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Preference Account Help
Miss_Lemon
Posts: 9 Forumite
Hi all, I have been lurking for a while now and have saved £££s by following the advice on this forum, so thankyou all. :T This is my first post however (bit nervous) and I wondered if anyone can give me some advice?
I had a Preference Card Account with Bank of Scotland some years ago which had horrendous interest and I was unable to keep up payments and tried to negotiate with them to no avail. The debt was defaulted and was then transferred to Blair, Scott & Oliver who, to be fair, have been ok and the interest was stopped (phew!). I have been paying them by monthly direct debit, now £20 per month, for a few years now and the outstanding balance is now approx £1,900. In October last year the lady from Blair, Scott & Oliver said that they would accept a payment of £1,200 as full and final settlement however as I did not have the money it was a no go. She then said that they would call me back in January to see if I could pay it, and if not they may transfer the debt to another Company. They haven't called yet but they soon will.
Now, I am due some extra cash around May this year (about £1,000) and wondered if I should try and stem them off until then and do a deal, or should I let them transfer the debt to another Company (seeing as the default is already on my credit file anyway) and see if I can negotiate an even better deal with the new Company, or will they simply slap on charges and harass me for more than I am paying now? :rolleyes:
I have read some threads about Full & Final settlements and wondered if anyone had any thoughts on this. Any advice would be much appreciated. Thanks guys.
I had a Preference Card Account with Bank of Scotland some years ago which had horrendous interest and I was unable to keep up payments and tried to negotiate with them to no avail. The debt was defaulted and was then transferred to Blair, Scott & Oliver who, to be fair, have been ok and the interest was stopped (phew!). I have been paying them by monthly direct debit, now £20 per month, for a few years now and the outstanding balance is now approx £1,900. In October last year the lady from Blair, Scott & Oliver said that they would accept a payment of £1,200 as full and final settlement however as I did not have the money it was a no go. She then said that they would call me back in January to see if I could pay it, and if not they may transfer the debt to another Company. They haven't called yet but they soon will.
Now, I am due some extra cash around May this year (about £1,000) and wondered if I should try and stem them off until then and do a deal, or should I let them transfer the debt to another Company (seeing as the default is already on my credit file anyway) and see if I can negotiate an even better deal with the new Company, or will they simply slap on charges and harass me for more than I am paying now? :rolleyes:
I have read some threads about Full & Final settlements and wondered if anyone had any thoughts on this. Any advice would be much appreciated. Thanks guys.
0
Comments
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Blair Oliver Scott is the Bank of Scotland (BOS).If you've have not made a mistake, you've made nothing0
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