what does this mean - and what do I do?

rescuethemall

Thought things were going too well ... got a letter from Barclays who say they wont accept my pro-rata payment, so that they're closing my account and selling my debt to an approved debt collection agency.

Trouble is I sent the cheques off to barclays to pay for my over draft today, so what will happen to the cheques - will they simply return them to me?

The other thing I cannot work out is that my two overdrafts come to 1007, but on the letter from Barclays it says that the balance is 693 - can anyone explain that?

I cant afford to pay anymore to them (fair enough it was only £8.17 a month), but that's what the pro-rata payment came out at and that's all I'll be able to afford when the debts passed on.

TallGirl

It is not always a bad thing if a creditors sells on a debt as it usually means the end of interest and charges. Barclays has probably got guidelines as to how low and offer they can accept and if it is below that is it "better " for them to sell the debt on. I don't know if they will send the cheques back but if they cash them they will take it off the debt and pass the money onto the new agency. All you need to do is as soon as you know who has now got your debt send them your offer letter and make the next pro-rate payment. Barclays is not likely to have told them you can only pay £8.17 but they are probably more likely to accept it eventhough it is the same amount.

As for the outstanding balance perhaps wait and see what the new agency says you owe them and if you disagree take it up with Barclays directly. Hope this helps and good luck.