Help required urgently regarding partial settlement offer from Natwest

sunnyv

I’m hoping someone could shed some light for me...

I just got of the phone from Natwest regarding my credit card balances 2 cards (£15,300 + £5400). They have offered to accept 58.7% = £12,190. They have given me a time from of 2 weeks (8th Feb) to get the money together. I have not yet agreed to the terms. They claim that if I do not accept and pay by this time they will pass the case to there solicitors etc etc.... I’m not sure if they are trying to scare me by using the words solicitor and court orders.

My questions:

1) - Is it time for me to accept the offer and pay or should I negotiate the offer of 58.7% to a lower amount?
2) - I can raise the money from parents but would require additional time, I have asked for a time extension, but they have refused it. Is this a possibility for them to extend the length of the offer?
3) - Is it true that they will peruse the case to Solicitors if I do not dance to there music in such a short period of time?

Alternatively they have told me to pay back £1500 p/month until full balance is cleared which I definitely can’t do.

I have lost my income and am currently unemployed, I have a share in a flat we live in with equity of £30,000. My total debts where £66,922 but have paid 1 card (MBNA) a total of 50%, my current debt stands at £53,400.


Many thanks for you help in advance.

Sunny

PNPSUKNET

yes they can, and that debt yes they will

chattychappy

sunnyv wrote: »

3) - Is it true that they will peruse the case to Solicitors if I do not dance to there music in such a short period of time?

I find it quite on odd thing to say. You got a credit card and spent the money. You can't pay it back within the agreed terms. Natwest have offered to write off over 40% of it if you can pay the rest back within a short time. Or they've offered another payment deal.

I feel it strange you refer to complying with their offer as dancing to their music.

But yes, they could pass it to solicitors or sell the debt on.