Settlement offer

g553

Hi, a debt collector has offered me a 50% discount on a debt from 4 years ago (~£3000).

This is in the ball park of what I'm willing to pay to get this behind me and move on (I was in an accident and am still recovering). I've also heard that when they offer large discounts it means the debt is a lemon, this true?

I'm worried about reset the Statute of Limitations clock, from two years to another six. I know the six years of credit history and SoL aren't the same thing, I'm just wondering ramifications about making a counter offer.

sourcrates

Seen a few of these lately, is it Lowell by any chance ?


It doesn't necessarily mean its a lemon, DCA`s are in the making money fast business, as the tax year ends soon, they will be wanting to clear the decks for the next lot of cheap accounts they buy.


50% is not a bad deal, if you want to clear it, you could counter offer at say 30%, see how they react to that ?
Do it all in writing though, using the correct National Debtline template letter, so as to avoid any possible repercussions in the future.

g553

It's not as it happens. Although they are chasing me for another debt (mistakes with my overdraft that made my situation ten times worse) , causing fines which I 100% dispute.

I do resent dealing with collection agencies as they make most of their money by bullying venerable people.

As with this account: I was planning on offering a little more, but I guess it would make sense to start the negotiation lower.