Is this a discount amount or just interest off?

melwright

Hi,

I need you lovely & brainy people to help me.

We are on DMP with CCCS, our largest debtor is an old loan with GE, which has since been passed to Link Financial. I have maoned about the interest being charged before and used several ways of trying to get it reduced/stopped to no avail.

Anyway because of the interest me & DH decided it's def the one we need to focus on getting rid of (all other debtors not charging interest).

So, I wrote to them asking for a settlement figure, so I would have some idea of how much we owe rather than interest.

Basically, we pay £203.18 per month to them and ikn their latest statement, over the last 6 months we have paid off £255, because of the interest (Which is £155-162 per month:eek:). The total outstanding on the latest statement is £15081.

Anyway, I have also had a reply to them today saying they would accept £7540.89 (exactly half). So is this discounted at 50% or is this the actual amount me owe minus the interest?

Sorry this may be a very dumb question. I want to know what we need to scrape together to get them off our backs & whether we could offer any lower or if this is the discounted amount and to leave it at that.

We're not in the position to pay it back at the moment, I was just getting my head around how much we are looking at, so we can try and scrape together the money.

Thanks for your help as always.

Mx

pure_dead_dopey

I would complain to the FOS first about link, they do not have a good reputation and are being looked at carefully by the OFT I think. Complain to FOS, explain you are in a DMP and Link are piling on interest, ask FOS to try to get the interest stopped and refunded (can be done). Then have a look at a the total owed and if you have funds offer 18/20% of the total as a full and final. Link will have bought this debt for pennies, if it's that old and with GE, there is probably no paperwork so it would probably be unenforceable in a court, all things you can use to put pressure on Link to bog off!!!

bravobeastie

My husband has had an exact same letter from Equidebt this morning. Rather imaginatively called a Winter Sale.

He owes £9,454.17 and they have offered a F&F settlement figure of £1,890

If only we had that to spare

melwright

Thanks for the replies, will have a go at the FOS route. The amount of interest I know that I'm paying is driving me crazy!