Credit card interest, do i have to pay it?

Cossie_2

Hi

I have jsut been served with a Charge for Payment of Money by a Sherriff Officer (i live in Scotland) for a credit card debt i've had for years now. My question is, the total of the debt is £5300 and almost half of that is interest charges. Do i have to pay the interest? and what is the likely outcome from this Charge for Payment thingy if i ignore it?

Thnaks in advance.

jonesMUFCforever

Yes you have to pay the interest.
The outcome - probably throw you in jail for non payment.

Simon_Preston

I think the first question is, is the debt in question over 6 years old?
If it's been over 6 years without contact, the debt may be unenforcable. If it isn't then you best pay up fast.

Dave101t

i also have a question:
if i borrow money, do i have to pay it back eventually? durr

Cossie_2

Dave101t wrote: »

i also have a question:
if i borrow money, do i have to pay it back eventually? durr

Wow, you're helpful......:T


The question was put because im not in a position to repay the money, i merely wanted to know if there is a possibility that the interest may be treated the same as bank charges and could be reduced or removed all together.

Thought this was a forum for helping people.....

CannyJock

You need to go speak to someone at the CAB to explore your options - don't be a mug and phone someone from those exploitation adverts.

Expect to have to pay it all.
Hope to get the CAB to assist you in coming to some arrangement with your creditor on a repayment plan.
Accept you've trashed your credit history for at least 6 years.
Prevent your situation from getting worse or reoccuring by reading the guide on budgeting and the other very useful articles on MSE on how to make your money go further.

ILW

Cossie wrote: »

Wow, you're helpful......:T


The question was put because im not in a position to repay the money, i merely wanted to know if there is a possibility that the interest may be treated the same as bank charges and could be reduced or removed all together.

Thought this was a forum for helping people.....

Was there something unfair about the interest?

keeperbear

Cossie wrote: »

Wow, you're helpful......:T


The question was put because im not in a position to repay the money, i merely wanted to know if there is a possibility that the interest may be treated the same as bank charges and could be reduced or removed all together.

Thought this was a forum for helping people.....

Let's see. You spend a bank's money via a credit card and it is unfair that they charge you interest on the outstanding balance. I can't believe you asked such a question. Can't anyone use their brain these days?

molerat

I think it is a bit late for arguing whether to pay or not as the charge is from the courts.


A Charge For Payment is a formal demand for payment following a decree. It will take the form of a document with the words Charge For Payment at the top.

A decree is a formal order of a court which says the debtor must pay money to a creditor. This might follow court action such as a small claim up to £750, summary cause (£750-£1500) or an ordinary action (more than £1,500).

A Sheriff Officer usually serves the Charge For Payment and you have to pay the debt within 14 days of it being served.

The next step is arrestment of earnings, attatchment of goods and bankruptcy so seek some advice and not bury your head in the sand !!

chunkymonkey2144

jonesMUFCforever wrote: »

Yes you have to pay the interest.
The outcome - probably throw you in jail for non payment.

they cant put you in jail for non payment of debt in scotland. they abolished this years ago. its treated as a "non priority crime" so i very much doubt you would be facing a prison sentence. scaring people is not the way to earn respect you know