Settling a debt that secured on the property

sdoherty1000

I have an outstanding balance of £1065 on an old credit card debt. I recently sent them a letter asking them to accept £300 payment to close the account. I didnt hear anything so I rang them and I was told that because the debt is secured to the house that they wont accept the amount I have offered. Is there a way to convince them that the £300 is a good offer?
In my letter I told them about my other outgoings but the teller wouldn't accommodate it.

rizla_king

So there has been a CCJ and a charging order on this debt then?

sdoherty1000

More info- It was a tsb credit card that fell in arrears and subsequently went to scm solicitors (recovery department at tsb) I have been paying this card off at £40 a month for the past few years and the balance is now at £1065. Apparently, the debt is secured against my property which I didn't know about but its time to get it cleared up hence the offer of £300. I have no idea what a charging order is sorry

sdoherty1000

I have just read up about the charging order and all I know is that the debt is secured to the house which must be a "charging order" that you speak of

sourcrates

sdoherty1000 wrote: »

I have just read up about the charging order and all I know is that the debt is secured to the house which must be a "charging order" that you speak of

Must of been to court and a CCJ obtained if its secured on your house, how come you didn't know about it ? are you sure this is correct ? there would have been a fair few letters before hand.

sdoherty1000

I went through a stage of denial, I have no doubt that what they say is true but my offer to close to the account, to me anyway, is a good one whether its secured or not! The card in question was opened in 2002 and I have paying it off since 2006. It would be nice to have it cleared once and for all.

double_mummy

its not a good offer to them if it is secured on the house because they may have to wait for it but they are pretty much guaranteed the full amount

lots of places wont even approve a discount on secured ones

BillJones

sdoherty1000 wrote: »

I went through a stage of denial, I have no doubt that what they say is true but my offer to close to the account, to me anyway, is a good one whether its secured or not! The card in question was opened in 2002 and I have paying it off since 2006. It would be nice to have it cleared once and for all.

Why do you think it is a good offer? It's far less than you owe, and far less than they know that they can get.

Why not pay back the full amount, rather than risk your home? As you say, it would be nice to have it paid off.

sourcrates

Did you go to court and submit a defence ? if not, you may be able to challenge this ruling on the grounds of unenforceability, I said you may be able to, you should ask the creditor for a copy of your original agreement, a CCA request, if they come back to you with it, and its compliant, then that's the end of it, but, if the prescribed terms are missing from it, or they cant produce it, you may be able to go back to court and have the CCJ overturned on the grounds of unenforceability.
I would say get some legal advise on this, maybe ask here :


http://legalbeagles.info/


might be worth a look.