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Settlement offer
Missnikon
Posts: 39 Forumite
Hello, Heres my situation.
In 2009 my HSPF loan defaulted and has since been passed to varying debt agencys - William Goldberg to Blair Oliver Scott & most recently to Wescott credit services.
I currently pay £ 160 a month which has increased 6 monthly over the last 6 years. The default on this account dropped off in November 2015 & I am still paying the £160 with no issues.
I rang Wescott in the second halve of last year and the balance off the account is now at £8638.47 I asked for a settlement figure & they gave me £6478.85 so still a substantial amount.
Even with no interest I will still be paying for this for at least another 4 years.
I accept that this is my debt to pay back but is their anything I can do to reduce the settlement figure and well just get it off my shoulders. It would be nice to not have the 3-6 monthly account reviews. I'm in such a better place now in terms of understanding the consequences of basically just putting my head in the sand 6 & 1/2 years ago.
Any advice at all would be gratefully appreciated.
Thank you
In 2009 my HSPF loan defaulted and has since been passed to varying debt agencys - William Goldberg to Blair Oliver Scott & most recently to Wescott credit services.
I currently pay £ 160 a month which has increased 6 monthly over the last 6 years. The default on this account dropped off in November 2015 & I am still paying the £160 with no issues.
I rang Wescott in the second halve of last year and the balance off the account is now at £8638.47 I asked for a settlement figure & they gave me £6478.85 so still a substantial amount.
Even with no interest I will still be paying for this for at least another 4 years.
I accept that this is my debt to pay back but is their anything I can do to reduce the settlement figure and well just get it off my shoulders. It would be nice to not have the 3-6 monthly account reviews. I'm in such a better place now in terms of understanding the consequences of basically just putting my head in the sand 6 & 1/2 years ago.
Any advice at all would be gratefully appreciated.
Thank you
0
Comments
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Hi,
When did you originally take out the loan ?
I'm guessing it may of been prior to 2007 ?
I would put in a formal CCA request, see if they can muster up the correct paperwork after all these years !!!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 -
Unfortunately I took this loan out in a bid to consolidate some spiraling debt in February 2009. My situation peaked when William Goldberg took over in the months running up to the original default (nov 2009)
They advised me to ignore everybody and that's when the default occurred.
Thank fully I my partner showed me the way.... I stopped paying a debt management company to do something I could do myself.
So the loan was originally opened in Feb 2009.0 -
So the loan was originally opened in Feb 2009.
Ok, may still be worth doing, they still have to send you something !!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 -
sourcrates wrote: »Ok, may still be worth doing, they still have to send you something !!
Do I send this too Wescott?
What happens if they do or don't send this please?
Thank you0 -
Do I send this too Wescott?
What happens if they do or don't send this please?
Thank you
Yes to Wescott, they will have to get the paperwork from the original creditor.
Non compliance with a CCA request could make the debt unenforcable in court.
Info here : https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
Google : CCA requestI’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 -
sourcrates wrote: »Yes to Wescott, they will have to get the paperwork from the original creditor.
Non compliance with a CCA request could make the debt unenforcable in court.
Info here : https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
Google : CCA request
Thank you.
I did not know this.
I assume should they not be able to supply it I should be able to get a reduced settlement figure?
Thank you.0 -
Thank you.
I did not know this.
I assume should they not be able to supply it I should be able to get a reduced settlement figure?
Thank you.
Yes, that is your ultimate end goal !!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 -
Can they relist a negative on my credit score? When I asked last time for a partial settlement figure they said that it would be listed and reflect negatively on my credit report. Eluding to a default or partial settlement being noted.0
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Can they relist a negative on my credit score? When I asked last time for a partial settlement figure they said that it would be listed and reflect negatively on my credit report. Eluding to a default or partial settlement being noted.
If you settle any credit debt for less than is owed, then it will be recorded as a partial settlement.
IF the default has already gone, they can't register another one for the same debt.
Credit files are only important if you want to borrow money.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 -
So if the default is off and you do a partial settlement how do lenders know? How is it recorded? That's if you go to another company and the information isn't shared.0
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