Offering settlement to Barclaycard

soho_dream

Hi
I have unfortunately personally amassed a large debt attributed to my former limited company which has now gone into liquidation (without going into details I used my personal Barclaycard to pay for a ltd. company bill and then discovered that the contract was in my personal name, not with the limited company-so I've been saddled with it).
Anyhow I now owe £8600 on my Barclaycard and am actually over the credit limit of £8500.
I can't afford to pay this given my current income/outgoings.
I was wondering what would happen if I called Barclaycard and explained that I won't be able to keep paying such high monthly payments but would be able to offer them a sum of money as full and final settlement on the account (it's possible I can get some money from family).
Are they likely to accept such a proposal?
If so what sort of figure might they accept (I was thinking of offering about £4,000)?
Look forward to hearing from someone out there who may be able to help (maybe even someone who works in this field and can offer me some 'inside' information!)
Regards

CLAPTON

Most companies dont accept offers of less than the full debt for obvious reasons...like no-one would want to pay their debts if you could simply phone up and offer half what you owe.

so generally speaking CC companies wont consider Full and final offers until
-you have defaulted on the minimum payments
-your credit history has been marked as defaulted
-you have agreed a repayment schedule with them (even if at a low rate) and kept to it for some time (say a year)
-sometime the debt will be sold to a DCA.
then they might accept.

Josie64

soho_dream wrote:

Hi
I have unfortunately personally amassed a large debt attributed to my former limited company which has now gone into liquidation (without going into details I used my personal Barclaycard to pay for a ltd. company bill and then discovered that the contract was in my personal name, not with the limited company-so I've been saddled with it).
Anyhow I now owe £8600 on my Barclaycard and am actually over the credit limit of £8500.
I can't afford to pay this given my current income/outgoings.
I was wondering what would happen if I called Barclaycard and explained that I won't be able to keep paying such high monthly payments but would be able to offer them a sum of money as full and final settlement on the account (it's possible I can get some money from family).
Are they likely to accept such a proposal?
If so what sort of figure might they accept (I was thinking of offering about £4,000)?
Look forward to hearing from someone out there who may be able to help (maybe even someone who works in this field and can offer me some 'inside' information!)
Regards

I'm having debt problems at the moment and I owe barclaycard 5,000 ish, its was 4,850 c/crd limit , but I'm only paying back £10 a month but they say its not enough , hubby off work and income at the money is 60 week is SSP, so have sent it to a debt collection company , but because you can offer 4,000 , it might be different for you... good luck!

Broken_hearted

If it goes over to Wescot they will most likely take half, they did for me.

soho_dream

Broken_hearted wrote:

If it goes over to Wescot they will most likely take half, they did for me.

What/who/where is Wescot??

Broken_hearted

Barclays debt collectors

soho_dream

soho_dream wrote:

What/who/where is Wescot??

OK - just discovered they're a debt-collection agency.

Problem is- do I want it to go that far? Won't that ruin my credit rating score?

Broken_hearted

My credit score is 749, don't know if thats good or bad.

FatJock

soho_dream,

Not sure if this advice is helpful but;

get barclaycard to 'suspend' your account because of financial difficulties. They can place a stop on any interest charges growing on the account therefore getting you into further debt. They have an obligation to do this to cardholders with financial problems (I don't think they can refuse). You will still owe the full amount but no further interest charges will be added. You can then come to an arrangement to pay.

If you do come to an agreement with them, then don't miss a payment or make a late one as they can get quite shirty and cancell the agreement

If you can't pay the full amount and they won't settle for a final payment I'd try to get them to send the account straight to their debt collectors and see if that will have any effect.

Either way I think your credit rating with them will suffer (at least in the short term). Aslo do you have another cc you can BT onto at a lower rate?

Hope this is useful.

Cheers
FatJock

THE_LONE_RANGER_4

to be honest your credit rating is shot at the moment this credit score business is a load of rubish in my opinion just make an offer of payment you can afford until they offer you a full and final offer or you sugest it 6months down the line

Josie64

soho_dream wrote:

OK - just discovered they're a debt-collection agency.

Problem is- do I want it to go that far? Won't that ruin my credit rating score?

just done a search on google (wescot+baclaycard)and found this......


Furthermore it's not always obvious that a debt-chaser belongs to a parent bank. You mention Barclaycard: a lot of their chasing is done through a company called "Mercers Debt Collections Ltd". Mercers are almost invisible (they've filed dormant company accounts at Companies House for the past 6 years or so, in spite of the fact that they have been extremely active - they factor debts too so Lord knows how they get away with dormant status); and you won't find them in the phone book either (even though they operate a call-centre); and their address is a Liverpool p.o. box number (in fact they operate from Barclaycard's premises). Performing a google search produces scant evidence of their existence (none of the usual corporate stuff - sponsorships, seminars etc) Anyhow, Mercers are part of the Barclays group.
One handy tool for discovering whether the company chasing you is in reality a subsidiary of (or otherwise connected with) your lender is via the "Register of Data Controllers" on the Ic's website at http://www.dpr.gov.uk/ Here you can search using address or postcode fields to see what companies come up at the same address. So that Mercers, for instance, are registered as data controllers at the same London address as Barclays' data controllers (in this case the registered office of both companies: they are parent and subsidiary)

The surefire of checking who really owns the company harrassing you is to travel to Companies House and perform a search, although that can be costly with travel etc or otherwise obtaining a search online. But of course that only works if it is a limited company chasing you: the IC's site has EVERY type of businesses registered, whether sole- trader, partnership or limited company. Very useful to know who else operates from or is listed at the same premises as the firm chasing you.

**********
i owe barclaycard 5,000 ish , or so they say, not having had statements from them for a while ( are they allowed to stop sending statements?)

the last conversation I had with a lady(?) from mercers yesterdays was it was going to be passed to a debt collection co (I asked for the name but she refused) and they were going to come to the door....

just wondering but if they start to take goods can I ring the Police and get them for theft? I understand its only bailiffs that can take goods and thats only after you don't pay CCJ's?

if I'm wrong please feel free to correct me , I know hubby is very worried cos someone is going to come to the front door...he came out of hospital two weeks ago and only money coming in is 60 week SSP from work update: work finally paid correct SSP after 3 weeks"