Black horse sold debt- advice pls!

Wicked_witch

We have been paying Black Horse back for a defaulted debt (husband had to leave work due to disability) for several years now, always paying the agreed amount on time. However, today we got a letter telling us that they've sold the debt to DLC.

This could be a good opportunity for us to pay off the debt for a good discount if we do things right, as I know they won't have paid anything like the actual amount for it. Please can I have some advice on the best way to approach this to ensure we get the best deal?

Also anything we should be aware of that they might try to get us to pay more?

The silly thing is, we offered Black Horse 3/4 of the debt as a lump sum in full and final settlement earlier this year (we're only talking a couple of hundred but that is a small fortune to us!) and they absolutely refused! Now they've probably had about £50 from DLC, smart move guys...

You-kip

You'll need to ask the debt company in question to send you what amount they're willing to take in writing.

Everyone seems to think that they Debt agencies accept silly amounts but they don't I would say they will still want 75% or even more but there's no harm in asking.

Wicked_witch

You-kip wrote: »

You'll need to ask the debt company in question to send you what amount they're willing to take in writing.

Everyone seems to think that they Debt agencies accept silly amounts but they don't I would say they will still want 75% or even more but there's no harm in asking.

Not planning to offer a silly amount, but it's their choice... they can have a sensible settlement or they can have a few quid a month.

spacey2012

Why not make the cough up the required paper work first, if they can not, you won't have to pay them anything.
the debt guru : FERMI has all the template letters you need.

happy_bunny_2

When was it taken out/when did it default?

If you cause them enough hassle, they will likely settle for less just to get rid of the account.

Send them a CCA request in the first instance, and if it doesn't appear after 14 days or a letter explaining why its taking a bit longer then tell them you will resume payments when they send it to you as legally required.

Wicked_witch

I'll have to check, it was that long ago.

happy_bunny_2

Taken out pre-April 2007 they need signed original credit agreement with the correct contents to go to get a CCJ.

So if they don't have it, they are somewhat stuffed, although you do still owe the money and the default stays on file etc.

Often will settle for around 25-30% if like this as legally there is nothing they can do apart from send you letters etc.

Wicked_witch

It was certainly pre 2007. I've sorted out the letter to send asking for a copy of the agreement, so will go from there. Thanks!

sourcrates

They probably wont have the original agreement now, it does depend on that companies policy, most keep paperwork for six years, but the practicality of this means that they would need Hugh warehouses to store paperwork, and its just not cost effective so chances are if you CCA them, they wont be able to produce it, which means they cant take you to court, hence no leverage against you = you win !!

Wicked_witch

We'll hope for the best I kept up payments to BH after my husband's bankruptcy because I felt it was the right thing to do- no such feelings about the collections company!

Gleek

Wicked_witch wrote: »

This could be a good opportunity for us to pay off the debt for a good discount if we do things right, as I know they won't have paid anything like the actual amount for it. Please can I have some advice on the best way to approach this to ensure we get the best deal?

My mum was unfortunately in a similar position after having to leave work due to disability. She had 2 outstanding credit cards, one for approx £940 and another for £400 (once all interest/charges etc were added before they were stopped etc).

I dealt with it for her, she'd been paying £1 token payments for a good year on a payment plan, and she offered £250 to the 900 one (cabot) and £105 to the other (marlin) . At first both said no and wanted more so I got back in touch and gave both a budget showing every single thing that came in and went out - and they accepted it and I got the letter I'd requested pre-payment (released from all liability etc) and made the payments within a month.

Cabot took £300 and Marlin accepted the original offer. You're probably in a better position to get them to accept a f&f offer. Work out what you can afford without putting yourself in trouble and offer.