Credit card - what do I do??? Help please

Nix143

Hi, I don't know what to do and figured you guys would be able to help me out

I have £11,059 on an Egg credit card which has a limit of £10,700. The extra grand is in charges run up because I have missed a couple of payments. Just looking on my statements I can't see what my interest rate is because it says variable for purchases.


I've been so scared about this - when I missed the first payment and Egg tried to get in touch with me I avoided them, avoided thinking about it. I can't believe I am in such a mess financially and I can't believe how scary facing up to the debt has been.

Anyway, I need to know what I say when i ring them up - which I want to do ASAP. Now that I'm facing up to it all I want it dealt with as quickly as possible.

I'm also doing my SOA because I know
1. I need it to get my budget done
2. It's the first thing you guys will ask for.

But I really wanted some advice as to how I approach the call with Egg, what should I ask for, what can I hope for.


Gawd, I can't believe how much my heart us racing writing this - but I'm determined 2007 is the year I finally sort myself out and this is the biggest thing I have to do.

Thanks in advance xx

rog2

Well done for facing up to the problem - you will get a lot of helpful advice here.
One thing you may wish to consider is reclaiming the charges that Egg have put on your account - you can get advice on this either at the 'reclaiming bank charges' board on this site, or at the consumer advice website.:beer:

justruth

Ok, if you are that worried about the phone call, write to them enclosing a cheque and a promise to pay £x every month while you sort your financila situation out. In the same letter ask that they remove the charges, not just for now but for the last 6 years as they are unlawful, and you would like them refunded. (You can use Martins letter for reclaiming your bank charges for this one or go to http://www.consumeractiongroup.com/forums for info on how to reclaim all the charges.

They can't CCJ you if you are making a regular payment, and you can reclaim the charges. This should buy you enough time to sort all your finances out and work out how you are going to pay them off.

Nix143

Egg is academic now - just been ploughing through the mountain of unopened mail I had accumulated (I got almost phobic about opening the sodding stuff) and have found out the debt has been passed onto a credit collection agency.

I can't find any letters from them so I'm going to ring Egg tomorrow to find out their details - again does anyone have any tips for me? I have no idea what to expect now. I'm assuming they'll be all out to get back as much from me as they can

justruth

Well that makes it even easier, when you talk to the DCA you can offer them so much a month, some get really arsey about it but if you make a reasonable offer they cant do much about it. They may even give you a low settlement figure if you are able to find the money (nearly 1/2 in some cases). Also you dont pay any interest to them! You can still reclaim all the charges from egg!

Nix143

Hey justruth, thanks, I'm going to get in contact with them tomorrow and see what they'll accept once I've finished my SOA and seen how much I can really afford.

Now I'm off to find cheaper house insurance as that is due - oh and BT are getting a call to see if they'll give me my internet cheaper if I mention leaving little steps but hopefully all steps in the right direction this time.

CLAPTON

i would post your SOA first here before even considering speaking to Egg or the DCA.
once you have done that you will know how much you can afford to pay them. unless you are very confident on the phone, you may allow them to browbeat you into agreeing to pay what you can't afford.

if they phone you just ask them to put it in writing, don't agree to anything on the phone. just assume everything a DCA says on the phone is untruthful, dont discusss anything, just ask for it in writing.

post that SOA as soon as your ready and i'm sure people will be able to help you.

sandralovescats

justruth wrote:

Ok, if you are that worried about the phone call, write to them enclosing a cheque and a promise to pay £x every month while you sort your financila situation out. In the same letter ask that they remove the charges, not just for now but for the last 6 years as they are unlawful, and you would like them refunded. (You can use Martins letter for reclaiming your bank charges for this one or go to http://www.consumeractiongroup.com/forums for info on how to reclaim all the charges.

They can't CCJ you if you are making a regular payment, and you can reclaim the charges. This should buy you enough time to sort all your finances out and work out how you are going to pay them off.

This is incorrect.

The credit card company can default as soon as the minimum monthly repayment has not been met.

The company can then apply for a CCJ.

The CCJ may or may not be granted and the Court will decide on the repayment that needs to be made.

justruth

It wasn't a long term suggestion but I appreciate the correction, thankyou Sandra