Natwest and Equidebt

peechylaydeez

Hello Everyone!

I'm here to share my progress, and hoping it will help others, in the same way as you all seem to be helping me with your stories. I have not arranged an IVA or intend to (as I intend to sort these debts out myself) but I am in the process of making offers to my creditors much in the same way as you all are - so please re-direct my post if necessary.

NatWest
Yesterday I visited the Community Legal Advice centre in Portsmouth as I wanted support whilst I made NatWest an offer to settle my debt of £2015.75.

(Background: Original overdraft of £1500 went over to £1597.08, so I made an arrangement with them in the branch of paying £1 per month, with frozen interest and charges, until such a time as I could pay more. They sent me a letter confirming that the account would be frozen, however, they continued to add interest without my knowledge, and not being able to do anything about it I ended up owing £2015.75. (it was a word of mouth aggreement, with a letter which is now showing itself to be ambiguous) I had to stop paying my pound a month so that they would serve a notice of default and the interest would stop being added. I can't tell you how cross I am with them for lying and tricking me..however..this will have to be sorted out at a later date..for now i'll tell you of my offer as it show the difference between a short settlement and a full and final settlement).

NatWest said they would accept my offer of two payments of £750 over two months (total £1500) but that the remaining £715.75 would remain on my Credit file as unsatisfied, and that the offer I was making was named a "Discounted Settlement Figure". This was the first time I had ever heard of this.

My advisor was cafeful enough to ensure that the deal would be put in writing and that the remaining £715.75 would not be sold on to a DCA (Natwest lady on the phone wrote it up straight away after consulting with her team leader and I expect to receive the letter today). However, my advisor was a volunteer and it was clear he could only advise me so far..I also had an intuition that there wasn't something quite right about it.

Eventually she told me that the remaining £715.75 would be put into an archive at Natwest, and if I want my credit file settled in respect of this debt in the future, i can return to them and pay it off.

I agreed to the deal, not because It was the conclusion I wanted but because I saw it would buy me some time to attempt to wipe £618 interest I never should have owed. (Remember I owed £1597.75 originally!)

Equidebt
Today I phoned Equidebt as they sent me a letter offering me 50% off, owning to the credit crunch they said. Naturally I was excited yesterday morning before I'd dealt with Natwest, and downhearted last night after I'd dealt with Natwest as I imagined that this settlement would be a "Discounted settlement figure". So I asked her..
"Is this what's called a Discounted Settlement figure?"
ha!
She said "yes, and the reamining debt will be wiped. leaving your credit file marked as "satisfied"
me..."Huh???"
I told her about Natwest.
She said "That's a Short Settlement, but with the FULL & FINAL SETTLEMENT your account would be satisfied"
AHHHHH!
I knew there had had to be a better deal yesterday with NatWest! I had more money to negotiate with and would have done so just to get it over with..and I would have still persued a refund of the charges! If only my advisior had been qualified!
Well, I can't help that now. With the knowledge he DID have, I do appreciate what he did do for me, so it's time to take notice of what's available, peeps!!!

Discounted Settlement Figure......
Two types!!: Short Settlement/Full & Final Settlement
What I was after with Natwest was a full & final settlement, however, not knowing about the lingo or legal stuff I couldn't ask for it.

So..I am planning to pay off Eqidebt in 4 monthly payments, which will mean that my credit account is satisfied in respect of this particular debt.

In the future I am going to be persuing FULL & FINAL SETTLEMENTS!!!!

And, of course, thanking my creditors for their generosity, if and when they accept them...fingers crossed.

SO...WHEN MADE AN OFFER FROM A CREDITOR/DCA OR WHEN MAKING ONE YOURSELF, FIND OUT WHETHER IT IS A SHORT SETTLEMENT OR A FULL & FINAL SETTLEMENT.

IF A SHORT SETTLEMENT, FIND OUT WHETHER YOUR REMAINING DEBT BALANCE WILL BE SOLD ON TO A DCA OR KEPT WITH THE CREDITOR.

SAY YOU WONT ACCEPT AN OFFER OR MAKE A PAYMENT UNTIL YOU RECEIVE IT IN WRITING STATING THESE FACTS.

A SHORT SETTLEMENT "UNSATISFIED" ON YOUR CREDIT FILE WILL REMAIN ON IT FOR 6 YEARS, BUT IF ARCHIVED, i'm told, CAN STILL BE PAYED OFF IN THE FUTURE (WITHIN THESE 6 YEARS), CHANGING YOU CREDIT FILE TO "SATISFIED".

IF ARCHIVED, I AM ASSURED, YOU WILL NOT BE PERSUED FOR IT.

Thanks for reading :T
Any comments please?.....
Fleur