questions over notification of payment schedule

Headbanger

Hi all,

I have a credit card that ended up with Cabots. I've been paying off money for about a year.
Six months in they called to say they wanted to reveiw my payment amount, which was duly done and I thought this arrangement would carry on to the conclusion of the debt...

I recieved a letter on friday, almost a month to the day that it is actually dated, stating that I had missed payments and they required the full outstanding balance.

Does anyone know whether credit companies have to give notice before your current repayment schedule expires? And has anyone else recieved letters this late after their (apparent) posting, or is this another way they try to pile on the pressure?

Tixy

No they wouldn't have to give you notice specifically, as your repayment plan with them is an informal arrangement, which either of you could change at any time (as in you could change the payment, they can change their stance of whether they consider it acceptable).

Unusual for letter dates to be so far behind, not unusual for letters to be received date a week to 10days before.

Some creditors do routinely ask every 6months their debtors to increase/review payments.

Headbanger

Oh well, shall have to try to arrange a new schedule. Thank-you for your reply.

sourcrates

Headbanger wrote: »

Oh well, shall have to try to arrange a new schedule. Thank-you for your reply.

Could just be computer generated, these are large organisations, and you will find one half does not talk to the other half, or know who's supposed to be doing what.

happy_bunny_2

Just write back stating you believed you had an agreement.

Complain you only just received the letter too.