I have a credit card debt with MBNA which I aquired in 2002 following a violent relationship to help me to support the 2 children. I was unable to make the necessary payments and the debt finally totalled £4,500. MBNA passed the debt to First Credit who took me to court and successfully obtained a charge against my property in 2006.Whilst I have continued to pay the £35 a month, the interest continues to be applied and the debt now stands at £6,800.What action can I take given that I do not have access to the £6800 to clear the debt?The debt is an accumulation of charges, fees and interested coupled with a PPI.Because of the Charge, I cannot obtain any credit to even pay the debt so find myself in an awful situation.
System of Law: England-and-Wales
Their legal department to try to obtain an offer of final payment
Hello,I will do my best to help you with this.Do you have equity in your property at all?
I do have equity in the property, £52,000, but Halifax will not allow me to borrow further funds due to my credit score ( probably the Charge)
When you said the debt finally totalled £4,500 and a charge was obtained, was that after a judgment was obtained against you? WHat I am struggling to grasp is how the debt has continued to grow and reach £6,800.
I dont have the details in front of me unfortunately, but the interest continues to be added at approx £.99 a day so after 7 years it has accumulated
this is the response yesterday from their solicitors regarding my offer of £1000 a full and final settlement
If you are able to offer £2,000 to £2,500, I would anticipate you will be able to settle this. Can you raise that sum?
thats my problem, I dont think I can...maybe I need to just save money and return to them next year with an offer.
I had hoped there was a legal way to have the Charge removed given the time scale, and the nature of the debt.
I understand that Defaults are removed from Credit Files after six years and I thought that someone like Martin Lewis might have battled this through the courts.
Martin Lewis has just sold out for millions so I don't think he needs to battle anything anymore!There are things that you can do but it depends whether the charge is based on a judgment against you, obtained through the Courts. That is why I asked you that. Can you confirm?
the judgment was obtained at Epsom Court under claim nos 5XG56162
The judgment balance was £4778.87
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