Setting Off Query

needhelpindebt

DGJsaver wrote: »

Ok
if thats the case
Transfer to the best deal you can get......either try to manage your payments or default on them straightaway , wait for it to be sent to whoevere m&s use , then f+f them....

Its gonna be a rocky ride though

I anyone's experience, how long after having defaulted on a CC / loan do they tend to listen to any F & F offers?

Once you have a default on your credit record how long does it last for? and will this affect me when i come to the end of my current mortgage deal and need to agree new terms?

DGJsaver

Yes it will , a default stays on your file for 6 years...., from experience the original creditor does tend to drage their feet before selling the debt on , i think they do it in batches , so you could be waiting a while

Ames

You really need to sort something out asap because as soon as that letter gets read they'll get suspicious and may well empty your accounts.

I don't see that you'll be able to transfer it and do an f&f straight away, even if you wait a few months. If you haven't made a payment to the M&S card after transferring it then you could be accused of fraud. Which it would be, as you'd be racking up debt with a company knowing you can't pay.

If you post up a statement of affairs then people will know your situation better and will be able to advise more. Here's the template/calculator:

http://www.makesenseofcards.com/soacalc.html

josephine82

My advise would be to do a balance transfer to the M & S card, and make sure you set up a monthly payment to cover more than the minumim payment, and make some inroads into paying the debt off.

If you are up to date with the payments for your Barclaycard, I don't see why they would accept a f & F offer.

But if you miss a payment, there is nothing to say they won't help themselves to the money in your current account!

needhelpindebt

Many Thanks for the help everyone.

I have luckily been lent the money to pay off the Barclaycard from my parents. I will be doing this today so that the worry of them stripping all my accounts is nit there anymore!

Now all i need to do is sort the rest of my finances out! I'll be starting a DMP with CCCS soon to start to pay off the £27k debt i've managed to get myself into :mad: