Have I got a leg to stand on?

by joedalton Tue Oct 03, 2017 5:07 am

Without going into details I was in a dire situation some time back and could not continue payments on a credit card. I contacted them to explain my situation and they restricted my account until my situation improved (there is no default notice on this one). At the time I did put in writing that I was trying to find a solution to the situation.

They are now back and asking if my circumstances have changed.

The fact that I have written this letter - will this go against me?
Should I not even bother with the three letters and try to come to some sort of agreement with them?

All help and advice would be welcome, thanks.

by pitano1 Tue Oct 03, 2017 7:37 am

hi joe.
You are the master.
What is best for you.?

ie.Do you want to keep your account.?
regards pitano1

by Ausk Tue Oct 03, 2017 9:22 am

One of the things I've learned in my time is that the rich dont bother sending good money after bad.

Another learning expereince was that a family member gave a child of theirs $180,000. The child just handed it over to the bank (to pay the arrreas on the mortage) who took it and didn't even say thanks.

Couple months later the marriage failed and the daughter moved in with her parents again.

They and I now know the thing to have done would have been to let the house go, let the marriage fail and then help the daughter later.

All that money went to waste.

To my way of thinking, if I had no real prospect of keeping the house I would stop payments, let the bank realise its share of the risk of lending me money. (knowing i may at some time I might cease making payments) Then start again when things get better. No point in sending good money after bad. Save it until things get better and use it for starting again.

I reckon the rich have got the right idea.

by joedalton Tue Oct 03, 2017 2:21 pm

Thanks guys,

No I am not bothered about keeping the account. So does this mean that I should start the 3 letter process if it escalates to a DCA? My main concern was the letter that I wrote to them would go against me if it went to court -should I be worried about this?

by Tiggy Tue Oct 03, 2017 9:35 pm

joedalton wrote:Thanks guys,

No I am not bothered about keeping the account. So does this mean that I should start the 3 letter process if it escalates to a DCA? My main concern was the letter that I wrote to them would go against me if it went to court -should I be worried about this?

Not necessarily, mainly because the majority of banks ( the exceptions being Nationwide, Tescos, sometimes HSBC and Barclays) sell on bad debts and don't tend to pass on any written correspondence with the debt.

by Svetlana Tue Oct 03, 2017 9:54 pm

by joedalton Wed Oct 04, 2017 10:22 am

Thanks Tiggy, once again you have put my mind to rest. Much appreciated.

by joedalton Wed Oct 04, 2017 10:23 am

And thanks for the laugh Svetlana, I used to listen to them a lot in the past.

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