debt collection

debtfreehopeful_2

After agreeing with the natwest a payment plan we recieved a letter this week from a collection agency saying they wanted the whole amount £455 in full unless we agreed a payment plan with them.

well i was angry about this but we phoned and were told the least we could pay was £80 a month and we had to set it up then, being put on the spot like that i was unsure if we could afford it and in the end got it down to £40 a month.

they didnt mention putting anything in writing that this is an agreement and we havent officially heard from natwest on the matter. Having read on here for the last few days i have been looking at the snowball calculator and things are much better than i had thought but im wondering

should we have heard from natwest?
and should we get something in writing to say weve agreed this?
thanks
Sue

headchef

They have in effect got you to agree to an amount THEY want rather than an amount YOU SAY you can afford!

Can you afford the £40? Remember you have to treat all your creditors fairly, which means (if you have more than one - and of course, us debtors always have) it means you have to pay them on a pro rata basis (the ones you owe the most get a bigger chunk).
A letter probably will turn up sooner or later. If you can't afford this amount - phone them back and say you felt under pressure and you are sending them a formal offer in the post with a SoA (Statement of Affairs) and an offer of payment. You do not have to tell them what that amount will be on the phone! Keep repeating 'I haven't worked it all out yet and I have to treat all my creditors fairly- YOU KNOW THAT' (say it NICELY but FIRMLY). Be professional and calm but don't get dragged into a leading conversation - they may ask for the value of your car, house etc. Don't get side tracked (mind you if you have an Aston Martin I would think about selling it for the debts obviusly).
Do what politican's do - ignore them and jsut keep repeating above.
The letter will not come from NATWEST but this new agency - to inform you that the debt is now theirs. Do check the amounts they state you owe etc.

debtfreehopeful_2

Thanks for that, we can afford the £40 a month, having looked at it we could have afforded the £80 but i wasnt being pushed into something i wasnt convinced i could afford if that makes sense.

i was very angry at the way i was treated considering we had an agreement with natwest which we were keeping to and then out of the blue this debt collection letter turns up.

all of the account details are accurate so thats not a problem and ive had a play with the snowball calculator and with some belt tightening have realised we can get rid of the 'bad' debt we have by july (hubbys a student so not going to be totally debt free for years.)

thanks for cluing me up on the situation this is totally alien to me seeing as the card was cancelled because we werent using it enough! One thing this has taught me is we wont be geting thurther into debt. :T
Sue

AGB863

Which company are now dealing with the debt? It may have been moved to Natwests own recovery unit.

In my expererience if you have set up an agreement with the primary lender and then they move it on, only make the same offer that Natwest accepted, unless of course it is more than the £40