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Advice needed on unpaid credit card please :)

Okay, so before anyone reads this, I know that i have been phenomenally stupid. But I just want to get my money and credit sorted out!

So I had a Capital One credit card, which was up to its limit of £500. This was about a year and a half ago, when I was living in a different part of the country. Since then, I have moved away, and seeing as I was paing off baliffs, which took up all of my income that wasn't taken up by rent, I decided to let the credit card slide. And I forgot about it and only remembered the other day. :confused: Yes, yes, i know.

So they don't have my new address or phone number and I haven't heard from them in that year and a half. What will happen? Will the debt still be with Capital One? How much money in charges will have been slapped on? Could something more drastic happen?

I'd really appreciate hearing your opinions/knowledge about this!

Thanks in advance guys!

Comments

  • stefc87
    stefc87 Posts: 4 Newbie
    bump!!!!!!
  • lisyloo
    lisyloo Posts: 30,090 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    They can collect the money for up to 6 years in law.
    Yes you will owe them money and yes they will have added on interest at least.

    They could sell the debt onto another firm which in turn will add on high charges for their "services" and it could ultimately screw up your credit record.

    So the best thing to do would be to contact them and start paying it off.
  • Innocent_Guy
    Innocent_Guy Posts: 5,369 Forumite
    Default would have been registered
    Bank Accounts - Barlcays Premier[/B] - £1000 o/d, HSBC - £200 o/d- First Direct - £500
    Credit Cards - Barclaycard £2000 - Silver Card £1300 - Flybe £7500 - HSBC £1000 - First Direct £2500 First Direct Gold £3000
    6 credit accounts closed in 2010!

    Official SOS Club number 001 - Dry until 01.07.10
  • ali82
    ali82 Posts: 171 Forumite
    They may still be able to trace you
  • thriftymomma
    thriftymomma Posts: 1,107 Forumite
    They will have defaulted you and possibly sold the debt on the Lowell cowboys. Perhaps check your credit files to see.
    Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
    Another 3% shaved off 10/12/08
    ANOTHER 4 % June 09:beer:
  • llaaff
    llaaff Posts: 2 Newbie
    Capital One are lousy are tracing debtors, but companies such as lowell are not. If you make any applications for credit in the future you will create a new link to your new address and they will find you. If you can live without ANY credit for 6 years, and trust your old neighbours not to grass you up, then your probably fine. Also expect any of your previous address, associates, family members to receive letters if you avoid them for long enough
  • apples24
    apples24 Posts: 149 Forumite
    Part of the Furniture 100 Posts
    electoral role too, the thing is they will find you soon enough, i expect you will more than likely owe them £1000 by now too
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