Minimum Repayments on Credit Cards

judierudie

Hi,

I have 3 cards from the following;

MBNA owe 2500
Morgan Stanley owe 10000
Egg owe 5000

I was managing the payments okay until i lost my job. I now have a job but earn 10k a year less.

I used the letter templates on this site to make reduced payment offers.

MBNA accepted £30, MS accepted £50 and Egg(amazingly!) accepted £1.
Only Egg froze the interest!
Now 12 months have passed and they are putting me under pressure to increase payments. Iam not in aposition to do so although to placate Egg they have accepted £5/month for 6 months.
The question is how long can i hold these firms off before a Debt Collection Agency and Baliffs get involved?

Cheers
Jude

RAS

Hi

baillifs are a very remote issue, whatever DCAs tell you.

1. If you stop paying your agreed amount or the DCa get fed up, they might take you to court for a CCJ

2. If you defebnd the case and transfer it to your lcao court, you will be made to pay what you can owe.

3. If you stick to that - making sure you allow for holidays and things to wreck standing orders, then that its that.

4. if you do not keep to the arrangment then they may go back to court. You may get a chance to make and alternative arrangment.

4. They get permissions to send the baillifs round,.

5. If you keep them out of the house, at this stage, there is nothing they can do but accept an offer of payment (under current law).

BUT, if you manage your debts well and respond to any court documents, it will never come to that.

halight

Hi i think you need to stand form and tell them that you really can not aford to pay any more at the moment, but you can pay them what you are paying now.
You also need to ask them to freezz the intrest because the payment that you are making only just cover the intest that is being charged to your accounts
All the best and good luck