Barclaycard Mercers *******BIG BALANCE********

[Evolution786]

Removed due to sensitivity

Edited February 21, 2011 by Evolution786

[rebel11]

Hi Evo

 

Welcome to CAG

 

Why did you keep on withdrawing the money? Now they've added £30,000 interest in that period. So if you handed the monies back, you debt is now £60,000.

[Evolution786]

..

Edited February 21, 2011 by Evolution786

[rebel11]

If the errors hadn't happened, how would you of paid for the projects?

[Evolution786]

Hi BTW - if the cash was not available from my card I would not have completed what I used the cash for.

[PriorityOne]

So if I understand you correctly, you knowingly withdrew £30K each month for your projects..... built up a horrendous debt.... and now want us to help you get it written off?

 

It doesn't work like that.... sorry.

 

I'm not even sure I believe your story.... sorry again.

 

Edited February 21, 2011 by PriorityOne

[Evolution786]

no

 

Just want advice on how to deal with this

[PriorityOne]

no

 

Just want advice on how to deal with this

 

Pray hard.

 

What on earth were you thinking?! You must have known there'd be a big comeback.

 

If you think they're going to write this one off, you're sadly mistaken. People are hounded for far less than this.

 

Do you have assets? I'm assuming you do.... Have you had any ideas yourself about what to do?

 

I'm happy to advise anyone on here.... but as it stands, I'm not even sure I believe you right now..... sorry.

 

[Evolution786]

This is apsolutly true - no kidding - I'm seriously asking for advice on this.

 

I would not waste your time.

[PriorityOne]

This is apsolutly true - no kidding - I'm seriously asking for advice on this.

 

I would not waste your time.

 

The problem is..... that you've got a clear paper trail of intent here; withdrawing large amounts each month with no intention of paying it back (that's what it looks like). Of course, you can argue that B/card were slack with procedures in allowing you do do this but it's not the point. Whatever you decide to do to protect yourself won't deflect from them wanting their money back.

 

Are you repaying anything at the moment? What position are you in re. assets? I ask because that's what they'll be looking at as well and you need to be aware that they will want to pursue this through the courts because of the sums involved.

[Evolution786]

Like I said in the original statement I want to come to payment terms which they have

already offered - I was kidding about the write-off. Its my responsibility so I want

to come to some arrangement with Mercers. I'm looking for advice on how best to

do that.

[PriorityOne]

Like I said in the original statement I want to come to payment terms which they have

already offered - I was kidding about the write-off. Its my responsibility so I want

to come to some arrangement with Mercers. I'm looking for advice on how best to

do that.

 

What can you afford? Over what period of time?

What have you suggested and how have they responded?

Have you suggested anything in writing?

[Evolution786]

Thanks PriorityOne for your responses.

 

Write now I have not proposed anything - what I was thinking was say £2-3k per month

Edited February 21, 2011 by Evolution786

[PriorityOne]

Thanks PriorityOne for your responses.

 

Write now I have not proposed anything - what I was thinking was say £2-3k per month over 6 years to clear this.

 

You'll need to get them to freeze interest or you won't get anywhere.... Have you had any conversations with them recently about repaying? I take it they've now frozen the card and you can no longer use it?

[Evolution786]

yep I can't use the card - Ok so how do I go about having a conversation to freeze the interest ?

 

I do have property which I live in but I want to come to an arrangement to pay back.

[minmoo]

I just want to pop in and say wow at this point. wow wow WOW!

[PriorityOne]

yep I can't use the card - Ok so how do I go about having a conversation to freeze the interest ?

 

I do have property which I live in but I want to come to an arrangement to pay back.

 

You don't have any more conversations over the 'phone for starters.

 

You will need to state your position in writing..... how good are you with writing letters? If you want to draft one and post it up, I'll look at it for you but you need to be aware that Barclays might see it, as they (and others) often look at these forums and I suspect that the amounts involved may identify you.

[PriorityOne]

I just want to pop in and say wow at this point. wow wow WOW!

 

Yep.... wow is indeed the word... but Evo's asked for help, so I'm trying.... lol!

[minmoo]

Well P1, there is no better place for getting help but wow is all i could come out with!

[Evolution786]

You don't have any more conversations over the 'phone for starters.

 

You will need to state your position in writing..... how good are you with writing letters? If you want to draft one and post it up, I'll look at it for you but you need to be aware that Barclays might see it, as they (and others) often look at these forums and I suspect that the amounts involved may identify you.

 

I'm pretty good with letters, I have also removed the original thread content since you said they could identify !!!!!

[babybear39]

Please give a breif general overview as I missed the original post

[Evolution786]

Yep I also have to say wow it is big but I needed the cash and now time to pay back. Mercers said if I'm having difficulty to come to an arrangement with them to pay over a longer term so I need to now have that conversation. I know they would not want to sell this debt due to the amount so I want to keep it with mercers and deal with them.

 

So i guess I'm asking what should i propose ? Freeze of interest and then propose 2 to 3k per month ?

[Evolution786]

Please give a breif general overview as I missed the original post

 

I have a big balance sum owed to mercers and just want advice on how to handle a pay back to the lender.

[PriorityOne]

 

So i guess I'm asking what should i propose ? Freeze of interest and then propose 2 to 3k per month ?

 

Pretty much... yes

[Evolution786]

Ok I will draft a letter,

 

Priorityone - I do remember them saying the repayments must be 5% per month of the balance owing ?

 

I take it this is where I need to negotiate ?