help!

claire1011

hi
if a credit card balance (capital1)has been on a payment plan for three years, currently living offshore, no contact from creditor in over two years, account has been reported to equifax as in default since payment plan started. now moving back in with the parents in uk, if i am now able to significantly increase the monthly payments (from £15 to £200) are they likely to issue a ccj? or should they accept the new higher payments, balance is 4800 as per equifax. im at my wits end and in such a panic, can anyone help? i just want to pay it off as soon as i can.

Buzby

Nobody can just 'issue' with a CCJ. You would need to be called to court, lose, then not pay up if the decision did not go your way.

Nobody can foretell what their policy will be, but if you ramp up payments it is most unlikely they will pull the rug from underneath you.

aimzrabbit

claire

they would only seek to go to court for a ccj if you had not been in contact , and not paying

if you owe 4800 on it and they have been happy with the payment if it was me if your parents have the money you would be better off borrowing off your parents and offering capital 1 say 50% of what you owe as full and final settlement they will snap your hand off

make sure you get it in writing off capital one as full and final settlement and dont verbally agree anything on the phone

that would be the best way IMO

rabbit

redpete

Might be worth leaving the £15 for a year or so (assuming the interest has been suspended), saving the £185 a month you have available, then when you have saved 50% as suggested make a full and final offer to clear the debt.