIW my debts are far worse, and no-one on this board is likely to judge you.

Suze4Dan2007

Thank you!

I'm not sure i can get out of the managed loan now seeing as i've had it for a while....

I'm just scared i'm going to get a ccj! I would like to buy a house in the future with my partner and i feel like ive ruined everything with these cards.

x

mademistakes

Hello, I know it's really daunting and embarrasing posting your info on here, so well done, you'll get loads of usefull info and advice from the lovely people on here.
I'm new here too, but have had dealings with Capital One. Basically I had a Credit card with them and I fell behind on the payments. They sent loads and loads of letters chasing me for a payment and threatening court action. What they then did was passed it onto a collection agency - intrium justicia - and they started again trying to get a payment. In the end I offered a lump sum (I had from consolidation loan) and they accepted a vastly reduced payment to clear the account.
Hope you get it all sorted out okay!
Let me know how you get on.
:beer:

savingholmes

Suze4Dan2007 wrote: »

Hi my name is Suze and i'm a new debt free wannabe! I must admit and i'm very embarassed to admit that for almost a year now i have been burying my head in the sand with my credit card debts.

I currently have:

300 pounds on a Capital One card.
250 pounds on a New Look card (Ikano)
500 pounds on a MK1 Mastercard
750 pounds on Littlewoods 20 week cataloge.

I also have a managed loan with HSBC currently around the 3500 pound mark. I have been paying that off for 1 year so far and i have now problems with that.

However with my credit card and store card debts i have been burying my head in the sand and instead of paying the amount the dca's want, i pay just 20pounds a month on each card (pretty much all going on interest) and i have ignored all of their letters until now.

The other day i recieved a letter from Capital One saying it was a final notice and i would get taken to court etc etc. I want to offer a settlement agreement on my cards, but i dont really understand how to do it and what to offer. I dont want to get taken to court, i just want to clear my debts now and get a good credit rating back.

I'm also too scared to go to the cab because i'm worried they'll think i'm stupid as most of this is my fault.

x

I would try the CAB or the debt charities listed at the top of the forum in the resource bar....

Also I know it is scary to post a statement of affairs but that would also be worth doing so that people can offer advice on where you can make savings. You can find a format at make sense of cards.