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Bond Repayment advice

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
5 replies 533 views
GinaLawrenceGinaLawrence Forumite
3 Posts
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
Hi MSE Debt advisers!!
I have recently left my job as a bus driver after 6 months. The company trained me and I agreed to a bond in respect of this for £2,500 if you leave within 2 years, which I don't dispute. I am not able to pay the full amount to them in one lump sum and they tell me they are passing my debt to a debt collection agency. My credit rating is currently excellent and I have asked them if they would consider making a settlement with them PRIOR to the debt agency getting involved. Can you say roughly how much you think I should offer them? Or, how much are they likely to be getting from the debt collection agency to 'buy' my debt?
Thank you!!
Gina

Replies

  • edited 29 June 2015 at 10:53AM
    sourcratessourcrates Forumite, Board Guide
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    edited 29 June 2015 at 10:53AM
    Hi,
    The DCA will either be acting on behalf of the bus company, or they may of bought the debt outright, I suspect it will be the former, so any offer you make to them, they will have to consult there "client" first, only once they have written to you, will this be clarified.
    I don't think this kind of debt would be recorded on your credit file, so you may retain your "excellent credit rating" whatever happens.


    They may offer you a small discount, cant see it been much though.
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  • andyfromotleyandyfromotley Forumite
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    I suspect that at the moment they will want the full £2500. Work out what you can afford to pay them and write to them with that offer. Provided it is fair and you stick to it its very difficult for them to do much except take the payments and hassle you every so often to try and get more out of you.
    £1000 Emergency fund No90 £1000/1000
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  • HappyMJHappyMJ Forumite
    21.1K Posts
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    Hi MSE Debt advisers!!
    I have recently left my job as a bus driver after 6 months. The company trained me and I agreed to a bond in respect of this for £2,500 if you leave within 2 years, which I don't dispute. I am not able to pay the full amount to them in one lump sum and they tell me they are passing my debt to a debt collection agency. My credit rating is currently excellent and I have asked them if they would consider making a settlement with them PRIOR to the debt agency getting involved. Can you say roughly how much you think I should offer them? Or, how much are they likely to be getting from the debt collection agency to 'buy' my debt?
    Thank you!!
    Gina
    Depends on so many factors...why did you leave? If you were forced out for any reason then I wouldn't pay a penny. If you left because you found something better as the skills you obtained enabled you to get a better job with more pay then I'd offer the full amount.

    This won't be on your credit report. You could refuse to pay. The DCA would have to refer the debt back to the client. The client would have to obtain a CCJ against you then you'd have to refuse to pay that for it to eventually appear on your credit report.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Thats encouraging. thanks for your response.
  • Thanks to all, I do appreciate the comments. I left out of choice! The 53 hrs weeks, chaotic shifts and singular days off did it!!
This discussion has been closed.
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