Is this too good to be true?

dwarfstar

I too have received the same letter from Thames Credit this morning. As has already been said I can only assume that they are desperate as they are offering £150 as full and final payment against a debt of £25k+ !

Not sure what to do yet as I can't really afford the £150. I currently pay only £5 pm so I could sit it out and see what happens, after all £150 represents two and a half years payments for me!
They obviously realize that it will take me over 400 years to pay at this rate so perhaps they do just want to cut their losses.

I'll think about what to do over the weekend. It still feels like a con just to get me to 'phone them but, if it is genuine, it would be one less weight off my mind.
Interesting.

dn2004

yeah at the rate my father was paying it would of been paid back in about 666 years (is that a bad sign), my father said it was confirmed they owed the debt a fair few years ago.

poochunk

I checked out Aktiv Kapital’s share price (Aktiv Kapital owns Thames Credit) and it’s come down a fair way in the last 6 months - about 35%. I’m no expert on the stock market, but I guess it can only be a good sign that their share price has fallen that far. Hopefully their subsidiary companies like Thames Credit will be the first casualties.

It’s still a gamble not to go for their offer. I guess it depends on how much your monthly payments are. This account is on £1 a month, with a debt of just over £4k, and the “customer” doesn’t care in the slightest about having a bad credit rating.

Our feelings are still that we're not going to take them up on their "offer", but it might make sense to do so in different circumstances.

timdave

I got a letter on friday 12th but dated 0n 9th. 30% on a balance of £5000, I was tempted to pay it but I also had the thought that its them in trouble more than being good to the customers. With the news of Leman bros bank going bust I think that Thames are frantic to get money in, maybe they are close to colapse too!.

Here is the rub, I am losing my job next march 09 but i would like to clear this debt and am tempted to use my creditcard to pay the 1500 they want, but I would rather pay sod all and get it wrote off. Plese give your thoughts on what to do I am holding out till the last day to contact them.

RAS

Hi

As a starting piont do the CCA. Then you will know if they have the paperwork.

timdave

Thanks Ras.

I have been paying them for about7years on this debt does that make any difference?
If i ask for CCA and it takes them 12+ days i may not be offered the 30% deal, this is the last of my defaulted debts from 10 years ago.

advise please

JRP1414

The Aktiv representative called us back today asking if we were prepared to settle at 30%. We explained that we couldn't get that kind of money together and having seen examples on the internet forums of people being offered £150 to clear debts of £8,000 - £25,000, we felt it rather unfair that we were being asked for a £4000 settlement.

The representative then turned from Mr Nicey Nice-Guy to Mr Nasty and basically said it was none of our business what others were being offered and it was £4000 or nothing. When we stuck to our guns and said 'nothing' he told us we were missing the opportunity of a life-time and were stupid not to take up their offer. He then rather abruptly ended the conversation.

Someone bitter about not getting their commission perhaps?!!!

Daft thing is, if he had come down a little, we were fully prepared and able to settle and had sorted out financing the deal. Oh well, maybe in 20 years time they might get their money back... If they're still around!

GeorgeUK

Seems like they may be in trouble, but still most of this sounds like a good deal. It may be they don't have the CCA, but even if they go out of business, these debts will surely just be sold on to other DCA's as assets and it will start all over again. You could then request the CCA's from them but if the CCA is produced any time in the next 5/6 years before the debt becomes statute barred, and it has all the required prescribed terms, then you will need to continue to pay.

It seems like a good deal but you will need to make sure that the account number is correct and that it is Full and Final instead of partial settlement. I would also request written confirmation that they have received payment after this incase another DCA chases this later.

good luck guys.

Broken_hearted

Wow 5% blows my 18% F&F out of the water and I was so proud of it.

maxriz

Broken_hearted wrote: »

Wow 5% blows my 18% F&F out of the water and I was so proud of it.

Don't be downhearted Broken Hearted - 18% is still good!!

Would you pay £600 to clear (F&F) nearly 14k?