1st Credit 50% off debt

ashun2703

I owe a lil bit of money on my Vanquis credit card and I ive had a letter off 1st credit debt collectors offering me 50% off what i owe them if i pay before the end of the month, there saying its a 1 time opportunity but i had 1 last month aswell...is this to good to be true and will they still be chasing me if i pay it?? can any1 tell me plz..ty

System

ashun2703 wrote: »

I owe a lil bit of money on my Vanquis credit card and I ive had a letter off 1st credit debt collectors offering me 50% off what i owe them if i pay before the end of the month, there saying its a 1 time opportunity but i had 1 last month aswell...is this to good to be true and will they still be chasing me if i pay it?? can any1 tell me plz..ty

Hi

How much is 'a lil bit'?

I'm assuming that as your account is in the hands of a debt collector you've already defaulted? It's not unusual for debt collection companies to offer a deal because they have bought the debt for significantly less than the actual value and are trying to make a return on it.

If you're happy to accept the offer then go for it, but make sure you have it in writing from them that the payment you make is in full and final settlement of the entire debt.

Perhaps time to step back and look at your finances if you're having trouble managing, the Debt-Free Wannabe board offers support and advice.

Regards
UNDERGROUND