Please help! Shop Direct Finance won't listen!

brokegirl

Hi this is my first time actually posting as I cannot find the answer to my question from anyone elses thread!

I have an account with Marshall Ward, current balance about £3500, have always been able to manage minimum payment but recently husband has been in and out of work so our income has dropped and I just have not been able to keep up. I missed a couple of payments and MW (Shop Direct Finance) said I had to pay £132 per month for next 6 months then my normal payment arrangements would resume. I have managed to make the first two payments but have now missed the last two and I just cannot catch up. I have called them to ask if they could accept less than £132 per month just while we get back on our feet but they flatly refuse. I cannot pay £132 per month let alone catch up the missed payments and I do not know what to do. I have already started to receive very initimating phone calls from Shop Direct demanding payment by the end of this month but I cannot pay and am dreading the next phone call please any advice gratefully received xx

GeorgieFTB

(((Hugs)))

Sorry I can't be more help, but hugs are all I can send.

There are template letters for only communicating through the post, that might stop some of the phone calls.

I'm sure someone else will be along in a little while that will be much more help!!!;)

Tixy

Hi

Is this your only debt?

How much can you afford per month? Have you worked out a statement of affairs (income & expenditure account) to show how much you should have left for debt repayments? http://www.makesenseofcards.com/soacalc.html

There is likely to be a way to pay less somehow, although it might well affect your credit rating.

With regards to the calls send them this - Harassment by Telephone

brokegirl

Thanks for the replies. I do have mortgage and usual household debts and a few door step loans which are also difficult to manage have missed a couple of those recently but my husband is now starting a long contract so a few months we should be sorted and back to being able to pay (minimum at least). I have not worked out income/expenditure yet cos I am hoping this will be a short term thing just can't believe how unhelpful Shop Direct can be and how short sighted of them not to help now for short term seen as a few months down the line I could carry on as normal. They have said if I do not pay the two missed payments plus this month which is nearly £400 which is impossible for me then I will have defaulted on my agreement and they will pass to debt collectors - what does this mean what might happen?

Tixy

It means a default will be registered at the credit reference agencies, that will sit on your credit file for 6years and make getting new credit more difficult.

It also means that you will then have a debt collector chase you for payment (it could be an inhouse debt collector - a sister company if you like) or it could be an external debt collector.
How much do you owe? It is also possible that they could take you to court and get a CCJ issued against you (this is not necessarily particularly likely but is a possibility).

Might be worth writing to them, offering a repayment plan, but you do need to work out how much you can definitely afford, as agreeing to a repayment and then not keeping it up with it (as last time) does not help.
As you have missed other loan repayments I really would work out an income & expenditure account to see if you are going to be able to catch up.

brokegirl

Do I have to send my income & expenditure to Shop Direct? or just make them an offer based on it?

Tixy

You don't have to send them an income & expenditure.
But if they won't accept your payment without one then some people do send one to demonstrate they are offering to pay all they can afford.