I'm going to University next year, in August/September. Before that time I have about £3500 of debt to pay off, with various companies.
In most cases this is fine - I've been issued demands by the collection agencies representing the companies, and am arranging payment for them. However, in a couple of cases (Dell Financial Services and Monument Credit Cards (Barclaycard subsidiary) I haven't been contacted in a while, and foolishly I don't have any documentation relating to my accounts (it was thrown out a long time ago by mistake).
Being that they haven't contacted me in a while, is it likely that they are no longer chasing the debts? I defaulted over a year ago, and haven't heard from them in over 9 months.
I am trying to contact the companies to settle my accounts, however it's not proving easy. Does the fact that they've stopped hassling me about money mean that they have chosen not to chase payment, and are essentially dropping the debts? Does it often work this way? I'm young and inexperienced, as you've probably figured out by now.
My current plan of action regarding these debts is to save the money to pay for them, and keep it aside in case I am contacted them (even if it is a summons to court, yuck).
Now, just to ease my mind - what terrible things would a full time student with debt problems have to endure? If I found myself brought to court over a payment, would they force me to drop out and work full time to pay the debt, or would an amicable arrangement (perhaps postponing the debt until after University) be arranged? I simply do not know how these things work. I imagine that some people go to University with a whole host of financial problems - how do they cope?
Thanks for reading. I hope you can de-puzzle me.