help please panicking like mad

louserendipity

hi hope someone can advise me as i am so worried

i have a cc debt with alliance & leicester which is £1760

i am currently paying £25 a month with all interest stopped

i was told i could pay off 95% without affecting my credit file (£1672)

i've been saving like mad and selling things to pay off the 95%

whilst on the phone i thought i'd try to clear it for £1200

the lady did a soa (income and outgoings virtualy the same)

but then she said she had to take the payment BEFORE getting a decison

is this usual?

i asked how i would know if it was accepted , she said i had to wait til next statement eeek i am doing my nut here worrying

what happens if it's not accepted ?

will they start charging interest again?

will they stop my £25 a month payment plan??

this was all the money i had / will have for a long time now (borrowed some of it from a relative)

please advise as i am so worried

she said it would be about 68% of the debt and as they were knocking off £500 odd they needed payment first

sorry for babbling

NickX

Be careful here. If you have agreed a "Full and Final" settlement figure you need this in writing before making a payment to them.

If you do not have evidence of the agreement, then they could simply apply the payment to the balance and continue to chase you for the difference. If you have the letter clearly stating that a "Full and Final" settlement figure has been agreed then provided you make that payment, you have no further liability for the debt.

Sammy_Girl

Hello,

It sounds as if you want to make a full and final settlement of the debt? If so, you need to ask them to send you an offer in writing. I did this with one of my debts and they do try it on by saying you have to pay today blah, blah, but stick to your guns and ask them to sent it in writing. Wait for the letter to arrive before paying, and make sure that the letter states that the payment will be a full and final settlement. It is not unheard of, that the remaining amount is sold onto a DCA to chase. That is why you must get the offer in writing! Good luck!!

louserendipity

NickX wrote: »

Be careful here. If you have agreed a "Full and Final" settlement figure you need this in writing before making a payment to them.

If you do not have evidence of the agreement, then they could simply apply the payment to the balance and continue to chase you for the difference. If you have the letter clearly stating that a "Full and Final" settlement figure has been agreed then provided you make that payment, you have no further liability for the debt.

hi thanks for your reply
this is what i am worried about
she said unless i paid the 95% it wouldn't be a f &f but a short settlement or something along those lines
so it's quite likely i will have to find the rest then?

Sammy_Girl

Oops, crossed post with Nick

louserendipity

Sammy_Girl wrote: »

Hello,

It sounds as if you want to make a full and final settlement of the debt? If so, you need to ask them to send you an offer in writing. I did this with one of my debts and they do try it on by saying you have to pay today blah, blah, but stick to your guns and ask them to sent it in writing. Wait for the letter to arrive before paying, and make sure that the letter states that the payment will be a full and final settlement. It is not unheard of, that the remaining amount is sold onto a DCA to chase. That is why you must get the offer in writing! Good luck!!

oops sounds like i have made a major boo boo then as i have paid £1200 today
ouch now i am kicking myself
thanks for your help

NickX

louserendipity wrote: »

oops sounds like i have made a major boo boo then as i have paid £1200 today

Hmmm, to be honest I think you may have made something of a mistake here.

Do try and get them to honour their verbal agreement to a "Full and Final" settlement and I hope that they do, but if they don't its going to be your word against theirs that the agreement was actually made.

Good Luck.

jamalfatty

Sounds like you may have made a short settlement which is where they no longer pursue the debt (in theory anyway) but it will show as being defaulted on your credit file for next 6 years