Some of you may remember the crap I had with a credit card debt and I ended up setting up a standing order to pay them £50 a month (which I find a bit much but I stick to it) and now the cheeky bastards have written me a letter saying that while they acknowledge that I have stuck to my agreement they feel it's in the best interests of everybody involved if the debt is repaid as soon as possible and therefore I need to increase my payments from my next payment date.

While it's laughable and there's nothing they can do to change things as they accepted the agreement, I'm quite pissed off that they've had the cheek to send me such a letter! How dare they presume I can pay more and I'm actually tempted to follow this up as harassment!

 

Jay - how much is the debt for?

 

Jay, they have a right to make a suggestion, you have the right to ignore it, i wouldnt get so wound up over it personally.

 

It was just a £700 card debt Rich. I've now paid them £200 of it, giving them £50 a month without fail. Knowing they probably bought the debt for about a ton max, it's pretty annoying

But I haven't missed a payment and can't afford to pay them more. I just think it's out of order that I've been making the payments as agreed and now they are trying to put more pressure on me

 

sorry .. the best interests of everyone involved ... dont they mean their interests ....

be polite and tell em that you are happy in paying what you are paying .. so long as you continue to show willing to pay and have been then there is not too much they can do really ..

 

they do it every few months m8 just say you dont have the money

 

Yup as above mate, there is no legal obligation for you to raise your payment.

Income and expenditure statements can be fiddled in your favour and again your not legally obliged to supply proof but would probably be in your best interests to do so but the raise would be on "essentials" that you wouldnt necessarily have proof for.

but they prob will put the screws on to get the debt back quicker.

i did 7 years in debt recovery

Any help needed gives a shout

 

At the end of the day they are doing you a favour lol when you took out that agreement you agreed to pay the min payment or whatever if you have not stuck to that in the begining and they have cancled your card and are recovering the money they are quite in there right to do so. If you don't agree they will pass it for legal action maybe and then when you go to court you can appeal and show how much you can afford to pay by your incomings outgoing etc Thats how it works with us any way lol

I get people every day saying i can't afford to pay but i can pay this ammount ..... tough shit give us the car back is my companys approach

 

for £700 i would have just bought something cheeper than an E36 and paid it off IMHO

p.s you're quite withint your rights to keep the payment as is

 

I may write to them and state that I am struggling to repay the debt and that in light of their latest letter I have come to the conclusion that I can longer afford the £50 payments and will have to restructure them to £25 a month.

 

Why? I'm paying it so where's the problem?

 

Agree with the goon above, but personally, I'd have been looking to settle the debt for a reduced amount.

Sometimes these debt collection agencies will take a full and final settlement to clear the debt in one go. My father has a klittle experience in this area.......

 

the longer you pay,the more you will have to pay back,so not really worth dragging it out.

won't be that long now Jay.

 

I didn't think you paid interest once the debt collectors have added their bit?

Either way it seems a whole load of grief for the outstanding £500

 

basically its alot of bollocks and stress i know i could do without for such an small sum of cash.

and if you have cash for an e36 then you have could have cash to get something less plush AND pay the debt off as well.

all IMHO of course so plese dont take it the wrong way

 

Borrowed the car money off my mother

Not like I had cash in the bank and just thought "ah fuck it, they don't need my money"

Don't get me wrong, I know I am int he wrong initially for having the debt in the first place but I am doing the right thing now to pay it back. It stems from being a student and panicking about not being able to pay in the first place

 

yeah dont i know about being a student..............only just nearly paid off my student loan now and i am 28 now

Well all the best with it and it will be gone this time next year anyway

 

Can't believe they're only doing that for £700, can't you just tranfer the balance onto another card???? Ironic bit is they'll probably send you a letter upping your limit when it's paid off.......

 

rememebr £700 may not be much to most of us, but for some it's a month's salary.

i know that i couldnt settle 700quid instantly even now, and i earn a more thn average salary with zero expenses

 

See i could pay that off easy
but i rember the days when i had to borrow £350 of me birds dad to buy a yellow capri
had to pay it back £50 a month and it was a fucking struggle

 

Just keep paying your £50 a month and dont let them intimidate you into paying more, The game they are trying to play is adding more costs, so this time they are trying to make you pay more than you can afford so that you will bounce a payment and incur another £200 ish costs. This is how debt collection vermin work (they prey on the poor). Next month they will write to and say your payment from such and such a month was late you have now incurred £xxxx of late payment fees (when they are blatently lying)

Just pay as you are on time every month and they cant do fuck all to you

simon

 

Whilst it is in your interest to get this debt payed of as quickly as possible, if you phisically have no means of paying more, and you can prove this with an income and expenditure form then they legally cant turn up and take from the house, as you have been keeping to your initial agreenment and making regular payment.



The law will look differently upon it if you have defaulted and generally messed about with the repayment scheme.



If they persist then you need to seek legal aid, and let them deal with things correctly rather than let a baliff firm bully you.


Transfering the debt to a credit card is not an option as you will incure interest and will be paying it off for a longer period of time, thats if your credit status even allows for a new credit card.


Normally a debt recovery agency has 12 months to collect a debt before they lose the rights and it gets passed to another agent now judging by my mathematics if you only have 500 Pounds to pay then the debt will now be settled in 10 months which is with in the national guidelines.

Good Luck