A
alandavin
Guest
Hi guys, been reading posts on the site for a while and joined up today with a question of my own.
Basically i have been out of work for a year and struggling with paying off some debts.
Most are now either cleared or under control, however my BOI credit card was the one i had the most trouble paying off.
Now i fully admit it is my fault that i fell behind on payments. I rang up last month after i had let it go for 2 or 3 months and explained the situation i am in, but the payments they were looking for were just too much and i was only able to give them €250, which was just under half what they wanted.
I recently had some good news in that i'm going to be employed temporarily for the month of december, however i was unable to clear the payment they required and now have recieved a letter saying my Credit Card agreement is now formally terminated.
The letter has stated that failure to make the entire payment (€4250) or to submit my proposals will result in legal action being taken against me to recover the debt.
Again i realise it is my own fault for not keeping up payments, but in light of the upcoming employment I was wondering what my options are.
Obviously i will not be able to pay this in full, as 4 weeks work will only be enough to put a dent in that figure.
Is it too late for them to agree to a payment plan to try get it down or have i blown my chance completely and now face legal proceedings?
I plan to phone them tomorrow to discuss it but was hoping for a few pointers or a heads up so i know what i'm dealing with before phoning in tomorrow / so that i might get a slightly better nights sleep!
Thanks a lot for reading, i know it was a bit of a rant for one problem!
(I should also point out that my only current income is 200 per week in welfare payments and am still living at home so in light of paying off my other debts would have around 200 p/m to give them, perhaps more next month to get it started in light of the work i have coming up)
Basically i have been out of work for a year and struggling with paying off some debts.
Most are now either cleared or under control, however my BOI credit card was the one i had the most trouble paying off.
Now i fully admit it is my fault that i fell behind on payments. I rang up last month after i had let it go for 2 or 3 months and explained the situation i am in, but the payments they were looking for were just too much and i was only able to give them €250, which was just under half what they wanted.
I recently had some good news in that i'm going to be employed temporarily for the month of december, however i was unable to clear the payment they required and now have recieved a letter saying my Credit Card agreement is now formally terminated.
The letter has stated that failure to make the entire payment (€4250) or to submit my proposals will result in legal action being taken against me to recover the debt.
Again i realise it is my own fault for not keeping up payments, but in light of the upcoming employment I was wondering what my options are.
Obviously i will not be able to pay this in full, as 4 weeks work will only be enough to put a dent in that figure.
Is it too late for them to agree to a payment plan to try get it down or have i blown my chance completely and now face legal proceedings?
I plan to phone them tomorrow to discuss it but was hoping for a few pointers or a heads up so i know what i'm dealing with before phoning in tomorrow / so that i might get a slightly better nights sleep!
Thanks a lot for reading, i know it was a bit of a rant for one problem!
(I should also point out that my only current income is 200 per week in welfare payments and am still living at home so in light of paying off my other debts would have around 200 p/m to give them, perhaps more next month to get it started in light of the work i have coming up)