1st Credit threatening "Sequestration"

[SaltireA]

I'd welcome some advice on how to approach this. I've read threads on these issues, but I'm unsure how best to proceed.

I started dealing properly with my debts about 18 months ago and have been keeping to agreed payment plans with most of my creditors for nearly a year. Except for my outstanding balance with Barclaycard, which is for around £9000. I've written about ten letters, first to B'card then to "Mercers", and had standard replies. Finally 1st Credit seem to be acting on behalf of Barclaycard.

1st credit have acknowledged my offers of regular payments, but told me to phone them. After my experience on the phone to them once I have always written back. They carried on ignoring my offers of payments and recently threatened to put an restriction order on my house. I wrote and complained about their approach, and they wrote back threatening to petition for sequestration.

As it happens, I own my house with my wife and we have two children, but there is no equity in the property and neither do I have much in the way of assets (no pensions, wreck of a car etc.) so if I was made bankrupt they would get little of the balance owed after all my creditors got their share. I have a job with excellent prospects and so in the long run should be able to repay everything, particularly as I have stopped living beyond my means. I would really rather not be made bankrupt but it would not be the end of the world either.

I am confused as to how best to approach this, and in all honesty am somewhat anxious about the prospect of being made bankrupt, even though thinking rationally through it this would not actually be a complete disaster.

I'd be grateful for any advice.

S.

[SaltireA]

Sorry, forgot to say I'm living in Scotland and have been for ten years.

S.

[forgottenone]

Maybe it's worth requesting a copy of your consumer credit agreement from each?

[SaltireA]

Is there really a chance that Barclaycard won't have a credit agreement from the early '90s?

[forgottenone]

Well, no one can really answer that ... but ... most likely it will be an application form. And, we are also talking about the best part of 20 years if you mean around the 91/92/93 mark? So, yes, I'd possibly CCA them. See what they provide.

The template letter is here on CAG. Fee is by postal order £1. Don't sign the letter, send recorded delivery. Whatever they provide, or may not in some cases, post it back here for CAG to see if it's enforceable.

[creditcardmug]

Hi, make them an offer of repayment, make it a realistic one that you can afford to pay, and just keep paying it , if they complain its not enough, which they probably will ignore them, they will either pass it to a DCA or issue a court claim. Then you can defend against it . come back at that stage, and you will get all the help you need

[forgottenone]

Sorry, gave misleading advice.

[SaltireA]

Thanks for the advice so far, misleading in what way?

What about their threats of a petition for sequestration or an order against the house, is that likely to be just a threat?