Arden Credit Management

mattwhite1

My Egg loan was passed to Arden following my redundancy. I have since made Arden a full and final offer to clear the loan partly using my redundancy money.

I have since started a new job with a massive pay cut, and Arden are advising that they will only consider my short settlement offer if I give them written authorisation to conduct a credit search AND provide them with 3 months bank statements.

I have given them an accurate financial statement, but my bank statements would actually show me in a false position due to my redundancy payout and balance.

I dont think that they have the right to do this, as neither Egg, Marbles or Amex asked for anything similar when I short settled with them.

Is this legit? Is there anything I can say to make them go away? Or do I have to accept that my only option to short settle is via this way - which will undoubtedly lead them to asking for more money?

bargainbetty

They can ask for whatever they want, but you do not legally have to provide it. Remember, they don't legally have to agree to a settlement either.

Write to them, offering the settlement, but state that there since you are not seeking further credit with them, there is no necessity for a credit check or for you to provide bank statements, so it is inappropriate to request them. Print your name, do not sign the letter. Send it 'Signed For'.

Explain that the offer is time limited, and you will require an answer within 14 days. If you have any other creditors, pay them off. If you don't. save the money and pay down the debt over time.

If they do agree to a settlement, ensure that you have their agreement that it is 'Full and Final' and that your credit report will be marked accordingly. Get that in writing before you hand over a penny.

You're taking a shot in the dark. Stand your ground, see what happens. If they come back with the same request, consider your position and what damage it might do. Bear in mind, have they confirmed that allowing them the information will guarantee a settlement, or have they said they have to do it first before they consider it? If it is the latter, I'd tell them to get stuffed.

mattwhite1

Thanks for the advice, its not a guarantee they will accept, its a "before we can consider" so will draft up a letter and tell them to accept or get stuffed

mattwhite1

They only went and accepted it! £8600 paid off for £3000

happy_bunny_2

Good to know. Odd that they accepted this, as they are owned by Moorgate who bought all the egg loans.

Internal DCAs don't usually do this as far as I know so you have done well.

What did they say they will mark your credit file as?

mattwhite1

I sent the normal letter, full and final, etc etc, credit file marked as paid in full, yada yada yada. I got a response advising that it has been accepted in full and final.

To be honest, I dont care about the credit report at this stage. I dont have a mortgage, and am at least 2 years away from thinking about one - I have time to repair it.

Due to me losing my job, this had 19 consecutive defaults registered against it - it was like !!!!ing into the wind, I am pleased its paid off and I can start to use my money more effectively.

bargainbetty

Just caught up with this.... nice to hear you got a result.

I'm normally a fan of catching more flies with honey than with vinegar, but sometimes a 'pee or get off the pot' works too!

Congrats x