agreement with credit agency gone sour!! 13 November 2008 at 1:19AM edited 30 November -1 at 1:00AM in IVA & DRO 1 reply 986 views

needahome_2

basically i owe £2500 to a credit agency, which i have been paying off at £10 a month for the past 5 years.

my mother has offered to pay off the debt, but only for a reduction.

i asked the credit agency for this reduction and they said they would accept £1000, this was last week.

they said they would send a letter offering full and final settlement and i would have 14 days to pay it.

ive recieved this letter today, but it says i only get full settlement
and i have to pay it tommorow or i am in breach of my £10 a month interest free agreement!!!!

advice please !!!

insider66

write back and offer them £475 in full and final settlement as this is what it will cost you to go bankrupt, explain that is what you will do if they don't accept this offer.
Try not to worry too much about the "breach", as this is an informal agreement they can withdraw it at any time and are using the tactic to frighten you