One final update of my debt payment progress today and it goes to my Barclays Bank Debt. My debt with them stems from a current account with a £1000 overdraft.
Naturally I used the overdraft and hadn’t figured out how to repay it. I currently owe £1005.37 as it stands today.
What happened with my Barclays Bank Debt?
I stopped paying anything into the account and after about six months I was sent a default notice giving me 28 days to pay back the overdraft in full.
I was not in a position to repay the overdraft so I waited for the next communication from them. I have seen it all before so I wasn’t going to get worried about it.
My credit rating was already ruined so what’s an extra default between friends?
I then received a letter from Central Debt Collection Services advising me that I needed to pay them back or arrange a repayment plan.
I sent off a letter with my offer of repayment and Income and Expenditure Form. My repayment offer was accepted and I started making payments. From what I can tell, Central Debt Collection Services are in-house to Barclays Bank.
I currently repay £10 per month so it will take me a while to clear off the balance.
What are Central Debt Collection Services like to deal with?
Absolutely fine. I have no problem with them at all. I can call them up and not feel pressured into paying more than I can afford.
Central Debt Collection Services do review my payment every six months but my payment amount always stays the same. It’s not like I am going to get rich overnight. I don’t even play the lottery.
What are my plans for my Barclays Bank Debt?
For now the plan is just to keep on making the monthly payment. I hope to settle the Barclays Bank debt in 2014.
That seems a long way away but I am sure it will soon be here. Unfortunately there aren’t any charges, just the monthly interest that was added on at the time. This interest has since been frozen so this debt is what it is and is reducing each month.
