ARC/EGG short settlment offer advice needed

suewiththeblues

After many long months of trying to negotiate a short settlement offer with EGG credit card (currently being dealt with by ARC Credit Management) i received the following letter today.

'We are prepared to accept £220 to short settle this debt (balance £344) so long as it is recieved by 26 June.'

I KNOW it doesnt say full and final and it doesnt offer the guarantee that the balance will show on my account as 0 and nobody else will chase me for the balance, but wondered if anyone else has had experience of this offer with egg or arc and can they be trusted ?? obviously i know neither are to be trusted but really dont want this hanging over me for more months and am just wondering if i should go ahead with it, or ring them even?

vuittondreamer

I've just settle with egg, but i made the DCA (Moorcroft) sign my letter by fax to say this was full and final settlement and they backed it up by e-mail, i would get them to state that this is full and final settlement and that no other party will collect the remaining balance.

suewiththeblues

hiya
since october i have been sending them letters saying i will offer 220 in full and final and asking for confirmation that my credit file was be marked as satisfied and that them or nobody else will pursue me for the balance, so am not sure how to get them to put the rest in writing?

gizmo111

suewiththeblues wrote: »

hiya
since october i have been sending them letters saying i will offer 220 in full and final and asking for confirmation that my credit file was be marked as satisfied and that them or nobody else will pursue me for the balance, so am not sure how to get them to put the rest in writing?

Reply with a conditional offer and don't pay until you get it in writing.

Deep_In_Debt

I'd say unless they accept and agree to mark your file as "satisfied" then you will withdraw your offer.

suewiththeblues

Right, how about this for a reply, havingread now that partially settleds is ok as long as the balance is marked as 0 on credit files

Thank you for your letter stating that I can pay £220 to ‘short settle’ the above debt.
Firstly, please clarify the difference between short settlement and full and final settlement, as I understand full and final settlement is what is needed to bring this account to a close.
Secondly, I also requested that you confirm in writing that neither you nor any company associated with you will take any further action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability and that the balance on this account will be recorded as £0 with credit reference agencies.
As soon as I have written confirmation of the above I can pay the money directly to ARC by cheque or by debit card. However if written confirmation of the above points is not received I will be unable to pay.

Diana_Prince

vuittondreamer wrote: »

I've just settle with egg, but i made the DCA (Moorcroft) sign my letter by fax to say this was full and final settlement and they backed it up by e-mail, i would get them to state that this is full and final settlement and that no other party will collect the remaining balance.

Can I ask how you managed to defeat the dreaded Moorcroft?! I've been struggling with them! I owe them £750 what kind of offer would be accepted? Thanks!

vuittondreamer

Just got your PM hope my answer helps.