Capital One Debt Collection

[abjohnson]

Hi,

 

I've had a credit card with Capital One since 2004, i stayed within the limit (£500) for the first year, at which point the card balance went up to £505, i was of course charged for being over and now three years on my balance stands at £860, i was making regular payments of £30 a month (which to be absolutely truthful was all i could afford with other outgoings) which would have been ok if not for them charging more than that every month for me being over.

 

So now i've run into difficulties and haven't been able to pay even the £30 for 3 months and had a 'Default' notice from them, saying this will go to a debt collection agency.

 

I haven't actually used that card for more than 3 years and yet am £360 over the limit because of their charges, they are going to be asking for the full amount back, i really want to know how much power the debt collectors might have? Can they take my car or anything to the value of the debt? How serious could this get? Not been in this position before.

 

My car and my computer are the only things i own, the house and everything else in it has been paid for by my other half, could they take anything that belongs to her as well???

 

Thanks for any advice....

 

JW

[sillygirl1]

The doorstep collectors are NOT bailiffs, they have no legal right to collect items - they are there to see if you 'live beyond your means' and if its worth getting legal action for recovery against you. DO NOT LET THEM IN. There is a letter on this website you can send to the company threatening you with these visits and you can print a copy out and hand it to anyone who comes calling.

 

Somebody else will be along shortly to give you more advice.

[remus]

Hi abjohnson,

the debt collectors will want to negotiate (I use that term loosely) with you and agree an amount to pay back each month.

You are a long way off having them knocking on your door.

You need to reclaim your charges and reduce the amount outstanding.

Go to the Cap1 forum and have a good read Other Institutions

Good luck

[abjohnson]

Thanks for the advice, you've put my mind at ease. I can afford to pay some back monthly but no way all in one go! was worried about what that might mean, but i feel better about options now.

 

Cheers,

 

Will update with how it goes.

 

JW