Discount on outstanding balance without prejudice?

Purple_kitten

Hi All,

I’m looking for some advice, Nationwide decided to remove both my husbands and my own overdrafts and ask for full payment within 7 days, I phoned and explained they were completely unreasonable and I would have to set up to repay over time, which I’ve done for the past couple of months.

This weekend I received a letter from KPR, Nationwide’s own debt group which is titled Discount on outstanding balance without prejudice, where they are offering to “settle the debt by paying a significantly reduced one off sum”

It says the benefit of doing this are:
Nationwide will not make a claim or court judgement against you
Legal costs will not be added to the debt
It will greatly improve your chances of obtaining future credit as we will update your credit file to reflect our amicable agreement
Your account will be closed and the balance written off

What it doesn’t say is what are the dis advantages?

Has anyone else had anything similar, as at the moment I am tempted to pay it and get rid of them.

CLAPTON

it depends upon what exactly will be entered on your credit file... 'reflecting our amicable agreement ' is not very clear

AnonymousForObviousReason

As you found out they are legally entitled to remove the OD facility - not that it helps you.

I'm guessing it is a substantial amount, can you afford the reduced lump sum without borrowing at a massive interest rate? Why don't you give them a call to see what they say on Monday.

The bit that caught my eye was

Your account will be closed and the balance written off

You should try and open another account asap just to ensure you have some place to go to.

Purple_kitten

I'm just looking into finding out about basic accounts on the other thread.

It's for 2k, and not an outgoing I can afford at this point in time.

I will give them a call and find out about their "fluffy wording", what their offer is and what will be entered on file.

CLAPTON

Purple_kitten wrote: »

I'm just looking into finding out about basic accounts on the other thread.

It's for 2k, and not an outgoing I can afford at this point in time.

I will give them a call and find out about their "fluffy wording", what their offer is and what will be entered on file.

and make sure it's in writing

Purple_kitten

Thanks I will do.. I will phone them during the week and update the post.

First thing's first thou I will look into opening a basic account.