Black Horse - Paying off a debt, Advice?

Rob_Mogs

Hi folks.

I'm new to this site and not had much chance to look around yet, but have an issue with Black Horse finance wherby the account hasn't been paid for various reasons, which I'll not bore you with.

But after a lengthy battle the last 6 months, between myself, Black Horse and the financial ombudsman, it's been decided I have no option but to pay the outstanding amount (although I had some back from them for their mistakes).

The amount outstanding is £5304.

I'm after some advice as to how to go about offering a lower amount to them that would completely clear the balance, a settlement figure if you will.

As you can imagine this has impacted on my life quite dramatically as I now have the worst credit file possible, and my partner and I cannot get a mortgage so are forced to live with her grandparents to avoid spunking her deposit on rent.
The date of first default that black horse has marked on my file is May 2010, so we're still well over a year away from even being able to apply for a mortgage.

Any help would be appreciated.

[Deleted User]

Well, you could ask , but generally you'll only get settlement offers from DCAs, who will have paid a lot less for the debt.

So you would need to continue to avoid paying, keeping racking up the default markers, wait for them to give up and sell it on, then wait for the DCA to get fed up and make an offer. But I'd forget about a mortgage for a while.

Gaz83

If you've been through a lengthy battle, and the ombudsman have found in their favour and judged that you have to pay it, then you've next to no chance of them accepting a reduced amount.

jonesMUFCforever

..........for that amount they could also try for a CCJ - which would knock back any mortgage or any other form of credit for another 6 years.

Rob_Mogs

jonesMUFCforever wrote: »

..........for that amount they could also try for a CCJ - which would knock back any mortgage or any other form of credit for another 6 years.

Why would they do this as I'm offering to pay.

DevCoder

Rob_Mogs wrote: »

Why would they do this as I'm offering to pay.

They won't if you pay the full amount, but you seem to want to pay less then the amount owed.

Thus if you dig your heels in and not pay (if they knock you back) they'll probably go the CCJ route, the FOS already being involved and finding in their favour would aide them as well.

Gaz83

OP - if someone owed you money, they dug their heels about it and a court found in your favour, and then they offered you less than what they owed you... what would you say to that offer?

Rob_Mogs

It's not that I'm digging my heels in and not wanting to pay, a descision has been made that I am required to pay, which is whats going to happen, but everyone would contact a lender thats had money outstanding for 5 years to see whether they would take a lower amount to settle it.

My question isn't about how to avoid paying, it's about the best way, whether it be the wording or the format, to ask if they will accept a lower payment.


The involvment of the FOS and their decision didn't rule entirely in their favour, the initial amount was higher, but they ruled that regardless of the circumstances and failings by BH that i should have known there was money outstanding.


As said, I'm not avaoiding paying it, just wondering about a lower figure to clear it, if they reject an offer then I'll just pay in full.

andyfromotley

Theres no magic answer,

ring them up and make them an offer. On the circumstances you describe why not start at 50%?? They can only say no.

I'm with the others, i doubt you'll have much luck, the companies that tend to take offers are DCAs who have bought a debt of thousands for a couple of hundred quid. They accept offers because they still make a profit from it. The original lender tends not to because they know full well that once word gets out that they take offers they will hardly ever get repaid in full!

Rob_Mogs

andyfromotley wrote: »

Theres no magic answer,

ring them up and make them an offer. On the circumstances you describe why not start at 50%?? They can only say no.

I'm with the others, i doubt you'll have much luck, the companies that tend to take offers are DCAs who have bought a debt of thousands for a couple of hundred quid. They accept offers because they still make a profit from it. The original lender tends not to because they know full well that once word gets out that they take offers they will hardly ever get repaid in full!

So you think the best way would be to call them with an offer rather than write?

jonesMUFCforever

Why do you think it will fall off your credit files in 2016 then?