Final demand from payment plan HSBC credit card

gregdedman

Hi everyone,

Any reassurance would be much apreciated.

A while ago I lost my job and struggled to rub two dimes together let alone pay a credit card with ridiculous interest.
The Citizens advice told me to stop paying as my priorities were living expenses and so I asked for a payment plan to which HSBC eventually agreed.
I was warned that demands would be made, which have of course happened and today's final demand includes lots of CAPITALS and BOLD and YOU MUST do this and YOU MUST do that.
The fact that i may be taken to COURT is also written.

Im guessing this is true to form, but I wanted to know something.
I am slowly getting myself back on my feet and have finally got a job but still leaves me with next to nothing to pay my non-essential debt....not just yet anyway.

They have agreed a £1 a month token payment and frozen my interest initially which is great but are these letters just scare tactics or should I start looking to pay the arrears off?
What is the normal course of action on their part from this juncture?

I actually had an option a few weeks ago of paying them a lump sum final settlement figure but this was a 1/4 of my total debt and they refused it point blank.

Any advise would be great.

Thanks in advance

Greg

BugsyBrowne

gregdedman wrote: »

Hi everyone,

Any reassurance would be much apreciated.

A while ago I lost my job and struggled to rub two dimes together let alone pay a credit card with ridiculous interest.
The Citizens advice told me to stop paying as my priorities were living expenses and so I asked for a payment plan to which HSBC eventually agreed.
I was warned that demands would be made, which have of course happened and today's final demand includes lots of CAPITALS and BOLD and YOU MUST do this and YOU MUST do that.
The fact that i may be taken to COURT is also written.

Im guessing this is true to form, but I wanted to know something.
I am slowly getting myself back on my feet and have finally got a job but still leaves me with next to nothing to pay my non-essential debt....not just yet anyway.

They have agreed a £1 a month token payment and frozen my interest initially which is great but are these letters just scare tactics or should I start looking to pay the arrears off?
What is the normal course of action on their part from this juncture?

I actually had an option a few weeks ago of paying them a lump sum final settlement figure but this was a 1/4 of my total debt and they refused it point blank.

Any advise would be great.

Thanks in advance

Greg

How much is the debt?
Who are the letters from?

gregdedman

£2,000 and £145 in arrears of missed payments
Letters are from HSBC

Tixy

If you can only afford £1 token payments then that is all you can pay. The letters are probably just the standard scare tactis, some letters do legally have to be sent out (like a default notice etc) andif the letters have stepped up it could be that they are deciding whether to sell your debt on to a debt collector soon.

It is possible that they could decide to take you to court but if they do then you need to ask to pay in installements and the judge will not order you to pay more than you can reasonably afford.