Barclaycard sold/transfer my debt to Asset Link Capital

Teekaylon

So, i have had a Barclaycard for around 10 years and managed to run up big debts on it (aprox £12000). I ran into trouble after a period of being jobless and Barclaycard closed my account and agreed that they would freeze all interest on the account if i made regular repayments of £50.00 a month, at the time this seemed like a good deal overall as i wouldn't be getting charged interest and did genuinely want to clear the debt.

I have just realised... (been sent a default notice by Asset Link Capital).. that payments for the last 3 months haven't left my account to Barclaycard.. am now paying £54.00 a month.. genuine oversight on my part don't often scrutinise my account. Anyway Asset Link Capital have told me by letter that i need to clear the payments they haven't received, which amounts to £162.00.

Not having this amount of money to hand i rang Asset link Capital and asked them if i could just simply start up the repayment agreement with them to which they replied no, i will need to settle the late payments or am in breach of my agreed payment plan. when i asked what action they will take i was told they will apply a default to my credit record and "MAY" apply to the court to get full payment from me... currently £8000 ish...

I guess my question is, why did i not receive notification from barclaycard that they were passing my debt on? they should have told me right? also... in layman terms what do their threats actually mean?

Sorry for the long post
Thanks in advance for any advice

PeacefulWaters

don't often scrutinise my account

This is probably the historic source of your debt problems, as well as a current issue.

While I think what's happened is a bit shabby, you owe the three payments being requested.

PaulW922

It could be one of two things that has happened - either Barclays have employed Asset Link to handle the account for them, or they have sold the debt on and assigned their rights to Asset Link. They do not have to tell you in advance - it is in the T&Cs that they can do either of these things.

What you should bear in mind is that any arrangement to pay (which you have) will almost certainly have in it, the right of the creditor to exercise their full rights and issue a default notice - that would then make the full amount payable in about 14 days time. If I were in your position, and could not afford to make a sizeable payment (which I assume is the case given you cant pay the there months outstanding) I would come to a new agreement as soon as possible - if that meant borrowing the £162 from a friend for a short while, I would do it. Don't get into the position where you end up with a demand for £8000