Have been offered chance to settle my debt, any tips on the best way to deal with it?

MR_MAKAVELI

Hello all,

I have just been contacted by a Debt Collection Agency who are dealing with my BarclayLoan debt (first time they have contacted me for something silly like 2 years, have been paying just £30 a month which I agreed with them).

The lady said I still owe something like £7800 or £7900, I actually thought I still owed a bit more, but anyway she has offered me the chance to settle the account if I pay approx £2950. (I was expecting her to say a much higher amount or at least £4000).

I have asked them to send me the paperwork first, but I was wondering if any of you have settled any debts in this way recently & whats the best way to go about it with regards of which method to pay it & any letters I should send with it??

Many thanks. :j

Tixy

Hi

You need to ensure that you have in writing from them before you make payment that it is a full & final settlement and that neither they nor anyone else will chase you further for the remaining amount. It should also state that your credit file will be updated to reflect that the debt has been satisfied (or possibly partially satisfied)

Here is a factsheet which might help
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

MR_MAKAVELI

Hey ya Tixy,

thanks for that, so if the paperwork does not state those things I should ask them to send me out the paperwork again with all those details contained in it.