Hi - any help appreciated.
History - had 2 MBNA credit cards - 1 @ 10,000 and 1 @ 12,000. Entered into pay plan 2 years ago paying 356 per month (196 + 160)- successfully got total debt down to around 12,000. We can no longer afford to keep up with agreed plan as husband is out of work, - so we cut payments to 55 + 45 per month. Total weekly household income is now social welfare @ 334 plus 280 childrens allowence per month. Account now going into arrears. Constant phone calls and letters from Avant card, telling us they will take us to court or sell to a debt collector or short settle. Short settlement is out of the question, as we have no income other then social welfare and are paying reduced mortgage. Questions I have are as follows:
1. Are they really likely to take us to court or is this a threat?
2. If debt is sold to debt collection, I know the debt will register as default for 5 years with ICB - will debt collector also be named on ICB? until we clear debt with them - which will take 10 years at the rate we have been paying.
3. Will debt collection accept the current €100 a month?
4. Can debt collector take us to court too, if we cant pay what they want?
Any advice appreciated
History - had 2 MBNA credit cards - 1 @ 10,000 and 1 @ 12,000. Entered into pay plan 2 years ago paying 356 per month (196 + 160)- successfully got total debt down to around 12,000. We can no longer afford to keep up with agreed plan as husband is out of work, - so we cut payments to 55 + 45 per month. Total weekly household income is now social welfare @ 334 plus 280 childrens allowence per month. Account now going into arrears. Constant phone calls and letters from Avant card, telling us they will take us to court or sell to a debt collector or short settle. Short settlement is out of the question, as we have no income other then social welfare and are paying reduced mortgage. Questions I have are as follows:
1. Are they really likely to take us to court or is this a threat?
2. If debt is sold to debt collection, I know the debt will register as default for 5 years with ICB - will debt collector also be named on ICB? until we clear debt with them - which will take 10 years at the rate we have been paying.
3. Will debt collection accept the current €100 a month?
4. Can debt collector take us to court too, if we cant pay what they want?
Any advice appreciated