Barclay Card Debt Clearance
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p3zzl3
Posts: 1 Newbie
Hi All,
New here, so I hope I've got the right forum. If not, can you move it please Mods?
Situation:
My wife has a credit card that was once a Goldfish card. After several companies bought them and took it over, and we've ended up with Barclay Card. We've not used the card in years and been trying to pay it off (was 15k) and are now down to £8.5k.
My wife spoke to them today to see if we can settle the account for a lower amount, as this is so old it's us paying interest on interest on interest.
They've agreed to settle it for 50% of the outstanding amount, which we can just about scrape up...just.... (It'll hurt for a year or so, but obviously worth it).
After giving her all the details on the phone, the "Senior Manager" there said this is all on record on her file, and we need to make the settlement payment by end of December.
However, this senior manager then said that they would not confirm any of this in writing, but a verbal assurance was good enough. Surely this can't be right?
If there is technically an outstanding amount on the debt (which they say they will hold and do not sell) how do we have any legal proof this is the agreement?
Can anyone confirm what "should" happen?
Thanks all.
P3zzl3.:T
New here, so I hope I've got the right forum. If not, can you move it please Mods?
Situation:
My wife has a credit card that was once a Goldfish card. After several companies bought them and took it over, and we've ended up with Barclay Card. We've not used the card in years and been trying to pay it off (was 15k) and are now down to £8.5k.
My wife spoke to them today to see if we can settle the account for a lower amount, as this is so old it's us paying interest on interest on interest.
They've agreed to settle it for 50% of the outstanding amount, which we can just about scrape up...just.... (It'll hurt for a year or so, but obviously worth it).
After giving her all the details on the phone, the "Senior Manager" there said this is all on record on her file, and we need to make the settlement payment by end of December.
However, this senior manager then said that they would not confirm any of this in writing, but a verbal assurance was good enough. Surely this can't be right?
If there is technically an outstanding amount on the debt (which they say they will hold and do not sell) how do we have any legal proof this is the agreement?
Can anyone confirm what "should" happen?
Thanks all.
P3zzl3.:T
0
Comments
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I would only settle if it was in writing personally.Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
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It's not good enough. If they agree to a deal, it's in their interest as well as yours to set out the terms in writing.
Maybe if you phone and get someone else, and they can see the deal on your record, they can generate a letter to confirm.
That's the 'nice' way to deal with it. Part of me wonders if they would be able to find the original paperwork if you did a cca request.0 -
I would only settle if it was in writing. I would also contact them asking for written evidence and if it is not forthcoming make a complaint.Aiming to make £7,500 online in 20220
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I would not touch it without something in writing.
I am a cynic!
Also agree with Fatbelly about wether they have the CCA.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
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Part of me wonders if they would be able to find the original paperwork if you did a cca request.
My thoughts too.
Send a CCA request first before you agree to anything.
See what they come back to you with.
https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspxI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi p3zzl3
As everyone advises above, it is never a good idea to make a full & final payment without a written agreement. Should you be contacted years down the line by a debt collection (DCA) asking for the remaining balance you will have no way to prove a full & final settlement was agreed.
There seems no valid reason why your creditor would not agree to put the offer in writing. As fatbelly suggests, try calling them back and hopefully you will get through to someone else who will put it in writing. If that fails, try writing to them by recorded delivery. That way you should get a written response, hopefully confirming the agreement.
It's a good idea to include this text 'I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.
If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.'
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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