We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Amount of Unsecured Debt
Hi again
Can I ask does it make a difference the amount you owe one credit card company as to the action they will take when you stop paying monthly payments? My largest credit card debt is 25k and this will be the first month I am not going to pay. Just feeling nervous about what will happen.
Thanks
Comments
-
In principle it could, will depend on their arrangements with their collectors. If any actually do is a different question.
0 -
Frankly I think it's more a case of your credit limit and what type of creditor it is.
I've been amazed at how slow some of the big banks can be at chasing debt whereas the ones that have a £700 limit can be all over you in a short period of time. So a mainstream bank might be a bit like trying to stop an ocean liner whereas a "bad credit" type card company or catalogue which charges 49 % APR are more likely to be like little terriers yapping at your ankles.
Not saying the big banks won't chase but they seem to take a bit more time to do so. Might just be me!
I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅🏅🏅🏅1 -
thanks for the replies so far. The creditor is mbna and I am at the credit limit of 25k.
0 -
Not as much as you would expect. A big bank with a 20k debt is often more laid back than a catalogue firm who is owed £300. Don't worry about it.
1 -
Banks will pretty much all work in the same way no matter the amount. They are limited by the regulators rules on chasing debt.
Life in the slow lane0 -
I had a Nationwide credit card with £11,000 on it and a Tesco credit card with £250 on it and there wasn't much difference in how they handled them.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards