current account issue - they want all my money

stonescout

hi everybody, this is my first time posting so i hope i put it in the correct section


heres the issue:

i've got a graduate account with abbey which did have an overdraft facility on it, recently i have been unable to maintain payments on this account and abbey have decided to remove all facilities from me.

they are now asking me to payback the outstanding balance over the next three months at a rate of £530 per month or as quick as possible. however there is no way that i can afford this, i've done some quick maths and after my usual monthly expenditure this would leave me with nothing remaining, i spoke with their collections department again this morning and all they have said is i've got three months to pay it back otherwise they will take further action. when asked if i could arrange a repayment agreement i was flatly refused.

i really cant afford this and i am kinda panicing becuase i dont know what to do. please help

ss.x

cifpower

Could you possibly write a letter to them asking if you can pay down your overdraft at a rate of around £100 a month? Enclose a Statement Of Affairs showing all your income and expenditure to support your case.

[Deleted User]

cifpower wrote: »

Could you possibly write a letter to them asking if you can pay down your overdraft at a rate of around £100 a month? Enclose a Statement Of Affairs showing all your income and expenditure to support your case.

Unfortunately, it seems you ve gone beyond this stage

There are 3 stages

When you say you re not keeping up your payments, am I right to think you came to an arrangement with Abbey that you would pay £Xxx a week/month ? but this is the arrangement you are not able to keep to.

If you need more help, PM me

Unfortunately the next step is to be passed on to a debt collection agency, though it seems like you are in between these stages.

The only thing I can suggest is try to ring them again, just in case you get through to a more understanding agent.

I would mention you might want to pop in to a branch, but branches are not supposed to make the call for you because they need to speak to you direct, it's purely the branches staff discretion though, its not something they have to do.

In the past I ve argued cases with head office in the same situation , and somehow we ve managed to come to another agreement.

If you need more help. pm me

Sooler

Pay as much as you can afford to and wait and see what their 'further action' is. Get advice from the CAB, they can assist with dealing with it - like drawing up a budget to show what you are left with each month and how much you can afford to pay. It'll be a waste of their time asking you to pay more than you can afford to. If you aint got the money they can't have it, they might as well whistle in the wind. With a budget plan from the CAB they may be more likely to accept a negotiated repayment. Their stance at the moment is pretty much standard - the money has to be repaid, it's just less hastle for them if they can get someone to pay it off.

Even if it's passed to debt collection they'll have to settle for a monthly payment sum that is affordable to you. Go to the CAB.

stonescout

sorry i was talking in the jargon rubish they fed me.

i havnt had any kind of arrangement with abbey with regards to a payment plan. by payments i mean making regular credits to the account.
i've been under my overdraft limit pretty much the whole time the account has been open with maybe a couple of times i have exceeded it, but not for well over a year, however i have not made a credit into this account since the start of winter.

so they are asking for it all back within three months and will not consider a repayment plan.

i think at the moment basically they are saying i've got three months to pay the debt and then i'll be sold to a dca

i think maybe your right about the person i get through to, the first one did offer a payment scheme but that paniced me and i just asked what i owed. the next call i had to ask and she said "no, you've got three months to clear it."

thanks for your help

[Deleted User]

stonescout wrote: »

i have not made a credit into this account since the start of winter.

This is actually why this is happening, you cant keep an overdraft if you dont pay into the account, call them back in the morning to make a plan