CAPITAL ONE!!! Payment Plan Problems

sparklygemster

Ok, i have been on a payment plan with capital one for the past year.

After a telephone call a few months ago they said they would get in touch with me this month, so i guessed that they would want to ask for an increase in the payment that i was sending them (curently £20 a month)

But now....they want £540 instantly.....or that amount paid over the next 6 months (which i am unable to do, am currently signed off work with no chance of getting ANY extra work (i am signed off work with depression)

In the letter i can either pay the amount off by a reduced payment ( no chance of any reduced payment unless they accept about £5.....and no chance of the short payment of getting it all paid off within 6 months.....or they put a default on my credit account....

But now....my boyfriend wants to move in with with me when he has finished Uni in June 2008....But will he, legally, have to take on my debts as well as me?

We will want to get a house at some point in the future....will this 'default' affect me getting any say in the mortgage?????

CLAPTON

Your boyfriend or husband for that matter has no responsibility for your debts.

If they mark your credit record as in default then that will stay on your file for 6 years and will adversely affect your credit record.
It will stop you getting any normal unsecured credit;
mortgages are rather different as they are secured but it will probably mean you will have to pay a higher interest rate and maybe a higher deposit.

Do not get any joint accounts with the boyfriend as this will adversely affect his rating too.



As far as the demand for more money is concerned then write back explaining your current situation and say you can't pay anymore.