I owe a credit card company £3400, Ive had the card for just under a year, unfortunately due to personal circumstances I am unable to pay the credit card company the contractual monthly payments. I have tried to set up a payment arrangement (the amount I can afford at the moment) but my offers have been declined. The collection agents have been sending me threatening letter in regards to statutory bankruptcy demands and now they have said 'they will recommend the credit card company to start court proceedings with a view to securing their claim by way of a charge over my property' - What does this mean exactly - what is a charge over my property and how will this effect me? Any advise would be greatly appreciated.
2007-03-21 08:40:53 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Go to citizens advice .If you still have a morgage on your property they cannot touch it.They can county court you were you can explain your circumstances usually the court gives you a fixed amount to pay monthly.Sounds to me has if the collection agengy are using the bully boy tactics.Its the first time I have heard of a charge over a property.Please go to citizens advice its free & they will help you all they can,Good Luck
2007-03-21 09:08:59 · answer #1 · answered by Ollie 7 · 0⤊ 1⤋
Contact the collection agency direct and see if you can arrange to pay them the amount in installments that you can manage rather than the Credit card company. A friend of mine did this and they were receptive to it. As long as they get the money one way or another. For future reference next time you have a credit card take out Payment Protection!
Also It does seem that you may have been ignoring the situation for a while if the most recent letter is of the nature you describe.
2007-03-21 08:53:33 · answer #2 · answered by Anonymous · 0⤊ 1⤋
wait for it to go to court then if they have declined your pay arrangement. then you will fill out a " i can only pay" form. you will write down all your monthly payments and the court will decide an amount, generally a not too bad, they are fair and you must pay that every month. good luck, or move to spain
2007-03-21 08:49:45 · answer #3 · answered by Boo-tilicious 2 · 1⤊ 1⤋
It means when you sell your house they will collect their debt, no doubt with loads of extra charges added on.
Get in touch immediately with the Citizens Advice Bureau, see if you can get yourself out of this before it goes to court. The CAB are experienced in dealing with these companies and may be able to save your ****.
2007-03-21 08:47:54 · answer #4 · answered by cornwall_seo 2 · 2⤊ 1⤋
Sounds like they are taking you to court to try to put a lien on your property.
I would see a credit counseling service right away that is approved by your local courts. They should be able to help you.
2007-03-21 08:45:35 · answer #5 · answered by Kris 3 · 2⤊ 1⤋
Get yourself along to your local Citizens Advice Bureau, they'll do a breakdown of all of your expenses, how much money you have coming in and how much money you have going out, on things like food, clothing, TV licence, heating, electricity etc, and they'll work out what's money is left to offer your creditor/ creditors. GOOD LUCK!
2007-03-21 08:55:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
in short - you wont be able to sell or re-mortgage your house before you pay off the debt. They are effectively asking for part of your house to secure their debt against.
2007-03-21 22:30:06 · answer #7 · answered by alatoruk 5 · 0⤊ 0⤋
go to citizens advice, take along all communication between yourselfs and the company, and they will sort something out for you.
Good luck
2007-03-21 08:53:37 · answer #8 · answered by hayles 3 · 0⤊ 1⤋
thers a ferry leaves dover in an hour, good luck
2007-03-21 08:49:21 · answer #9 · answered by reem2 3 · 1⤊ 1⤋
Dood your so screwed better pay your bills.
2007-03-21 08:54:06 · answer #10 · answered by Jerry 1 · 0⤊ 1⤋