What does default on credit card debt mean? do i still get charged intrest & extras in default of payments?
Sometimes i get letters from credit card debt angencies saying i owe the same balance that i had for 6 years, but sometimes shows more balance with intrestest but only one letter said this, the rest all had same balances which were 6 years ago when i was in debt of £2,000, but one letter said £6,000, i have not replied or ever gotten back to the debt credit card collectors, agencies etc, so whats going on, does default mean no intrest charges?
June 5th, 2010 at 10:38 pm
Default means you have failed to pay as you’re supposed to. If it hasn’t already, the debt collection company will usually go through the courts to recover the money owed by you.
If it’s over six years (I think it’s six, could be seven) since you acknowledged the debt, then they may be too late to go to court over it, but may continue to contact you in an effort to get you to pay.
If it has already gone through the courts, then you will have to pay it, and until you do, interest will be increasing the total owed all the time.
June 5th, 2010 at 11:37 pm
You are in default, not having made the payments asked of you.
You will be charged interest. Failure to make payments ruins your credit rating and such default does not release you from the debt OR the interest agreements on the card.
June 6th, 2010 at 12:02 am
It may be worth going back to the origin of your debt. I did get into debt quite along time ago and received letters from debt collecting agencies saying I owed ‘ x amount ‘ and additions that the debt collectors had added on. I ignored these letters and went back to the original source. They agreed to accept payment for only the amount I owed and therefore saved me debt collectors additions. Default, as I understand it is a term that will be added to your credit record and will show when future potential lenders credit check you. It shows you have not adhered to the agreed repayment terms. It is not as bad as CCG and will be removed at some point in the future when you have repaid the debt.
June 6th, 2010 at 12:44 am
How many times are you going to ask this one this afternoon? When they catch up with you they’ll take the debt, the interest, and all the charges that they make for finding you. You’ll have nothing left – including anything you own ! ! !
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