Barclaycard full and final offers don't exist!

TFD_2

A couple of questions, that I'm sure will have affected Barclays' decision: how much of an offer did you make, and are the accounts currently in good order?

Underpressure_2

TFD wrote: »

A couple of questions, that I'm sure will have affected Barclays' decision: how much of an offer did you make, and are the accounts currently in good order?

Both accounts have now got missed payments, they had been excellent up until last month.

Offer made to them was 11% of outstanding balance, only other alternative to them was to make monthly payments which would have taken over 35 years to repay. As it stands including familt debt, payments would now reduce and it would take over 55 years to repay.

I know if was a low settlement figure but given my circumstances and only having approx £40 to pay all debts it was a way of getting some of their money back especially as I have said ealrier, they are partly responsible for me being in this state.

hullight

11%, I think even a DCA would have to think twice about an offer that low on an account which is being paid off with reasonable regularity.

samhuzz

I thought for an IVA your debts had to be over 15k? That's what I was told anyway.

TFD_2

Underpressure wrote: »

Both accounts have now got missed payments, they had been excellent up until last month.

Offer made to them was 11% of outstanding balance, only other alternative to them was to make monthly payments which would have taken over 35 years to repay. As it stands including familt debt, payments would now reduce and it would take over 55 years to repay.

I know if was a low settlement figure but given my circumstances and only having approx £40 to pay all debts it was a way of getting some of their money back especially as I have said ealrier, they are partly responsible for me being in this state.

I'm not surprised they rejected 11%. They would probably rather take a gamble that you go bankrupt than accept that.

Even if you've taken a hit on your salary, to expect it to take 35 years to repay seems crazy. With some negotiation on interest and monthly payments, you would be able to budget to pay this off quicker, even if it makes things tight. Bankruptcy is an option, but it's a bit of a cowardly way out than deailing with a problem you caused yourself. And the comments earlier regarding incorrect CRA information being the root cause of this just doesn't ring true to me.

If Barclaycard consider a full and final settlement, it will a) be a lot more than 11%, and b) only be once the account has defaulted.

ILW

They are probably hoping your income will increase in the future, maybe you should be looking at that too.

Underpressure_2

TFD wrote: »

I'm not surprised they rejected 11%. They would probably rather take a gamble that you go bankrupt than accept that.

Even if you've taken a hit on your salary, to expect it to take 35 years to repay seems crazy. With some negotiation on interest and monthly payments, you would be able to budget to pay this off quicker, even if it makes things tight. Bankruptcy is an option, but it's a bit of a cowardly way out than deailing with a problem you caused yourself. And the comments earlier regarding incorrect CRA information being the root cause of this just doesn't ring true to me.

If Barclaycard consider a full and final settlement, it will a) be a lot more than 11%, and b) only be once the account has defaulted.

TFD, if you had fully read the whole thread you will know that this was hardly caused by myself. They did all mess up my credit file which does affect you getting good rates which they had already admitted to. I take exeption to the 'cowardly way out' you class this as. The last thing I was to do is go bankrupt, but when your creditors aren't interested then they leave you little option. I have already explained in posts that they can't even follow the Lending Code which they all my creditors signed up to.

If you have £40 a month to pay debts totalling £31k and one of your creditors (Barclaycard) aren't even interested in talking, can you please explain how you get rid of a debt like that is even 10 years.

I have been in debt for quite a few years now and need a fresh start, i've got my own health to think about and can't be living like this until I retire.

Underpressure_2

ILW wrote: »

They are probably hoping your income will increase in the future, maybe you should be looking at that too.

Possibly although I did say in my offer letter that things are unlikely to change in the near future especially given the hard times we are all about to face.

TFD_2

Underpressure wrote: »

TFD, if you had fully read the whole thread you will know that this was hardly caused by myself. They did all mess up my credit file which does affect you getting good rates which they had already admitted to. I take exeption to the 'cowardly way out' you class this as. The last thing I was to do is go bankrupt, but when your creditors aren't interested then they leave you little option. I have already explained in posts that they can't even follow the Lending Code which they all my creditors signed up to.

If you have £40 a month to pay debts totalling £31k and one of your creditors (Barclaycard) aren't even interested in talking, can you please explain how you get rid of a debt like that is even 10 years.

I have been in debt for quite a few years now and need a fresh start, i've got my own health to think about and can't be living like this until I retire.

They may well have had some incorrect information temporarily on your credit file, but it's hardly the main reason you owe all this money is it?

Bankruptcy is the cowardly way out, and I stand by this. There are other options for paying your debts, if you're prepared to do the hard work.

If you can only spend £40 a month on debt repayments, then you need to review your income and expenses. Cut your overheads. Get a second job!

You borrowed and spent this money, I don't see why you're entitled to get a "fresh start" and make the rest of us pay your debts off.

Underpressure_2

TFD wrote: »

They may well have had some incorrect information temporarily on your credit file, but it's hardly the main reason you owe all this money is it?

Bankruptcy is the cowardly way out, and I stand by this. There are other options for paying your debts, if you're prepared to do the hard work.

If you can only spend £40 a month on debt repayments, then you need to review your income and expenses. Cut your overheads. Get a second job!

You borrowed and spent this money, I don't see why you're entitled to get a "fresh start" and make the rest of us pay your debts off.

Gonna have to agree to disagree.

Even been advised by the CCCS and CAB that Bankruptcy is the only option, as these are both charities and don't have anything to gain by me doing this, its good to see they have the best interests of their clients at heart.

Without covering old ground yet again, I do blame them for a lot of what has happened, not all, but they did have a major part to play in this.

Overheads have already been cut in order for me to even find then £40 for repayments.

It will be heading for the Ombudsman first thing tomorrow as well as official complaints to both companies so thats where i am heading.

I have now completed my Bankruptcy papers so they will more than likely be submitted after a word with the CAB.