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studio cards - scared - please help

am busy sorting out my studio account as most of what i owe is fees and interest and charges, etc....i refuse and cannot afford it....

i offered them £5 a month but i have just recieved this letter;-

YOU HAVE FAILED TO PAY AS REQUIRED

DETAILS OF YOUR ACCOUNT ARE BEING SENT TO MOORCRAFT DEBT RECOVERY LTD WHO WILL CALL AT YOUR HOME TO COLLECT THE DEBT

ALL THE LEGAL COSTS OF A COURT SUMMONS WILL BE ADDED TO WHAT YOU ALREADY OWE

A RECORD OF YOUR DEFAULT WILL BE MAINTAINED FOR 6 YEARS.

ONLY AN IMMEDIATE REALISTIC PAYMENT OFFER CAN STOP THESE ACTIONS

THIS IS A FINAL DEMAND AND I DO NOT INTEND TO WRITE TO YOU AGAIN.............


am very scared now - what do i do please?
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