Missed first Capital One payment of many

[Andyorch]

Is it a personal use account/s or connected to your business ?

[Andyorch]

https://www.capitalone.co.uk/support/coronavirus-guidance-and-information.jsf

 

https://www.aquacard.co.uk/faqs/payment-freeze

[Andyorch]

Once you miss payments you will be informed by the creditors with Notice of Default...allowing you time to rectify the arrears.....if you cant rectify the arrears you will then receive a Default Notice..allowing 14 days to rectify otherwise they will default the agreement and possibly terminate the account.Your credit files will reflect the default and will remain on show for 6 years.

 

Normal procedure then is that they sell the debts to a DCA ...who will chase you and possibly litigate against you with a court claim for a CCJ.

If you fail to pay the CCJ or agree a payment plan then they can execute the judgment by use of County Court Bailiffs.

 

So its important to speak to the creditors now and explain your situation...they should be more sympathetic during the present crisis's in agreeing some payment holiday.....but as you state you will possibly be never in a position to resume payments...then ultimately your credit files will be marked....what comes after that is unknown until it happens...there is no set process. 

[Andyorch]

You wont know until you speak to them.....but speak to them not on line.....

 

Here a re a few letter templates from our library

 

https://www.consumeractiongroup.co.uk/forum/298-debt-collection/

[Andyorch]

Not really we get it all the time...... Print it ...there is no requirement for a wet signature.

[Andyorch]

If you amalgamate the templates it kinda defeats the object...its one or the other...try the freezing interest first IMHO.

 

There is a good I&E sheet attached to the N245 which is the court approved for......see here:-