JD Williams sold my debt- help!

Pinky85

Good morning all,
So basically I have 2 catalogues - one with a studio and one with fashion world.
I regret taking out these catalogues as I am on ESA so Income is low. I’m unable to work due to my mental health, anxiety, depression and agoraphobia. It’s bad I know but before I let my partner I was incredibly lonely and would use these catalogues as a crutch to make me feel better buying things.
Long story short I owe just under £600 on each catalogue. My minimum payments for each one was about £38 each. Once I met my partner and we claimed joint ESA (he had to leave his job due to mental health and other physical health issues) money has been incredibly tight. I just couldn’t afford the minimum payments on these catalogues (please note I never missed a payment I would get help off family members but couldn’t go on doing that forever) so I decided to take the advice of someone on this site and I wrote to both catalogues explaining my situation and asked if I could give a token payment of £10 a month on each one. They both agreed with this as long as it was via direct debit , which was fine with me. I wrote to them at the tail end of last year and have been paying DD of £10 a month since and not missed a payment. Can I add they also agreed to drop the interest on what I owed too.
So i was incredibly shocked and upset this morning when I opened a letter off JD Williams (fashion world) saying that they have sold my debt to Cabot financial and I know owe them the £531. The letter saying that Cabot will still accept my £10 a month, but as it’s under the minimum payment my account will accrue arrears and if I don’t pay those arrears in 6 months then my account will default.

I am upset about this because fashion world stated in the letter confirming the £10 a month that they would keep in touch with me and let me know if anything changes.... yet it says on today’s letter they sold my debt on 15th February.... and I’ve had no letters or snitching off them at all.
I know it’s my debt so I have to pay it but it has worriedly me that if after the 6 months I can’t afford the arrears which I know right now I won’t be able to then something bad will happen and they will send balifs round to my council flat and try to take my stuff ( I don’t have much and what I do have was donated from our local church and friends).
Can I have some advice on what to do? I’m so scared and upset.

P.S I haven’t used these catalogues for over 3 years I’ve just been frantically trying to pay off the debt.
Thanks

Wanderingpomm

Call a debt charity and get them to neogiate on your behalf

sourcrates

Hi,

Please do some research, that’s not going to happen.

You can ignore there meaningless timescales as well.

The debt has been sold on without a default, so you can either wait until Cabot defaults you, then start paying the debt off, or just keep paying the tenner and eventually Cabot will default you anyway.

Either way it’s not a problem.

Pinky85

Thank you, that makes me feel a bit better knowing that.
I’ve never been in debt before, my partner and his ex wife are though, and they owe £36,000 to various creditors, including Cabot so when I saw that this morning I freaked out!

fatbelly

Pinky85 wrote: »

Thank you, that makes me feel a bit better knowing that.
I’ve never been in debt before, my partner and his ex wife are though, and they owe £36,000 to various creditors, including Cabot so when I saw that this morning I freaked out!

That's fairly serious and they need advice on that.

Your situation is more straightforward. You are paying £530 debt at £10 per month and will clear it in 4.5 years. If you come into a lump sum of £150 or more then (once it is defaulted) offer them that in full & final settlement of the debt.

Cabot have just bought the account for about £50 so should be open to a deal.

Pinky85

Thanks. I called them yesterday and spoke to them and set up a DD for £10 a month.
They said in about 6 months I may get a letter saying the account has defaulted but to ignore it.... they have also said my account is interest free too?

fatbelly

Yes, the default just means you are out of the terms and conditions, and also that the entry on your credit file will disappear 6 years from that date.