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Issued a default - not missed payment

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Over the past few weeks I’ve been liasing via the online message system of Capital One a repayment plan due to financial difficulties (made redundant, ill health and now on universal credit).

I finally got them to accept a minimum payment of £5pcm upto the monthly repayment

The balance of the card is £225.01 (Credit Limit £200).

 

Today to my shock, I receive a letter from Capital One confirming the setup of the plan BUT with a Default Notice also attached!.

The reason for the default states: “We’ve issued a default notice because you have entered into a repayment plan for less than the minimum payment required on your account, this means you are in breach of your credit agreement”

 

What I find shocking is that a Default has been issued when I have not defaulted on the account.

The next payment date is stated as 28-10-2017 & minimum payment £31.37

 

I’m working damn hard at getting my credit report cleared only to get this drop on my doorstep.

 

The only way I could remove the default was to clear the balance, of which is what I’ve had to do (luckily I had a £300 refund from Lending Stream)

Surely they are not allowed to issue a Default on the presumption that you’re going to miss a payment.

 

Are they contravening anything, by forcing you to clear the balance by issuing a default?

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What are the details on the DN ..if you could scan it and redact and post up...would be interesting to see the wording and time scales

 

Andy


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They are entitled to issue adefault. However, they should have sent you notice before. You have breached the terms of the agreement, hence putting it into default, but its very heavy handed of them.


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There as not been a default as yet..only a request to enter into a payment plan...so Section 86/87/88 are not applicable until 14 days after the due date payment has been breached.


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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