Trying to pay off my mastercard

Fabian76

Hi
This is somewhat embarissing. When I moved to Lincoln around 20yrs ago I moved into an unfurnished flat and bought a bed, but couldn't buy much else as I didn't have that much money. I went to the bank I was with then, but didn't want to get a loan so I decided to get a Mastercard instead. Everything was aOK for about 2 yrs and then I began to max the card out and Mastercard stopped it. I came to an arrangement with them to pay £60 a month via direct debit until the balance of the card was cleard.
It wasn't till I saw Iowna Baines (I hope I spelt her name right) talking about credit card lenders I remembered that I had a Mastercard account and got a calculator out and worked out that I had paid Mastercard £ 14,400 pounds in that 20yr period and yet the ballance of the card was £1,896.
So I overpaid them by £12,504.
I've stopped the direct debit with my current bank Lloyds and now waiting for the fallout from Mastercard.
As I said I setup a direct debit and then forgot about it. My fault entirely, But what I want to know is what to do if mastercard turn nasty and start threatning me with this or that. What can I do?

Best regards

Michael.

Mark_d

What can you do?  Perhaps you could pay off the debt

CliveOfIndia

Fabian76 said:

So I overpaid them by £12,504.

I'm guessing that the additional amount was because of the interest that was constantly accumulating.  Unless the card issuer (your bank, not Mastercard themselves) had agreed to freeze interest whilst you were on the repayment plane, then it's entirely possible for huge amounts of interest to have accumulated.

Fabian76 said:

But what I want to know is what to do if mastercard turn nasty and start threatning me with this or that. What can I do?

Well, morally you ought to repay what you owe.  But the other option is to simply stop paying and let the debt default.  It'll trash your credit history for the next 6 years, so you need to bear that in mind if you're going to want to be applying for a mortgage, car finance, or any form of credit at all in the next 6 years.

born_again

Fabian76 said:

Hi
This is somewhat embarissing. When I moved to Lincoln around 20yrs ago I moved into an unfurnished flat and bought a bed, but couldn't buy much else as I didn't have that much money. I went to the bank I was with then, but didn't want to get a loan so I decided to get a Mastercard instead. Everything was aOK for about 2 yrs and then I began to max the card out and Mastercard stopped it. I came to an arrangement with them to pay £60 a month via direct debit until the balance of the card was cleard.
It wasn't till I saw Iowna Baines (I hope I spelt her name right) talking about credit card lenders I remembered that I had a Mastercard account and got a calculator out and worked out that I had paid Mastercard £ 14,400 pounds in that 20yr period and yet the ballance of the card was £1,896.
So I overpaid them by £12,504.
I've stopped the direct debit with my current bank Lloyds and now waiting for the fallout from Mastercard.
As I said I setup a direct debit and then forgot about it. My fault entirely, But what I want to know is what to do if mastercard turn nasty and start threatning me with this or that. What can I do?

Best regards

Michael.

Mastercard have nothing to do with this.
1st off are you sure that the bank have been taking the £60 via DD for the amount owed?

Best bet is to talk to to whichever bank you got the card Via.

ManyWays

You didnt borrow from Mastercard, they were just the payment processor, you borrowed from some bank or credit card lender. What does your direct debit say it is going to? 

For such a very old account, there is a good chance the bank (or a debt collector they may have sold the debt to) cannot produce the CCA agreement for the debt. In which case it cannot be enforced in court and you can simply stop paying.

But the numbers you give do not look plausible even if the lender continued to add interest to the account. You need to ask for a statement on the account to find out what is going on. 

 

NoodleDoodleMan

I'm struggling to get my head around somebody with an ongoing £60 monthly Direct Debit for somewhere in the region of 20 (ish) years that has been forgotten about.

That's a helluva long time to go without checking a monthly bank statement.

spinningsheep

Would the OP not have been contacted a long time ago re persistent debt regs? 

born_again

spinningsheep said:

Would the OP not have been contacted a long time ago re persistent debt regs? 

Best guess is they have moved & never bothered to update details.