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Argos Account - Full and Final Settlement ?
L_J_Silver
Posts: 27 Forumite
I am looking to help a relative settle her Argos account, the outstanding balance is around £1500.
I was wondering if anyone had been successful in making a full and final settlement with Argos and would appreciate any advice on what to offer.
I was wondering if anyone had been successful in making a full and final settlement with Argos and would appreciate any advice on what to offer.
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Comments
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Hi,
Is the debt still with Argos ? Or has it been sold on ?
If still with original creditor, there may be a little room for negotiation, but not much, however, if it's been sold on, your chances of a good discount increase dramatically.
Most debt collection agencies will offer at least a 30% reduction, more if your cheeky.
Depends on the status of the debt as to how much discount you can get.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks for the quick reply sourcrates.
The debt is still with Argos and I understand minimum payments are made each month. The interest rate is high, around 30%, and the balance is hardly reducing with minimum payment being only affordable.
I understand creditors will be quite happy to take minimum payments as long as they are made when due but the debt would take many years to repay !0 -
Hi Johnny
When you say you are helping your relative, do you mean that you would be the one funding the lump sum offer?
As you acknowledge, the lender may not be in a rush to accept, or indeed offer any sort of reduced settlement while the account is still "live" and minimum payments are regularly coming in.
It certainly wouldn't hurt her to inquire, though.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thanks for the quick reply sourcrates.
The debt is still with Argos and I understand minimum payments are made each month. The interest rate is high, around 30%, and the balance is hardly reducing with minimum payment being only affordable.
I understand creditors will be quite happy to take minimum payments as long as they are made when due but the debt would take many years to repay !
Normally you would need to default on the account for a good few months before they would entertain any settlement offers, as long as minimum payments are been made, I doubt they would be interested.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks Dennis and sourcrates.
I would be the one making the lump sum offer. From what you say it seems unlikely Argos would consider any offer at this stage with the account not being in default.
I will just have to consider what action, if any, to take.0
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