Neil
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Are you paying interest on your card debt?
If so, its probably at a very high rate.
You could be far better off moving the debt to a lower rate loan of some sort.
Talk to Consumer Credit Counselling Service 0800 138 1111, National Debtline 0808 808 4000, or visit your local Citizens Advice centre.
I know this doesn't directly answer your question, but it may prove more useful in the long term. |
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chuckie
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Jail. Bad credit for the rest of your life. |
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Iwant2playagame...
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You can only go to prison for non payment of council tax. Not paying a credit card is only punishable by a CCJ or default on your credit rating. Defaults stay on for approx 6 years (after being satisfied), CCJ's are approx 10 years..... |
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QuackQuack
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Best thing to do is go to the Citizens Advice Buereau and get advice there.
The credit card companies send these letters to scare people into paying.
One thing I may suggest is changing your name by deed poll and moving house. They will never find you again as long as you never use your real name on anything such as banks/tenancy agreements. After 7 years, they have to wipe the debt off anyway, I believe. If they cannot find you, you don't have to pay. And online, it only costs £25 to change your name.
Winner |
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CeeVee
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There is no longer any debtors goals in the UK so the worst that can happen is that you will be made bankrupt.
Even that is an unlikely event as it will cost your creditor about £1500 to apply for the bankruptcy order.
Draw up an honest budget and see what you can realistically afford to pay.
Write a letter detailing your budget and asking them to freeze interest payments and accept your offer.
Prepare to be bombarded with letters threatening all sorts of dire retribution but be firm as you can't pay them money you don't have.
You may end up with a CCJ against you but the judges tend to be sympathetic an will only order you to pay what you can afford.
Have you looked at the Motley Fool site for the 'Get out of Debt' forum, there is lot's of useful information on there.
Also have a read of http://www.insolvency.gov.uk/index.htm
Do not be suckered in by any of the offers of consolidation loans, '80% of your debt written off' type ploys or companies offering to solve your problems for a fee.
Good luck |
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claireyC
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You have done the right thing by informing your creditors regarding your situation. But they will need to see something back from you, even if it is just a minimum repayment, of howeverr much you can afford. The worst thing that can happen to you, is that it will affect your credit rating, if you score low then you will not be allowed to get credit from anywhere untill you have either payed off that outstanding debt or for 6 years untill it is written off. |
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Monday's Child
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The credit card company will sell your debt to a debt recovery agency who will do everything they can to get the money back. They will register CCJ against you which means it will be impossible to get credit for 6 years (not even a mobile phone). They will catch up with in the end but it is very unlikey you would go the jail. The only debt which you can be sent to prison for is non payment of Council Tax |
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jim
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they could granish your wages,, or they could send you to jail.. you could always file bankrupty in the worse case. |
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jammie82uk
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i have been in this situation myself and churie78 has basically hit the nail on the head they cannot force you to pay them back as it is often called by debt advisers as a none important debt so don't worry as long as you pay your important things i.e your rent food to eat along them lines then don't worry about it the company's will probably contact you saying if you pay so much then we will cancel the debt they will try to intimidate you just to get the money they want |
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linsy
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the worst that will happen is one of two things,
a) Balifs will knock and either demand the money or take your stuff up to the value of the debt.
b) You can go to court and end up in prision as a way of paying for your debts. |
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scubadiver50704
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Your creditors are sending you the threatening letters because they are not buying your excuses, 'small village - no car'. If you have to move to larger village for a job, move! Get a job. Maybe two jobs. Any job until you get your debts paid off.
Then consider going back to University. Save some money to get back into school. Get an education. Which is a personal asset.
Become a productive member of society. It doesn't hurt and is really quite rewarding. That's what all the others around you are doing to the best of their abilities, driving their car (reward for work) to and from their homes (reward for work) to their jobs (reward for getting an education).
Stop bucking the system and join-in. |
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singleton
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Go to this website www.cccs.co.uk. This is a free chairty and not a debt management agency (who charge you even more money).
If you go on a Debt Managment Plan with CCCS until, the credit card companies can't do anything as you are seen to be actively trying to sort out the problem. When you find work you can start paying off bigger chunks and eventually be rid of your debt.
Creditors in the UK are friendly to people who have contacted CCCS, you will see the letters stop and have peace of mind.
After my relationship break up I was £23k in debt, now with CCCS I have managed to keep my home and work out a budget and still pay off as much as I can to my creditors, all for free. |
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sling it bird
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They will constantly ring you & knock your door, you will not go to prison, but they may send you to court.
They never give up!!! |
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oadbywonder
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they will come and hang you by your testicles from the ceiling |
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kvuo
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there is no debtors prison anymore, even in the UK, I imagine.
In the US, eventually (2+ years) they will sue you, be awarded a judgement, and garnish your wages. |
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Susie
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You could file bankruptcy on your cards. My one question is why are so worried about your score? Many car places and loan companies will overlook your score. And by not paying your payments now your score could be going down. Take your time and think it over. But don't let this go forever. I have witnessed the after effects of this personally with my parents. I don't think you will go to Jail. You have informed them and such. If you have to get a job at a fast-food restaurant so you can pay off your cards. Hope It helps! |
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Boris
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You can be made bankrupt and lose your house, if you own one. |
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churie78
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DISREGARD A FEW OF THOSE ANSWERS.
Don't sweat it mate, the credit card companies get very aggressive and bullying but that's only preying on the defenceless who will crack and give in to them. Just think of them as school bullys demanding your lunch money. Phone a free debt agency they will talk you through it and will sort you out, they will stop the interest payments and tell the credit agency how much you CAN afford. Don't lose any sleep over it, it's only money. |
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The Red Handed Bandits
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It will be very hard for them to able to imprison you for this, the worst they can do is get the courts involved and they will try to garnish your wages, or liquidate your assets, being as you dont have any assets they will wait for you to get a job and take a chunk outta your checks, untill the interest is paid off, then they will begin asking for thier regular payments.
My advise is to get a really good job and send them at least one really good payment to settle them for a while.
or go to a debt consolidator |
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Juanita
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Your wages could be garnished. You could very well be taken to court and your assets seized. Your creditors have probably moved your accounts to a collections agency. You should find out where you stand with them and offer to pay what you can afford. Don't miss those payments. Faithfully pay and do your best until you can afford to pay off or settle your debts. If you need more specific information, feel free to email me. |
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