Author Topic: Halifax Visa  (Read 10107 times)

MrRight

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Halifax Visa
« on: Jan 22, 2018, 05:09:20 AM »
I ran up a 13K debt with halifax visa and paid it off 2 years ago with a low interest loan. I ran it up to 14 k again and last month defaulted. In response to a letter I phoned halifax visa and went through an income and expenditure review. As a result they are freezing the account - no more interest - and I am being passed on to the recovery team. I have been told I will have to negotiate a repayment plan with the recovery team and can offer £1+ per month.


This is all fine and good and I am serious about paying all the money I owe - but I am a homeowner with equity.


Can I trust this? Or am I going to find Halifax Visa taking me to court for a charging order on my house? I have dependents.


I have 4 other debts which are costing me £1K a month in repayments.

Lisa Thomas

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Re: Halifax Visa
« Reply #1 on: Jan 22, 2018, 09:06:27 AM »
How much do your other debts total?


The arrangement is unlikely to be legally binding so your creditors can change their minds and start recovery proceedings at any time.  If they are owed over £5k each (or join together) they could petition for your Bankruptcy and your property will be at risk of reposession.


If you want certainty you may wish to consider a formal Individual Voluntary Arrangement (IVA).
www.Nevilleco.co.uk 01752 786800

MrRight

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Re: Halifax Visa
« Reply #2 on: Jan 22, 2018, 11:50:26 AM »
How much do your other debts total?


The arrangement is unlikely to be legally binding so your creditors can change their minds and start recovery proceedings at any time.  If they are owed over £5k each (or join together) they could petition for your Bankruptcy and your property will be at risk of reposession.


If you want certainty you may wish to consider a formal Individual Voluntary Arrangement (IVA).


Excluding my visa debt - I have about 25K outstanding via 4 creditors - loans which will be cleared in 2.5 years - 1 of them will be cleared aug this year so I am making progress. But the cc debt at 330 a month was just one too many and I could not make the full payment last month. To get it up to date I would need to pay about £500 on 1st Feb - which looks impossible if I am going to meet all my other commitments.


I dont want an IVA - as I want to get the debt cleared asap. I always planned to tackle the cc debt once all my other debts have been cleared.


I got into debt through using credit to fund my son's private education - that came to and end 2 years ago and since that time I am making good net reductions in my debt. Except this visa thing was just one too many.

Lisa Thomas

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Re: Halifax Visa
« Reply #3 on: Jan 22, 2018, 12:00:37 PM »
Best of luck.
www.Nevilleco.co.uk 01752 786800