Credit card may lead to desperation

insert_username

HELP!

I lost everything a year ago and had a breakdown. I lived rough and finally I am now getting on with things and have caught up on a year of post. My account functioned fine until it ran out and I haven't paid anything off my credit card in a year.

My problem is this:

Company share plan insisted I cash out but now the balance has gone into my bank account (Nationwide) and the account has been frozen.

Can they take what's owed to them in one payment?
or
Can I make some agreement with them?


If they insist on clearing everything, if so I'm back to square one and destitute.

Mr_Lawnmower

If the credit card account was with Nationwide, they likely have the right of set off, which entitles them to take any money that comes into your current account and put it towards the credit card debt.

Not dealing with any post in a year presumably means you haven't talked to the creditor in a year. This will make them feel you have walked away from your obligation, which increases the risk of set off being used.


I'm not sure there's anything you can do if the money was taken via set off. Hopefully others will have some ideas for you.

insert_username

I didn't run away as such, I wasn't receiving mail as no one knew where I was.

If they take all the balance as "set off" then I'm ruined.

CLAPTON

open a new current a/c with a bank group to whom you have no debts and get income paid there instead

insert_username

CLAPTON wrote: »

open a new current a/c with a bank group to whom you have no debts and get income paid there instead

I have no income, currently unemployed.

I have had all my money deposited in this account without my knowledge and now stand to lose it all.

Just need to know if a deal would be possible so I could keep most of the cash. I have no issue with paying my debts, just over time till I find work.

Aquamania

insert_username wrote: »

HELP!

I lost everything a year ago and had a breakdown. I lived rough and finally I am now getting on with things and have caught up on a year of post. My account functioned fine until it ran out and I haven't paid anything off my credit card in a year.

My problem is this:

Company share plan insisted I cash out but now the balance has gone into my bank account (Nationwide) and the account has been frozen.

Can they take what's owed to them in one payment?
or
Can I make some agreement with them?


If they insist on clearing everything, if so I'm back to square one and destitute.

insert_username wrote: »

I didn't run away as such, I wasn't receiving mail as no one knew where I was.

If they take all the balance as "set off" then I'm ruined.

insert_username wrote: »

I have no income, currently unemployed.

I have had all my money deposited in this account without my knowledge and now stand to lose it all.

Just need to know if a deal would be possible so I could keep most of the cash. I have no issue with paying my debts, just over time till I find work.

I'm sorry, but none of your posts seem to make much sense to me, and I see you don't like hanging around to answer questions posed by those attempting to assist you.

But...

If you owe someone money and then give them some money, don't be surprised if they take it to repay the debts you have with them. And as they have probably had some previous issues getting that money back, don't be surprised if they are loathe to lend to you again.
But you have not lost a penny - it will only be used to repay what you owe. If there is any remaining, that is yours

As for income, you should be entitled to some benefits if you are unemployed and seeking work. But you'll probably need a bank account to receive them.

Various banks offer basic bank accounts, even for those with appalling/no credit history, so being unemployed should not be any hindrance to you obtaining one.

And if the windfall payment has been used to pay off existing debts, that may well entitle you to more benefits than if you were otherwise sitting on such a windfall sum (even with debts elsewhere)

bsms1147

http://www.moneysavingexpert.com/banking/setting-off

The bank also needs to ... look into whether you have, or are heading towards, financial difficulties. If you are, it should leave you with enough money to cover reasonable day-to-day living expenses and priority debts such as a mortgage, rent, council tax and food bills.

You need to open a dialogue with them and take it from there.

tomtontom

insert_username wrote: »

I have no income, currently unemployed.

I have had all my money deposited in this account without my knowledge and now stand to lose it all.

Just need to know if a deal would be possible so I could keep most of the cash. I have no issue with paying my debts, just over time till I find work.

If you have no income and are seeking work you should claim JSA and housing benefit.

Keep things in perspective. Not having this money is not going to ruin you, you do have other options. If you do not currently have a home visit the housing options service at your local council, they will talk you through what help you may be able to receive.

insert_username

tomtontom wrote: »

If you have no income and are seeking work you should claim JSA and housing benefit.

Keep things in perspective. Not having this money is not going to ruin you, you do have other options. If you do not currently have a home visit the housing options service at your local council, they will talk you through what help you may be able to receive.

I hope you never are in my situation.

I am claiming JSA but as a "single" man I'm not entitled to housing and therefore sleeping rough.

This country has a massive homeless issue that is not being reported.

tomtontom

insert_username wrote: »

I hope you never are in my situation.

I am claiming JSA but as a "single" man I'm not entitled to housing and therefore sleeping rough.

This country has a massive homeless issue that is not being reported.

The local authority are under no obligation to house you, but you are entitled to housing benefit. Your LA may also have a scheme where they will provide a guarantee rather than you having to pay a deposit.

I understand you are in a stressful situation, but you will find people far more helpful if you are not quite so rude.

insert_username

Well.....card is paid off, ex has claimed all the rest and Nationwide levied £800 in charges.

I'm done.