Debt Sold on Twice now, un-prompted discount?

WirezFree

Hello All,

Looking for some advice on a Personal Loan debt.
Made redundant 2011 after @ 35 years of continuous working, still looking for work.

I have 1 outstanding debt, a loan that was with Sainsbury's Bank.
The amount outstanding is/was £21,600, normal early settlement was £17,700 in March.

Then in March last year I started paying Sainsbury's £1.00/month

After 3 months it went to Blair, Oliver & Scott @ £21,600, I continued with £1.00
I beleive B.O & S maybe part of Sainsbury, so may have taken full amount possibly??
They called me twice, I told them situation the same.

After another 6 months it went to Cabot Finance, @ £21,600
they sent a new letter and a Direct Debit form.
I called to say I want to control the payment, please can I have the relevant details to set-up a standing order, they gave them to me.

They asked why am I only paying £1.00/month
I said I'm unemployed, my CCCS budget shows I'm now -ve£ each month,
and I do not see any change in the imeadiate future.

They said they will review in 3 months, then un-prompted they said we are in a position to make a "substantial" discount if you can pay a lump sum. (their words, not mine)
I said I will continue with the £1.00, thank you for the information.
(FYI, I'm already on reduced mortgage payments, also now in arrears on Gas/Elec)

Are they intimating at Full and Final payment offer?
What could be considered "substantial"
What are they likely to have paid for it, having already been with B.O & S.

I have the possibility of taking some money from a pension when I'm 55 next month, maybe £3/4K

Thanks in-advance for any information.
David

wayne0

why not ask them what they consider substantial... you cant loose by asking (can you?) and also ask what discount etc... and ask for a final settlement figure... etc?

Lensman_2

Well done for handling this very well so far. You have done a very good job to end up controlling payments with 2 DCAs with seemingly little fuss.

What they think is a substantial discount and what you do may both be 15% - but they will be starting from 100% where you will be starting from 0%...

The unprompted offer of a discount (and your desire to do a F&F offer) would start me looking at whether there is something here which could improve your bargaining position. Unfair PPI perhaps. Or a flawed legal position?

I would start with your credit file. If it is on there, who is reporting? Cabot or Sainsbury's? This will be the "owner" of the debt.

I would then look in to whether the owner is legally entitled to claim payment.

And I would ask for a copy of all the data from Sainsbury's to see if there are any unlawful charges applied.

antonic

Blair Oliver & Scott are the debt collection agency arm of HBOS, who provide the money for Sainsburys (I know as they are one of my creditors !).

Hope this helps.

WirezFree

Hello All

Thanks for all the quick replies, some comments on your comments.

Appears to be no indication of any PPI on the original loan paperwork.

March 2011, letter from Sainsbury accepting £1.00/month
Then subsequent statement showing missed payments + my £1.00 payments.

May 2011, letter/paperwork from B.O & S
Our above named client(Sainsbury Bank) has asked us to "administer" your account.
subsequent letter confirming I should continue with the £1.00

Dec 2011, letter/paperwork from Cabot
It included a letter from Sainsbury's saying
"Sainsbury has assigned all of it's respective rights, title and interest in respect of the above referenced account (including the outstanding balance) to Cabot Financial (UK) Ltd effective 27/11/2012.

Total balance sold £21,600.94...

Then a Data Protection statement

Then 2 pages of Cabot paper work confirming the Sainsbury letter and amount.

So it looks like it was only sold on once, from B.O & S to Cabot
They may have paid £2/3K for it?, who knows.

I will now wait for them to contact me

I do not see my job prospects changing in the next month or two,
having just worked my way up, age and lack of formal quals are against me.

I also have my mortgage payments, have approx 4 months on a reduced plan,
then another review.

Thanks again, any other info welcome.

Regards
David