capital one default

angelljo

hi newbie here, today recd letter from capital one stating my acct is offically in default,i telephoned them and had said i had aggreed repayment plan with them, they said acct is now closed but continue to pay token payments till one of their representives contact me, they wont say who or what they would do, i am panicking as the acct is 1115 pounds and i cant pay that off in one go.... please help, thanks

Innocent_Guy

angelljo wrote: »

hi newbie here, today recd letter from capital one stating my acct is offically in default,i telephoned them and had said i had aggreed repayment plan with them, they said acct is now closed but continue to pay token payments till one of their representives contact me, they wont say who or what they would do, i am panicking as the acct is 1115 pounds and i cant pay that off in one go.... please help, thanks

Now you have defaulted you will find it difficult to get any credit!
* No morgage
* No more credit cards
* No more Current account

I seriously think you should try and sort it out with CAP1 rather than default because it will have serious implactions. CAP1 is one of the sub prime CC designed for people with defaults howver if you defaulted them you will be stuck! Seriously concider it buddy........

annieadvisor

i agree that a default notice is registered on your credit reference account but it does not mean no credit ever again.

A default notice is an official legal document which states your agreement is terminated and it is the date that the clock starts ticking for capital one to enforce action by issuing a county court judgement. if they do not do this in six years they are out of time. it is also the time that creditors sell the debt onto a collection company and you would have to negotiate with new agents.

i would suggest you continue making the payments you have already arranged and ask them to freeze charges and interest - show them your financial statement. put everything in writing.

are you a homeowner or have any other assets which they could come after?

Brian_Bullocks

Innocent_Guy wrote: »

CAP1 is one of the sub prime CC designed for people with defaults

Not all Cap1 cards are sub-prime, i've been on 3.9% LOB for the last couple of years :beer:

anniecave

Brian_Bullocks wrote: »

Not all Cap1 cards are sub-prime, i've been on 3.9% LOB for the last couple of years :beer:

agreed. They also used to do cashback cards which were only available to people with "excellent" credit score

I would encourage the OP to get in touch with Capital One and also to get some debt advice.