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Formal Demand for Payment from Barclaycard
watersbn
Posts: 2 Newbie
I have just received a FD for payment datwed 1st July with an amount o/s of around 8K - I have been making regular reduced payments to all of my debts under a self created DMP but now Barclaycard have written saying that this is a formal demand and the full amount is now outstanding within 28 days and may be sold to a credit collection company. I dont know what I should be doing now. There has been no significant improvement in my personal circumstances but I CAN continue to pay the reduced amount. How should one react to this Formal Demand?
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Comments
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Keep paying as you are, it will then be sold and you pay them, nothing to worry about0
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"nothing to worry about" that's a relief! Thank you for freeing up my afternoon from worrying myself sick. I'll make sure payments are kept up and hope for the best.0
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Have interest and charges been frozen by Barclaycard?0
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It's common practice to sell on debts, the formal demand is just a legal requirement that BC have to send you before they can sell on the debt, nothing to worry about at all, the new owner will write to you in due course, then you just pay them in stead.
This may happen a few times before the debt is cleared.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Indeed be thankful you have shaken off BC and will have a new creditor. Notorious for not applying defaults when then should.0
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Exactly this is the holy grail from Barclaycard. I'm paying them token payments to get to this point, and I've had the 1st notice of default. Cannot wait to get to this. Certainly do not worry, you won't have to find the full amount, just keep paying as you are, happy in the knowledge it will be interest free now.0
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