Arrow Global debt advice

squired_2

I have just rang my credit card company to sort out a card I have with them. They have advised me that as its been 180 days without payment they have sold my account to Arrow Global and Arrow Global are now dealing with it, and gave me their number.
I have had no contact from Arrow Global yet, although its only a few days over the 180 days.
Should I make contact with Arrow Global to set up a £1 per month payment plan(like I was trying to do with my bank)?

fatbelly

Wait for them to write.

Now that they have bought the debt you may have better options than £1 per month.

How much is the debt (roughly)?

How much could you get together as a lump sum if you saved for say 6 months?

squired_2

Its around £3k.
We are living very tightly at the moment so £1 is all we can afford. If maybe we lived even tighter, and sold a few things, in six months we might be able to get £500 together.

fatbelly

That's the plan, then.

Although, when they write, try a CCA request before you start any payments.

rectangle

You will need to send a £1 Posal order with this CCA too. Try and leave it blank in all boxes and uncrossed.

squired_2

Thanks for your advice! So, is what your getting at, that they may take £500 in payment for the £3000 debt, and then close my account?

I'm guessing (hoping) this is how the process of selling debt goes:
AG paid a sum, for my debt, from my bank, say £50.
My bank has now completely written off my debt and forgotten about me.
AG now need to get the £50 they paid for my debt, plus as much as they can get on top of that.

Does that sound right?

With regards to the CCA, what if they dont reply within the 12+2 days?

sourcrates

squired wrote: »

I'm guessing (hoping) this is how the process of selling debt goes:
AG paid a sum, for my debt, from my bank, say £50.
My bank has now completely written off my debt and forgotten about me.
AG now need to get the £50 they paid for my debt, plus as much as they can get on top of that.

Does that sound right?

With regards to the CCA, what if they dont reply within the 12+2 days?

That's more or less it, in a nutshell, I doubt they would settle for £500, unless you have a very compelling argument as to why they should accept this amount, although it does happen on occasion.


You are more realistically looking at between £1000-£1500.


DCA`s regularly offer anywhere between 30% and 60% discount for quick settlement, but you should start low, you can always negotiate upwards.


The 12 plus 2 days are just guidelines, expect them to take anywhere up to 2-3 months to comply with it, until they do respond, the account is automatically unenforceable in court.

rectangle

Hello all. This debt has now gone to M()()rcr()f7. Thats a bit quick isnt it? Should I send them a CCA request?
How long can I leave it before sending CCA request?

fatbelly

Are you the OP with a changed username? Have Moorcroft now bought the debt (I have started to see this happen) or are Arrow just using them as a collector?

I think I'd send the CCA request now, to Moorcroft anyway, and see what comes back.