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  • #1

    capital one £3500 debt

    I'm just looking for advice.I have 3500 on a capital one credit card with no hope of repaying.I have a 6 month agreement paying £5 a month.Will I be able to continue with this long term? Do I fill in form every 6 months or just ignore it and continue to pay . will it goto debt collection..Will I be forced to pay more or get taken to court.i am not working at moment due to illness but hope to get part time work soon but that will just be minimum wage and I live on my own so never really going to have spare funds.I do own my own home no mortgage.I don't care about credit rating as have no intention of ever having credit again.Hope someone can help because it's causing me a lot of worry
    Tags: advice, assets, capital, capital one, card, care, cca, cca request, claim, collection, con, court, credit, credit card, credit rating, debt, debt collection, debts, forced, funds, game, health, help, home, minimum wage, money, mortgage, niddy, pay, rate, rating, repaying, repayment, savings, stop, stress, templates, unenforceability, wage, working, world
  • #2
    Re: capital one £3500 debt




    Do you have any assets (are you a homeowner) and do you require frequent access to credit? Any other debts?

    You can agree a repayment plan indefinitely but for only £3500 I'd not stress to much.
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    • #3
      Re: capital one £3500 debt

      I have no other debts but own home with no mortgage but income very low so can't afford anymore than £5 and don't know if that is allowed long term

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      • #4
        Re: capital one £3500 debt

        Niddy, the OP has said they're a homeowner with no mortgage and doesn't want more credit.

        mo444, please try not to worry though I know it isn't easy (I used to be the world's biggest worrier.) If you're not working at the moment because of illness you need to concentrate on your health and worrying will have a detrimental effect. I know £3500 sounds a lot of money to you but it isn't really, certainly not to Capital One. Let us know if you have any more debts because we need to know the whole picture.

        Edit: posts crossed.

        mo4444: when did you take out the Capital One card?
        Let your smile change the world but don't let the world change your smile

        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #5
          Re: capital one £3500 debt

          I have no other debts don't want credit ever again but will have small income to live on and was worried what can happen long term

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          • #6
            Re: capital one £3500 debt

            When did you take out the card mo? Are you paying Capital One?
            Let your smile change the world but don't let the world change your smile

            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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            • #7
              Re: capital one £3500 debt

              I have no other debts don't want credit ever again but will have small income to live on and was worried what can happen long term

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              • #8
                Re: capital one £3500 debt

                I have had card about 4 years .had short term arrangement for 6 months now I've got arrangement £5 a month will be reviewed in 6 months which is a couple of months away

                Comment

                • #9
                  Re: capital one £3500 debt

                  It's a pity it's not pre 2007 then you could have gone down the unenforceability route.You could still try to blag it. Niddy said this yesterday on one of the UE diaries

                  but the agreement is enforceable because it's post 04/2007 so we cannot utilise s.127(3-6). That's the killer.

                  So the way you play the game is like poker. You send templates as and when and in the meantime save money each month (that you'd usually pay them) and if a claim is issued or if they get "too heavy" you can look to make a settlement offer with the savings. In some cases you can pass 6 years on an enforceable debt and get a good result (SB) by blagging it.
                  It would take almost 60 years to pay it off at £5 per month. We can't advise you what to do, just tell what we would do in your situation. Personally, I would stop the token payment and send a CCA request. The debt being sent to a debt collector can be a good thing.
                  Last edited by Pixie; 9 March 2016, 10:40.
                  Let your smile change the world but don't let the world change your smile

                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                  • #10
                    Re: capital one £3500 debt

                    I won't be around in 60 years time but will they allow me just to continue with £5 a month

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                    • #11
                      Re: capital one £3500 debt

                      Hi Mo,
                      Have they stopped charges and interest while you are paying £5 per month and have they defaulted/terminated the account?
                      Also, have you made them aware of your ill health?

                      Elsa x

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                      • #12
                        Re: capital one £3500 debt

                        It is defaulted and think interest stopped.im looking for part time work now but as am on my own now and will just have a minimum pay job I'm never really going to be in a position to pay much..

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                        • #13
                          Re: capital one £3500 debt

                          No try not to stress as that will make you feel worse than you do, your health is so much more important than money .xxxx
                          if you do it today and you like it you can always do it again tomorrow

                          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                          Comment

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