Credit Card Bullying Tactics

[chrissa1]

When our business went into Receivership we had run up �8,000.00 on a credit card that was used for company expenses. This card was in my husband's name and not in the name of the company. Over the past 5 years we have paid the credit card company back nearly �10,000.00. On New Years Eve we received a Statutory Demand for Bankruptcy to which we have 18 days to get set aside. Having looked up the name of the solicitors involved, (not sure if I can name them on here), I have found that this firm is well known for using this tactic to scare people into paying. They act for a company who has bought the debt for probably 10p or 20p in the pound. They are saying that we still owe them �7,700.00. Our last payments have been �291.00 per month and all this does is knock off a few pence off the balance each month. We will be dead before this debt is paid. We cannot afford to pay any more per month. Has anyone had a similar threat and what can we do to get out of this situation? I agree wholeheartedly that a debt must be paid back, but feel that as we have more than done that, with interest, these bully boy tactics are wholly wrong. Any advice would be gratefully received.

[Eve]

You could try see guys, see if anything is possible to claim...

http://www.cartelclientreview.co.uk/credit-car d-claims.aspx

Would there be any benefit to them in making you bankrupt? Do you have money and assets that could be taken and do you have any preferential creditors who would take any monies before them like a mortgage lender?

[chrissa1]

Yes, ofcourse. Mortgaged to the hilt. As I said, I think it's just bullying tactics to get money out of us, even though we have exceeded the amount we originally owed.

Can anything be done?

[Eve]

If they are down the list of creditors then it may not be worth their while, difficult to say without knowing your full financial situation though.

If it's not worth their while (depending on how much they want back especially it the debt has been sold on), get proper advice on this, then it may be worth trying to renegotiate a repayment plan on that basis, that it is better for them to get some money coming in.

Have you ever been to debt counselling? Could be worth going to see an independant trained advisor who could help advice on the issue and liaise with the creditors if necessary.

They can also speak to you about other ways of managing your debt.

Try Cartel, it may be a bit last minute but worth a try.

[lampgb]

Get legal advice ASAP Solicitor/County Court even CAB. I would not try to call their bluff on this one as the costs could get well out of hand