capital one arrears

petal9

just wondered if somebody could give me some advice before i make a decision,i have arrears with capital one of £659,ive had an arrangement with them,they have asked if i pay off the arrears they can re activate my account and stop further action being taken.I could borrow this money but wondering if i pay it will they reduce my credit limit? or am i best letting the account go into default? any advice would be appreciated.
xx

latecomer

Personally I would try and avoid defaulting as this will make future credit a lot harder to get. It might be worth asking on the "Dealing with debt board" as the folks there are more knowledgeable in these kind of matters.

Brian_Bullocks

petal9 wrote: »

just wondered if somebody could give me some advice before i make a decision,i have arrears with capital one of £659,ive had an arrangement with them,they have asked if i pay off the arrears they can re activate my account and stop further action being taken.I could borrow this money but wondering if i pay it will they reduce my credit limit? or am i best letting the account go into default? any advice would be appreciated.
xx

It doesn't matter if they reduce your limit, you should worry more about letting "the account go into default". This will limit your chances of applying for another card in the future.

thriftymomma

If I had the option to not let my account go into default then that is what I would be doing!

Mrs_Ryan

Whoa, whoa.

Alarm bells are ringing here.

I am ex-Cap 1 staff who used to deal with accounts gone into arrears and then requests for re-activation.

I need some more info to give you the best advice.
Firstly - who is your account with - is it Collections or Specialist Support unit? The reason I ask is I need to know what sort of block is on it.
Secondly - how many month's arrears do you have - is it just 1 or 2 or is it closer to 6 or 7. By what you said I assume it hasnt defaulted or have they told you its charged off? If they have that is something else entirely - if this is the case please PM me and I will explain.
However, if it is past due up to about 5/6 months, upon payment of the arrears they will simply remove the blocks and your account will operate again as normal. Your credit limit/interest rate etc will stay exactly the same.
Dont let the account default if you can help it.
Hope that helps.
Mrs R xx

petal9

Thanx for advice,just to update you ive paid off the arrears so will see what happens next.

xx