M&S Debt

jamezy100

approx £4000. They have been ok with me so far, allowing me to pay monthly payment and freezing interest and charges for past 2 years. I have now received a default notice giving me 21 days to pay £400 arrears. I can't do it. Will they take me to court? What will happen next if I can't find the money?

Thanks in advance.

jamezy100

Does anybody have experience with m&s? Do they sell debt on to DCA?

kezzygirl

call them and tell them,they may be one of the more reasonable creditors!

cobblers_boy

M & S money is a wholly owned subsidary of HSBC. I would expect them to act like any other national institution and will hand off to the DCA sharks without a shred of thought.

CB

PNPSUKNET

sounds like they are selling the debt, starting with the formal process

jamezy100

I've no problem paying off what I can afford. Not sure what's suddenly changed. I was paying M&S £85 and never missed a payment.

worried_jim

Don't worry too much they will never take you to court and no one will ever turn up at your door no matter what they may tell you. It sounds like they are getting ready to move the debt on, just carry on making regular payments as you are doing and do not agree to pay anything that you cannot afford to do. If they default you then fair enough,it's not the end of the world and there is nothing you can do about it if you can't afford to pay more.

jamezy100

Thanks WJ. A bit reassuring....I think. What if I somehow manage to get the £400? Will my card start operating as normal.....in other words start charging interest again....and end up back where I started?

ItMightBeUsefulOneDay

Don't rob Peter to pay M&S their £400. You'll only end up with a worse mess than when you started.

If you're paying £85 and that's what you can afford, just keep sending them the £85. If they sell the debt on then you'll just end up paying what you can afford (ie £85) to whomever that is. They will threaten, they will gnash their teeth, scream, stamp their little feet but if £85 is all you can afford then that's all they can have. Just don't get stressed or worried by their "final demand" and "last chance to pay in full or else" letters. It's a scare tactic to get you to cough up a lump sum (such as £400). Let them rant and keep paying your £85.

worried_jim

ItMightBeUsefulOneDay wrote: »

Don't rob Peter to pay M&S their £400. You'll only end up with a worse mess than when you started.

If you're paying £85 and that's what you can afford, just keep sending them the £85. If they sell the debt on then you'll just end up paying what you can afford (ie £85) to whomever that is. They will threaten, they will gnash their teeth, scream, stamp their little feet but if £85 is all you can afford then that's all they can have. Just don't get stressed or worried by their "final demand" and "last chance to pay in full or else" letters. It's a scare tactic to get you to cough up a lump sum (such as £400). Let them rant and keep paying your £85.

Couldn't have put it better myself !

motoko

It sounds like you have a repayment plan in place which they have agreed, for £85 per month. Since you have been sticking to the plan, they have no reason to suddenly demand £400. Write to them pointing out that they have agreed to this repayment plan and you have been sticking to it, include proof of your payments if possible, and ask them to confirm in writing that they do not require you to pay this £400 in addition. It sounds like someone at M&S got a little bit over excited or made a mistake not realising you had a repayment plan, hopefully when you point this out to them they'll back down. I have a card with M&S and my min payment is 3% per month, you are paying over 2% per month anyway which is not that much less, so I think its a pretty reasonable plan and they have nothing to complain about.