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Hi
I have a Barclaycard debt of around £14000 which I have been paying £115 per month with interest reduced to zero and no charges for 18 months. After twelve months they said this agreement had to end and my payments had to increase and interest would be applied again, albeit at a pretty low rate. I explained that I could not pay anymore and they said fine, interest would be kept at zero but I would eventually be defaulted or referred to a DCA. I have just received a letter from Mercers saying that if I don't pay the arrears the account will be closed and that Barclaycard will send a formal demand for the full balance. They have said to call them if I can't pay the arrears to discuss.
I'm happy to keep paying the £115 per month but my question is
1. What is likely to happen next.
2. Should I call Mercers.
3. Am i being a mug paying £115 per month and will the same events take place if I drop it to £5.
4. I'm not working at the moment but when my circumstances improve I would make a final settlement offer.
Any advice appreciated.
Thanks.
I have a Barclaycard debt of around £14000 which I have been paying £115 per month with interest reduced to zero and no charges for 18 months. After twelve months they said this agreement had to end and my payments had to increase and interest would be applied again, albeit at a pretty low rate. I explained that I could not pay anymore and they said fine, interest would be kept at zero but I would eventually be defaulted or referred to a DCA. I have just received a letter from Mercers saying that if I don't pay the arrears the account will be closed and that Barclaycard will send a formal demand for the full balance. They have said to call them if I can't pay the arrears to discuss.
I'm happy to keep paying the £115 per month but my question is
1. What is likely to happen next.
2. Should I call Mercers.
3. Am i being a mug paying £115 per month and will the same events take place if I drop it to £5.
4. I'm not working at the moment but when my circumstances improve I would make a final settlement offer.
Any advice appreciated.
Thanks.
