Overdrawn on credit card

Tom2808

About a year ago i got a letter to join with capital one with 500 pound credit , and me not thinking and only seeing the £££ signs I accepted and proceeded to spend it all and not only that goingOverdrawn by £30 .. My main question is if I don't pay the £38 I have to pay back from going overdrawn will they keep adding £38 every month? With me not having a steady income was just wondering if I dont pay it every month they'll add £38 every month .. Thank you

bigadaj

How much do you owe currently, is it £530?

You also need to quote your interest rate. If you don't pay you would typically get a late payment fee of £12 per month and then interest, eg if this was 3% per month then this would be about £16 each month.

If you don't pay then your credit file will be damaged, if you can't pay then contact them and explain and they will have to come up with a payment plan.

geekonthepc

If you're not making payments and are consistently staying over the credit limit, you're going to be trashing your credit rating.

This isn't a small issue - you need to either start making large enough payments each months to get your account back within its limits or contact Capital One and tell them you can't afford it - they will have to lock your spending and start accepting manageable payments.

They will eventually get in touch with you and start making threats if you don't make payments - get in touch with them.

Sorry to sound harsh!

Tom2808

Thank you both for your replies as you can see I'm not exactly up to date with anything to do with banks or interests or anything like I said I just saw the £500 accepted it ,I guess that's why most people get in debt.

I don't even know my interest (I'm a stupid teenager) I'm gOing to be paying the
As much as I can and like you both said bad credit rating stays with you just wondering every mowill thy keep hitting me with late fees? And how long will they keep charging me late fees ? Thanks again..

Tom2808

Sorry for miss placed spelling and errors on iphone

grumbler

Tom2808 wrote: »

...you just wondering every mowill thy keep hitting me with late fees?

Most likely they do.

http://www.capitalone.co.uk/creditcards/classic-mastercard-credit-card.jsf#tabs1-sb


Are you not getting your statements? Can you not register online to check? Why are you not making even minimum payments?

And how long will they keep charging me late fees ?

Possibly indefinitely.
That said, the interest is likely to be more than monthly £12 fee. For their 'representative' 35% and £500 balance it's ~£13 every month and growing.

Tom2808

Thanks grumbled for telling me te interest I must of took out less then I my interest is £13 a month I am trying to pay it as much as I can , I paied about £20 last month which is all I could pay and still my didn't make much difference seems like I am on that path were its difficult to turn around , going to give them a call Monday and sort something out .. Silly question but can you go prison for debts such as mine? Or do they take you to court to pay back ? Is capital one brutal with people in my situation?

grumbler

No, you don't go to prison. Court and bailiffs are unlikely too for such amount, but be prepared to being chased by debt collectors and not being able to get any credit at least in the next 6 years. Even getting a decent current account will be a problem.

Tom2808

Thanks , yeah I heard you can't even get a contract phone with bad credit.. Thanks all again for your help.

Tom2808

Sorry one last thing does it affect job hunt ? Do employers look at bad credit?

[Deleted User]

Tom2808 wrote: »

Sorry one last thing does it affect job hunt ? Do employers look at bad credit?

In some industry sectors.