Capital one > Debitas, what can i do?

Birmo0803

I lost my job a few months back and was relying on my credit card. I soon got close to the limit of £500 when i finally got a job, but it was only on part time (you all know how hard it is to get a job these days?)

I earn around £150 a week, with and immediate £430 (car, insurance,rent) coming out each month. Then i have Petrol + food to contend with each week. (i travel lots so i use arund £20 petrol every 5 days!)

I have missed many payment now for my car insurance and credit card/car finance. (i have cought back up with my insurance and finance). But now capital one are whacking £24 almost everyweek on my account.

Due to my circumstances i now owe over £740 and have debitas on my behind. I have sent capital one 2 letters 2 weeks appart requesting if they can put a freeze on my account while i set up a payment plan. They have not even done that or contacted me.

Not to mention, "Abbey" are charging me £400 on an account i closed! and are threatening me with court if i dont pay the full amount in a few days!!! RIGHT BEFORE CHRISTMAS!! how low can you get? the company abbey are using are Moorcroft recovery ltd?

I dont know what to do, im only young (20) i know its not a lot of money but it is really stressing me out and taking its toll on me.
Debitas have told me that an agent will be round my house in 7 days if i dont respond. I need some guidance before i contact them. I can probably afford £5-20 a month but if cap1 keep charging me whats the point.

Please, any1 who can help me it would be so kind. as i have no experiance in this area. Please forgive my shoddy spelling.

wannabe_sybil

I am really sorry that you are in such a pickle.

I have no personal experience or expertise, but I have seen a great many threads on exactly the same topic over on the Debt Free Wannabe Board, and I know that many people over there have the experience and expertise to help, so it may be useful posting there.

Hope that this helps.

BASFORDLAD

Some basic advice
Debitas are part of capital one just thier in house debt collection team
They wont send anyone round your house in seven days, thats just a sill threat. even if someone does turn up (which they wont) just tell them to go away.

Silly bully boy threats wouldnt get them any where if people knew thier rights

moneymakestheworldgoround

Hi

Bit late with my reply but hope it will help.

I was in the same situation ,as was my boyfriend.

It got to the stage we were paying £100 a month and still being over the limit after all the fees.

Both our accounts went to Debitas in the same month and I didnt sleep.

However, it turned out to be the best thing for us.

What happened in our situation - Obviously the card cannot be used again and it becomes a simple balance reducing exercise then.:T Interest is stopped as are other fees. :j You then make an arrangement with them on the phone to what they can accept and what you can afford. They work it out as a percentage, and they will not budge on this. :mad: I found it better to set up s/order with my bank every week for the absolute minimum they would accept, and then I stuck to it. If I could pay extra I would amend the s/order, but I found it easier to do this than agree an arrangement I would struggle with.

If for example they demand £30 a month, but you can afford £20, you can try to explain your hours will be increased at work in 2 months, or you will be clearing off another debt in 3 months, so can you make £20 arrangement for the first 2 or 3 months, then increase? It really depends on the adviser you speak to. If you get someone who is inflexible, then finish the call, have a breather, work things out on paper, then call back and see if you can work it out with another adviser.

They paid up in bank charges quick quickly as well for us, so not sure if thats worth a go?

I made an arrangement with them when my balance was £1250 in Dec 06. I then printed up spreadsheet of weekly payments showing how the balance would reduce and how long it would take. I stuck this on the fridge then if I could make an extra payment, I got the pen out and took great delight in seeing how this sped the process up. I paid this off in a year by focussing on it completely, but in a positive in control way, rather than the pulling your hair out and sobbing way ! :T I think the payment a day challenge people do on here would help with this kind of debt too.

If you can agree a payment, then the rest is quite easy. Thats the hardest bit now for you.

Good luck, and dont panic. Balance reducing is much better than the incredible fees you struggle with monthly.