What Would You Do??

climbintheladderouttadebt

OK,

I know the advice is never to call DCAs and instead write to them but I had a query I really needed answering this morning so I rang 1st Credit. They are dealing with it (got a nice helpful bloke who explained everything).

Now 1st Credit also deal with another of my accounts, an old Woolwich account with over £1,000 in charges outstanding. They have just offered to write the whole thing off for a payment of £150, and I've got until the end of the month to pay it. I can borrow the money no worries (off a friend, not a loan company or anything! lol)

I had complained repeatedly to Barclays about this old Woolwich debt and was never successful in getting it wiped. The complaints now with the FOS but I am concerned they won't uphold my claim.

So.... would you pay £150 to rid yourself, for sure, of over £1,000 of debt, or hope the FOS will find in your favour and not then banks....

Many thanks in advance for your opinions! :j

Mikeone

If I was in your position and had the cash to do it, would just bung them the money and have done with it. I would make sure that they confirmed it as Full and Final Settlement in writing though.

SusieT

If I had that sort of offer in writing I would pay it and get rid of it, the peace of mind and knowledge that I had got rid of it would be worth it.

podperson

Hi Climbintheladder,

It is a tricky one. What is that the fso are investigating on it, are you going for unenforceability? The low offer makes me think that they know that the debt is probably unenforceable but it is always a gamble and the fso can often be a little lax in backing up things like that.
If you can get the money relatively easy then might be worth paying for the peace of mind but like someone posted above make sure you have it in writing that it is a full and final settlement and you can no longer be pursued for the debt by them or anyone else.

climbintheladderouttadebt

Thanks guys! The friend who will lend me the money almost screamed 'do it' lol! In fact, I can do it TODAY!! :j

I have had a similar offer from 1st Credit before regarding a Barclaycard (that was for over £4k and was wiped with £120!)

The unauthorised overdraft charges came from 2005, with account opened in 03/04. I do think unenforceability could be an issue but worry that if I do that, the account would start showing on my credit report again with a default against it.

I think I'll do it! Would be so lovely to wipe off another debt and see my future dreams coming closer and closer...!!!

How can I ensure they put this in writing? Normally 1st Credit send me an offer in the form of a letter but with it being on the phone, will demanding, so to speak, written confirmation that this is 'full & final settelement' ensure that I get the confirmation?

DGJsaver

podperson wrote: »

It is a tricky one. What is that the fso are investigating on it, are you going for unenforceability?

It`s a bank account , the UE route doesnt apply

pixiechick_2

Demanding that they put it writing doesn't mean that they will, but, personally, I wouldn't pay it until you had it in writing that it was Full and Final settlement.

climbintheladderouttadebt

Thanks guys. I'll call them this afternoon and ask for it to be sent in writing that a payment of £150 is f&f, and as soon as I receive it, I'll pay it! Woop woop!! :beer::j:T (Sorry I am sooooo excited! hehe) :rotfl: