Today we are going to look into a question for one of our reader who has Credit Card Debt With Nationwide…

I have been unable to pay my Nationwide Credit Card, due to a change in personal circumstances . I am now nearly 2 months in arrears.

I wrote to Nationwide and offered them a token payment of £10 per month because I cannot pay the required amount at present.  I told the that I hoped my financial situation would change after 2 months, although this isn’t guaranteed.

I wok up this morning to find that I got two letters from them.  The first letter contained an income and expenditure form.  After reading it, it seems that they are requesting me to fill it in and send back along with a payslip, and bank statements. The other letter is a final demand for payment within 72 hours or they say they will make a visit to my house!

I really don’t know what to do!  Do I really have to send copies of all my bills and my bank statement?

I really could do without people knocking on my door adding to the stress that I’m under. Should I acknowledge the final demand letter in writing?

Thank you in advance for any advice you can provide.

———————-

Our Answer…

Well, to start off with you are under no obligation to provide them with copies of bills and bank statements.  At this stage in your arrears it is unlikely a home visit will be made.

If you are unable to come to an arrangement with your debt, they will more than likely send you a few more letters and then pass the debt on to a debt collection agency.  At this stage the debt collection agency will go through the process again.  Its standard procedure.

While you should do your very best to pay the debt, at the end of the day you can only pay what you can afford.  No one from Nationwide has a right to visit your home without your permission.

Nationwide, and most lenders have set arrears and debt procedures and will go through a cycle of different letters and telephone calls.

You should stay in contact with your lender at all times but don’t let them harass you.  If you are uncomfortable with telephone contact you are more then entitled to request that your dealings take place via mail only.

If your situation doesn’t get any better and you are unable to pay, It will usually be two or three months before it’s passed to an outside debt collector.  If it does reach this stage you are best dealing with them via post and make sure everything thing is sent recorded delivery.

If your debt situation doesn’t get any better you should consider entering into a formal debt arrangement such as an IVA.

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Debts are certainly not simple to manage. The credit cards that people hold aren’t a great choice for those who don’t have a frequent income source and are dealing with a crunch.

Just like credit cards, you need to pay your store card bills. You’d have used them for your benefit however might end up burning up a huge hole in your pocket. There may be situations in which the store card debt may possibly increase quickly and you’re simply unable to repay it.

For these kinds of circumstances, you may want to seek out advice on how you can clear store card debts. You may create an agenda with regard to controlling the money you owe. This is often an efficient way to reduce the debts with virtually no problems. This plan of action may end up being advantageous as you get to manage your financial situation more efficiently.

Under your plan, you prepare all of your bad debts into a solitary loan and have to repay to a solitary lender. This would relieve the repayment procedure as the rate of interest on these kinds of loans is fairly low. You may even attempt to make contact with the storecard provider and get them to hold the extra interest rates they have placed on your card. You should consider asking them to eliminate additional costs too.

For those who have far more debts, there’s an agreement with regard to lowering the monthly obligations. The program is known as individual voluntary arrangement. This is simply just like a debt management plan while offering an additional advantage of writing off the bad debts which you find too expensive.

By doing this your creditors can come to an arrangement to what amount you really can afford to repay to them every month. At the conclusion of the IVA program all of your bad debts are going to be removed. If ever the store card debts you’ve got have become the cause of significant difficulties for you, you may also file for bankruptcy.  This is the most severe method of getting away with the  money owed. Declaring personal bankruptcy can also get rid you of essential possessions that you’ve got.

The after-effects regarding personal bankruptcy tend to be countless you need to think carefully prior to declaring yourself insolvent. It is perhaps all too simple to be persuaded to join up for a store card however if you don’t repay the total amount inside the interest-free time period they’re rarely ever a great deal.

It may be really attractive to make use of store cards to obtain a lower price on your shopping costs. Nevertheless, it’s very easy for debts on your own store card to get out of hand. The high rate of interest is the main reason a lot of consumers are troubled by store card debt. Generally speaking we suggest steering clear of store cards unless you anticipate repaying the balance right after the store card statement arrives.

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