Is this to good to be true.. DCA Offer?

WirezFree

Hi,

I have posted a few times regarding a loan I had with Sainsbury Bank.

I was made redundant 18 months ago, and I'm not that young.
I was on a good salary, but only after 35 years of working my way up.
I'm still trying to find work after 18 months.

Anyway, I agreed to pay Sainsbury's £1.00/month about a year ago.
Then my loan went to Blair Oliver Scott after about 4 months.
Then after about another 4 months went to Cabot Financial.

They have phoned numerous times...always courteous, but pushy.
I always explain situation... Thank you Good Bye.

On the last call, about week ago, I said there is no point in calling every month.!!

I said even if I got a job tomorrow it will take me at least 6 months to get back
on my feet with other commitments... Mortgage arrears etc.....

Well today I received a letter from Cabot, un prompted

It said my outstanding balance is £XX,XXXX a 5 figure some. Blah , blah,

Then a paragraph with,
"We are proposing to accept a lower amount to clear the account."

"If you could find the money to repay £X,XXX then we will accept
this as a payment to clear the account in full."

"This means your monthly payments can cease."

The amount represents approx 16% of the balance.

Is this legitimate, I have read people have paid money,
Only to find it's been sold on to another DCA. What should I check..??

They have given me 14 days, a number to call and a ref#

I could probably get the amount with help from a
few friends & family who have offered help in the past.

Any advice welcome, this seems to good to be true.??

Thanks in-advance
Dave

matttye

Write to them thanking them for their generous offer and that you're interested, but can they please provide proof that they still own the debt by return before payment is sent.

Send recorded delivery.

tpl

Read the attached fact sheet, and make sure they confirm in writing the points noted in the example letter before paying any money (eg. full and final settlement, marking your credit report etc).

http://www.bdl.org.uk/images/24_EW_NDL_Full%20and%20final%20settlement%20offers.pdf

WirezFree

Hi Mattye & tpl,

Thanks for replies, pointers and link.

Given they have said 14 days, with letters back & forth,
and me trying to find the money... It's tight.

I think in the first instance,
I will call, see how rigid the 14 days is.?
They are open today till 13:30.

matttye

WirezFree wrote: »

Hi Mattye & tpl,

Thanks for replies, pointers and link.

Given they have said 14 days, with letters back & forth,
and me trying to find the money... It's tight.

I think in the first instance,
I will call, see how rigid the 14 days is.?
They are open today till 13:30.

If they have it in writing that you're interested they might be willing to extend the 14 days. What you're basically saying is "yes, I accept, as long as it's still your debt."

It's okay to call but you should back up your call with a letter. Make sure any agreement and proof they own the debt is in writing in case a dispute occurs later!

WirezFree

matttye wrote: »

If they have it in writing that you're interested they might be willing to extend the 14 days. What you're basically saying is "yes, I accept, as long as it's still your debt."

It's okay to call but you should back up your call with a letter. Make sure any agreement and proof they own the debt is in writing in case a dispute occurs later!

Hi Mattye,

Thanks & Noted..
When you say they own the debt,
Do you mean that they have not already sold it on, and are just trying to recover some money.?

I had the letter from Blair Oliver Scott saying they had sold it on to CABOT.

matttye

WirezFree wrote: »

Hi Mattye,

Thanks & Noted..
When you say they own the debt,
Do you mean that they have not already sold it on, and are just trying to recover some money.?

I had the letter from Blair Oliver Scott saying they had sold it on to CABOT.

Basically yeah. Just like you wouldn't want to pay Blair Oliver Scott now that CABOT own the debt, you wouldn't want to pay CABOT if they've sold it to somebody else.

harveybobbles

DONT PHONE THESE GOONS>

The reason they can offer discount is thye probbaly bought the debt for a penny in the pound, so you think you're getting a good deal, but they are still making a healthy profit.

Also, is the debt on your CAR?

Is it enforaceable?

discount usually means something is up.

Write back and offer them £20 as F&F on your terms, not theirs.

matttye

harveybobbles wrote: »

DONT PHONE THESE GOONS>

The reason they can offer discount is thye probbaly bought the debt for a penny in the pound, so you think you're getting a good deal, but they are still making a healthy profit.

Also, is the debt on your CAR?

Is it enforaceable?

discount usually means something is up.

Write back and offer them £20 as F&F on your terms, not theirs.

A company doesn't have to accept any F&F settlement so it would be unwise to upset them when the debt might be legal IMO. They've made an offer about 16% of the money owed which is quite low. Some people struggle to get creditors to accept 60%!

VERY important to get any F&F offer in writing though, as many MANY companies simply chase you for the remainder of the money about a month after you've made the F&F payment.

WirezFree

harveybobbles wrote: »

DONT PHONE THESE GOONS>

The reason they can offer discount is thye probbaly bought the debt for a penny in the pound, so you think you're getting a good deal, but they are still making a healthy profit.

Also, is the debt on your CAR?

Is it enforaceable?

discount usually means something is up.

Write back and offer them £20 as F&F on your terms, not theirs.

Hi,

It was a un-secured personal loan, to do a multitude of things with.

The only thing I noticed was the figure passed from Sainsbury
to BOS, then CABOT was the amount if the loan had run to full term.
Sainsbury originally said to me the pay off would have been less.?
i.e, No interest.

WirezFree

matttye wrote: »

A company doesn't have to accept any F&F settlement so it would be unwise to upset them when the debt might be legal IMO. They've made an offer about 16% of the money owed which is quite low. Some people struggle to get creditors to accept 60%!

VERY important to get any F&F offer in writing though, as many MANY companies simply chase you for the remainder of the money about a month after you've made the F&F payment.

I think they have looked at my age, and job prospects...
It's easy to see they would get a few £hundred if I live to average age..