Worrying letter

john1986

From Studio

it says im in breach of payment in terms of credit agreement,if I don't take action before the 29th of nov it says on or after the 29 nov 2014 a demand will be made for payment of £420 being the full balance owed (does this mean they will try take it straight from my bank?) if I have any difficulty paying this I can apply to the court who may grant more time any advise please ? dint want that coming straight out of my bank right before xmas

spot3

There's a section in their help page about contacting them to make a temporary payment arrangement, that might be worth a try?

http://www.24studio.co.uk/ss/help/help.jsp?page=faq#section9

I think its definitely worth giving them a ring to see if they can help.

fermi

Sounds like a standard default letter.

Unlikely they will try to take it, but if you are worried you should make sure you cancel and direct debit and/or CPA with both the bank and studio. That is something you should have done already as a precaution if you were only making small or token payments, so if you haven't done it yet then do it ASAP.

Your previous posts suggest you are with stepchange, so also talk to them.

seanavfc92

john1986 wrote: »

From Studio

it says im in breach of payment in terms of credit agreement,if I don't take action before the 29th of nov it says on or after the 29 nov 2014 a demand will be made for payment of £420 being the full balance owed (does this mean they will try take it straight from my bank?) if I have any difficulty paying this I can apply to the court who may grant more time any advise please ? dint want that coming straight out of my bank right before xmas

What you have sounds like a reminder letter. The letter they state they will send on 29th November sounds like a default notice, which is a standard letter they send to say that the credit agreement has been broken.

No, they can't just take the money out of your account. They would have to have continuous payment authority to do so, and Studio don't.

The £420 balance will be requested in full, but they can accept instalments. It's likely that they'll sell this debt to a collection agency. DON'T WORRY if this happens. The collection agency will freeze interest and charges and accept a realistic repayment amount.

You can only apply to the court if they apply for a County Court Judgement. This would be called "varying the judgement", asking to set the repayment amount at a rate you can afford.

The likelihood of it getting this far is unlikely... not impossible, but unlikely. As long as you can set up a repayment amount that works for both parties, you should be fine.

fermi

seanavfc92 wrote: »

You can only apply to the court if they apply for a County Court Judgement. This would be called "varying the judgement", asking to set the repayment amount at a rate you can afford.

Not true, as they are talking about a time order which is something you can apply for yourself without having to wait for the creditor to start court action.

https://www.nationaldebtline.org/EW/factsheets/Pages/06A%20EW%20Time%20order%20on%20an%20unsecured%20credit%20agreement/Default.aspx

They are just not mentioned much as an option.

sourcrates

john1986 wrote: »

From Studio

it says im in breach of payment in terms of credit agreement,if I don't take action before the 29th of nov it says on or after the 29 nov 2014 a demand will be made for payment of £420 being the full balance owed (does this mean they will try take it straight from my bank?) if I have any difficulty paying this I can apply to the court who may grant more time any advise please ? dint want that coming straight out of my bank right before xmas

Just a standard computer generated demand for payment letter.


At one time I could of papered the house with all the letters I received from my creditors.:D


Nothing to worry about OP, if you cant afford the payment, just give them a ring, or write to them, and explain why you cant pay, and make them an offer you can afford.


They are obliged to tell you if you break the terms of your agreement under the terms of the consumer credit act.