settlement offer but email only

VitaK

Im no expert.

My gut feeling is that there must be an reason why an company, you would assume to have those letter laying around, are not just sending it to seal the deal.

awayinchina

you might want to check how old the debt is. basically the older (closer to 6 years the less they will take to settle). it might be worth seeing if its statue barred etc. If they have offered a discount straight off it might be worth getting all the information. IE. do a credit report see when the account was defaulted. etc etc

awayinchina

panny12 wrote: »

the company im dealing with is wescot, has anyone managed to get a better deal than 50% with these guys or have your percentages been with other firms, might be a good idea to list as a guide for others!

I am currently dealing with wescot in regards a santander account (disputed 3 weeks ago) and they (westcot) have said they have had a reply from santander saying the complaint declined. However, as I have had no reply from Santander (other than email acknowledging complaint). Ironically, westcott offered 50% discount (so this makes me think its a little porky - pie) best bit is I forward all emails from westcot too santander (a specific person dealing with the account as santander own it still). So if I find out they have lied etc the games can start.

panny12

pls keep us updated if you manage more than 50% as from googling that seems the norm with wescot

taffy056

It makes little difference what the norm is, offer less , they offered 50% you offer 20% , they will likely refuse that and maybe restate that they want 50% . Write back to them with a final offer of 30% and say that you will continue with the nominal payments you are currently making, that will take xx years to pay off the 30% is all you can afford.

taffy056

awayinchina wrote: »

you might want to check how old the debt is. basically the older (closer to 6 years the less they will take to settle). it might be worth seeing if its statue barred etc. If they have offered a discount straight off it might be worth getting all the information. IE. do a credit report see when the account was defaulted. etc etc

It's a valid point, but I gather that the OP is making payments to them at the moment. But if it's an offer from a debt not acknowledged for about 6 years it could soon be statute barred. So OP how old is this debt ?

panny12

Hi guys

The debt is older than 6 years but its a credit card which has been used on various things so has always been in use and never idle for a long periods. Thank you for the advice on percentages, i will use this tact.

Loubylou2

Have you seen your credit report recently?
You need to see when they defaulted you as if its about to drop off your credit file it puts you in a much stronger position.

panny12

Loubylou2 wrote: »

Have you seen your credit report recently?
You need to see when they defaulted you as if its about to drop off your credit file it puts you in a much stronger position.

Can you expand on this for me pls?

awayinchina

goto www.equifax.co.uk

you can get your credit report. this gives a break down of financial commitments to banks, credit cards etc if you miss 3-6 payments a default can be placed on the account which will have a negative effect on applying for credit.
if you are still using the credit card I cant see how there is a debt??? and if you are still using it?