Credit card debt

Marie678

Hi I have 3 cards which I’m struggling with they are hsbc I owe £6650 they want £600 a month, vanquish I owe £3000 and marbles I owe £1300 now marbles have cancelled my card due to non payment, vanquish are threatening a default which I’m kinda wanting them to do as they want £400 a month, and hsbc are calling and messaging most days due to non payment. My question is as I’m looking for them all the default then I can get on top of them instead of a AP marker. Should I continue ignoring them or try sort a token payment out? Im fine with the defaults but wondered if I’m going the best way about it? 

RAS

You want the defaults ASAP and once they've been issued, start making payments. Work out how much you can afford and share it between them

But key to this is having a sustainable Statement of Affairs. Do you understand how you got into debt? Have you really looked at your expenditure over the last 6 months and allocate everything to a budget category? Are you saving the money you are currently not paying into an emergency fund. 

Marie678

Hi RAS, yeah I understand why it ended up here I lost my job and used the cards to cover me, I have been putting money away since payments stopped so have a small backup. I actually got a letter from marbles today so they have sold my debt on to moorcroft so I can get started on sorting that one out. 

Grumpelstiltskin

Have Marbles actually said they have defaulted you?

Until they actually use the word default, not 'we may default' etc. just ignore them

RAS

Before a default can be issued, the owner has to send a demand for full repayment within 14 days, (I think but I've also seen 30 suggested). 

If you fail to pay, they write advising the financial agreement has broken down.

Have you received those letters?

Marie678

so so the marbles letter for full payment was on the 27th august just received it today, but today also came the moorcroft letter saying they are now acting as the collection agency? 

Marie678

The vanquish letter says it’s a notice of default unless full payment is before 19th sept 

RAS

OK, so you don't set up the payment now.  They may be quick or may take a while to issue the default letter, then you want to make sure it's on your credit record. Which one do they report on?

Marie678

RAS where would I find out where they report on? 

sourcrates

Marie678 said:

so so the marbles letter for full payment was on the 27th august just received it today, but today also came the moorcroft letter saying they are now acting as the collection agency? 

Exactly, "collection agency" the debt has not been sold, you would have been informed in writing if this had happened.

Its just been equitably assigned to Moorcroft to collect your arrears.

You can ignore Moorcroft completely, just a 3rd party interloper.

Marie678

Just spoke with hsbc as due to my non affordability they have said in 2 months the account will default then be passed over and the default will be added